Fill Medicare’s Coverage Gaps With a Medigap Plan

While some seniors will find that Plan A, B, and D are enough to cover their medical expenses through retirement, others may want to fill gaps with the help of Medigap plans. These are supplemental insurance plans offered by private insurance companies and can help cover co-pays and deductibles.

It’s best to research and pick plans within six months of enrolling for Medicare Part B, otherwise, you’ll be charged more and in some cases even denied coverage based on your health. You can also switch plans at any time.

These policies are identified by letters A through N because the policies that share the same letter must offer the same basic benefits, the only difference being the cost. Most seniors opt for Plan F. Sadly, as of 2020, Plan F and C are unavailable for new enrollees.

If you’ve had your eyes set on Plan F but it is now unavailable to you you could substitute it with Plan G. The only difference between the two is the fact that with Plan G you will have to pay for the Medicare Part B deductible. In 2020, premiums for Plan B ranged between $90 and $170. The pricing changes depending on a person’s age and state.

Consider Medicare Advantage for All-in-One Plans

Still unsure about Medigap policies? Don’t worry, you still have one more option if you want to fill up the empty spaces left by Medicare Parts A, B, and D.

Medicare Advantage provides medical and prescription drug coverage through private insurance companies- it is also known as Part C.

In addition to the Part B premium, it also has a monthly cost. This sum of money varies depending on which plan you chose. Again, you have options to pick from. In addition, you don’t need to sign up for any Medigap policies or Part D if you want to enroll in Medicare Advantage.

The bad news is that you’ll still have to worry about out of pocket costs, co-pays and deductibles. So why should you pick this instead of Medigap policies? Because these policies charge lower premiums but have higher cost-sharing. On the other hand, your choice of providers may be limited.

Studies have also shown that seniors who are typically sicker often drop their Medicare Advantage plans in favor of original Medicare, so this may be something to consider if your health isn’t fantastic.