Choosing the Medicare supplement, or Medigap plan, that’s right for you can be a difficult task. As mentioned in a prior article the most common Medigap plans sold in Alabama are Plan A, Plan B, Plan F, Plan G and Plan N. Each of these plans are “standardized” by Medicare. “Standardized” means that each of these individual plans must contain the same basic benefits regardless of the insurance company you purchase it from. For example, Plan F with company XYZ must contain the exact same benefits as Plan F with company WXY. The one thing that can be different is the premium each company charges for the exact same coverage.
The plan letters (A, B, F, G, & N) represent different levels of coverage that a person can purchase. Plan A is the most basic Medigap plan. It does not cover the Part A or Part B deductibles or Skilled Nursing Facility coinsurance but does pick up the Part A and Part B coinsurance after the deductibles are met. On the other hand, Plan F is the “cadillac” of Medigap plans. Plan F will cover all deductibles, coinsurance and/or copays that is due after Medicare pays its part. Of course the premium for Plan A will be less than the premium of Plan F because Plan F gives you 100% coverage.
The most popular Medigap plan our company offers has been Plan G. Plan G covers everything Plan F covers except the Part B deductible of $183. When talking to a company or agent about Medigap policies you may benefit by talking to someone who offers ALL the plans. Every company selling Medigap policies does not offer all the plan options. If you are speaking with an agent or company that does not offer a particular plan, such as Plan G, you may never hear about this plan.
Original Date: June 5 2018