Although Medicare is a godsend for most people, many of the plans have gaps in coverage. But that’s where Medigap or Medicare Supplement plans step in to bring down costs. [1]
The Most Used Medicare Supplement Plans
There are 10 different Medigap plans and while no single one covers everything, most people sign up for Medicare Supplement plans F, G, and N because they provide the most coverage. [2] Note that Minnesota, Wisconsin, and Massachusetts have different classifications for Medigap plans.
Medigap F
Medigap F comes with Medicare Part A coinsurance, also called hospital insurance. That way, the cost of services provided is split between you and the policy, based on a percentage. [3] However, this kicks in after a deductible is paid.
Medigap F includes hospice care usually found in Medicare Part A. In regards to Part B, Medigap F handles the fixed price you have to pay after paying a deductible. Part A and B deductibles are also handled, besides additional Part B plan charges exceeding standard Medicare rates. [4]
Additional Medigap F advantages include up to three pints of free blood in procedures, and there’s also coinsurance for skilled nursing facilities that Part A has only limited coverage for. [5]
Medigap G
Medigap G covers everything that Medicare Supplement F covers, but they don’t cover deductibles for Part B patients. If you need regular preventative, diagnostic or proactive services, Medigap might not be the best option for you.
Medigap N
Medigap N plans resemble Plan F, but they also don’t cover Part B plan deductibles or excess charges. With Medigap N, you also might need to co-pay up to $20 for office visits and $50 for emergency room visits if they don’t require additional inpatient care.
Top 5 Companies for Medicare Supplement Plans
Choosing a Medicare gap provider is not easy, so here are the top Medicare supplement companies to help you in your search:
Cigna
Cigna offers coverage for people who are otherwise denied, and base ratings on age which means premiums rise as you age. They also offer discounts in some states for customers that two or more household members in one plan. [6]
Aetna
Aetna Medigap coverage is often the least expensive. They offer F. G. N, and cover families or groups. Aetna also has programs for chronic diseases and veterans, limited deals, and full-refund cancelations. [7]
Blue Cross Blue Shield
Blue Cross Blue Shield offers a large number of insurance policies, so group packages and deals are easy to find. Note that this conglomerate operates with over 30 different companies so plans can vary based on your location. [8]
Manhattan Life
Manhattan Life has an A+ better Business Bureau rating and provides plans for Medigap A, C, F, G, and N. You can also take out fixed-rate annuities and life insurance policies. [9]
Mutual of Omaha
Mutual of Omaha provides policies across the nation. It offers Medigap plans N and G, as well as high-deductible and regular versions of Medigap plan F. [10]
Don’t Forget to Compare Medicare Rates
While they come in many forms, Medigap plans are regulated strictly. That’s why it’s important to compare rates with custom quotes. Luckily, you can do that quickly and online. Sometimes a zip code is all you need.
[1] https://www.medicare.gov/supplements-other-insurance/whats-medicare-supplement-insurance-medigap
[2] https://www.medicare.gov/supplements-other-insurance/how-to-compare-medigap -policies
[3] https://www.medicare.gov/what-medicare-covers/what-part-a-covers
[4] https://www.medicare.gov/what-medicare-covers/what-part-b-covers
[5] https://www.medicare.gov/coverage/skilled-nursing-facility-snf-care
[6] https://www.cigna.com/medicare/supplemental/benefits-of-coverage?campaign_ID=CSBORG
[7] https://www.consumersadvocate.org/medicare-supplement-insurance/c/aetna-medicare- supplement-insurance-review
[8] https://medicare.net/blue-cross-blue-shield-medigap/
[9] https://www.manhattanlife.com/Insurance/Medicare-Supplement/Plan-Details
[10] https://www.medicare2019.com/mutual-of-omaha-medicare-supplement-plans/