Medicare Supplement Insurance (Medigap) Overview
In most states (except MA, MN, WI), Medicare Supplement plans, also known as Medigap, come in 10 plan options (labeled A-N; plan options E, H, I, J are no longer offered). Each plan A-N has a different set of benefits, but the plans are standardized nationwide for each private insurance company. Since Medigap plans are standardized for consumer protection, the main difference in comparing policies from one insurer to another is premium cost. You should choose a Medigap plan type (A-N) with the benefits that best suit your individual needs. Then identify the insurance company that offers the plan type you select at the lowest cost.
New Medicare Supplement Insurance Plans M & N Available
Two new Medigap plan types (M, N) became available in June 2010.
Plan type M is suited for someone who wants to keep premium costs as low as possible and has similar benefits and cost-sharing to plan type D except as follows:
- Plan M covers 50% the Part A (hospital) deductible ($1100/year x 50% = $550 for 2010).
Plan type N is particularly suited for someone who may leave a Medicare Advantage plan but also wants to keep costs as low as possible. Key benefit features include:
- Plan N covers 100% of the Part A (hospital) deductible ($1100/year for 2010).
- Plan N covers the 20% not covered by Medicare Part B at the doctor and hospital after the Part B deductible is met ($155/year for 2010). Copayments are $20 for office visits and $50 for emergency room visits.
Download summary table of Medigap plan coverages effective June 1, 2010 from Medicare Rights Center - http://www.medicarerights.org/pdf/june2010medigaps.pdf
Download the official Medicare publication "Choosing a Medigap Policy" (64 pages) - http://www.medicare.gov/publications/pubs/pdf/02110.pdf