Is Buying a Medigap Plan Worth It?

Medigap can be a great thing, but only if it’s right for you. So, is Medigap worth it? Here’s the information you need to start making a decision.

What is Medigap?

Medigap isn’t like any other type of Medicare plan. In fact, each Medigap is different from one another as well. There are ten types of plans, often called Medicare Supplements, to choose from. Whether or not Medigap is worth it to you may likely depend on the plan.

Plans include A, B, C, D, F, G, K, L, M, and N, with Plans C and F discontinued for new enrollees after 2020.

What Can Medigap Do for You?

But that information won’t mean much to you if you don’t know how each plan could benefit you, i.e., what they cover. Each plan covers some combination of the following benefits:

  • Part A coinsurance and hospital costs
  • Part B coinsurance or copayment
  • First 3 pints of blood for transfusions
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility care coinsurance
  • Part A deductible
  • Part B deductible
  • Part B excess charge
  • Foreign travel care

What does this mean for you? Out-of-pocket costs, and some monthly costs and deductibles, are covered. In other words, if you’d rather pay a premium to cover these costs rather than as they come, a Medigap plan may very well be worth it.

What Are Your Other Options?

Of course, Medigap is not for everyone, but this will ultimately depend on what you’re looking for in your Medicare coverage. Perhaps you want as low of a monthly cost as possible. Maybe you’re fine with just Original Medicare coverage. Or, maybe you want a low-cost Medicare Advantage plan.

Medicare Advantage is Medigap’s biggest competitor. It doesn’t cover out-of-pocket costs the same way and has more limitations, but it offers good coverage at a very low monthly cost.

Before deciding on your coverage, be sure to consider all of your options, so you know which plan will work best for your needs.

Get Honest Medicare Advice—Call Us Today

Sometimes, health insurance takes a personal touch. Kannonball Insurance Solutions can help. Call us today at (254) 918-5444.