Standardization of Medigap Plans

All Medigap policies are standardized. This means, policies with the same letter offer the same basic benefits no matter where you live or which insurance company you buy the policy from. There are 10 different types of Medigap plans offered in most states, which are named by letters: A-D, F, G, and K-N. Price is the only difference between plans with the same letter that are sold by different insurance companies.

Similarities of Supplement Plans

Like all Medigap policies, all four plans will cover your Part A coinsurance and hospital costs for up to 365 days after your Medicare benefits are exhausted. Another similarity between each plan is the absence of coverage for your Part B deductible. This means that, regardless of which plan you choose, you will be responsible for the annual $240 deductible in 2024.

Differences of Supplement Plans

The list of similarities among the four plans is short. Fortunately, plans G and N are nearly identical. One exception is that plan G will pay for the Part B excess charge while plan N does not. Part B excess charges are those legally allowed to be charged by physicians above the Medicare-approved amount. Plan N also requires a $20 copay for each physician visit and a $50 copay for each emergency room visit, unless you are admitted as a patient.

From here, we can explain how each of the four plans approaches the remaining Medicare benefits. The following benefits are covered at 100% by plans G and N, at 50% under plan K, and at 75% under plan L:

• Part B coinsurance or copayment (except $20 copay for physician visit and $50 copay for
  emergency room visit for Plan N)
• First 3 pints of blood
• Part A hospice coinsurance or copayment
• Skilled nursing care facility coinsurance
• Part A deductible

While foreign travel isn’t covered by plans K or L, plans G and N will cover up to 80% of the plan’s limits after a $250 deductible. The out-of-pocket limits for 2024 are $7,060 and $3,530 for plans K and L, respectively.

Choosing the right Medigap plan will depend on your specific health needs. Trained and licensed professionals can help review your potential medical expenses and select a plan that maximizes your every premium dollar. Contact my office today for a complimentary Medigap review and to learn more about your options.