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If you are 65 years old, or about to turn 65, you know all too well the volume of letters and information about retirement, social security, and Medicare that is out there. The opportunities available to you are engineered to provide you with a security blanket after you have retired from work.
When it comes to your healthcare after retirement, Medicare will cover most of your medical costs, so why is there a need for a Medicare Supplement Plan, also known as a Medigap Plan?
What are Medigap Plans?
Traditional Medicare Parts A and B don't cover all costs associated with your medical care. There is a 20-percent gap between what Medicare covers and your responsibility. Medigap plans bridge that gap to provide you with peace of mind when it comes to your healthcare costs.
Medigap pays for some of the medical costs that Medicare doesn't cover, such as the following:
- Copayments
- Deductibles
- Healthcare that happens outside of the U.S.
What Medigap Plans are available?
There are 10 standardized Medigap Plans, which are displayed with their coverage below. A standardized Medigap Plan means that the plan coverage is exactly the same across states and between companies. In other words, a Medigap Plan A from one carrier will have the same coverage as a Medigap Plan A from any other insurance carrier. The only differences are the premium amount and the customer service you receive from the insurance company.
Medigap plan designations are not connected to Medicare part designations. In other words, Medigap Plan A has nothing to do with Medicare Part A.
Medigap Plans and Coverage
Which Medigap Plan should you choose?
This is a question only you can answer, but we'll do our best to help clarify the two most popular plans available. The two most popular Medigap Plans are Plan G and Plan F.
- Plan G: Medigap Plan G covers the full costs after Medicare, except for the $185 annual Medicare Part B deductible. Plan G premiums are typically about $40 less per month than Plan F. This means that even with the $185 deductible, your annual costs will be about $300 less with Plan G, making this plan a great option for seniors.
- Plan F: Medigap Plan F is best for those who want the peace of mind that comes from knowing everything is covered and don't want any out-of-pocket responsibility. Plan F has the highest monthly premium, and with that premium comes the richest coverage. You avoid the $185 per year deductible of Plan G, but pay about $40 more per month in premium.
These two plans are the most popular, because they fulfill the purpose of Medigap Plans. Medigap Plans are designed to give you peace of mind that all of your financial healthcare responsibilities are fully covered with Medicare and your Medigap Plan.
We hope this information is helpful to you, but it is important to consult with a Medicare expert as you determine which healthcare plans are best for you. EMI Health has built a strong relationship with the team at Senior Benefits Insurance Services, who specialize in healthcare products for seniors.
Contact EMI Health today to learn more about our Medigap Plans
If you're looking for an insurance provider that excels in everything outlined in this article, look no further than EMI Health. EMI Health offers Medigap in Utah to help cover the costs that your Medicare Parts A and B don't cover. Not only will we guide you along in picking the best Medigap Plan for you, but we'll also help you make sure it fits your financial situation. Contact us today to learn more by calling 1-800-662-5851 or by visiting www.emihealth.com.