Of the ten Medicare supplemental plans, known also as Medigap, the single most popular plan, Plan F, will be eliminated at the end of the year to new subscribers.
Retirees who turn 65 after 2019 will no longer have Plan F as an option. Plan F is the most expensive supplemental option since there are no deductibles, no co-pays and no additional bills after a doctor’s visit.
Plan G has become the next best comprehensive plan after Plan F is phased out to newcomers. Plan G is almost identical to Plan F with the exception of having to pay the Medicare deductible before insurance pays any benefits.
A Medigap policy supplements expenses not covered by Medicare including co-payments, co-insurance, and deductibles. Medigap policies are sold by private insurance companies and vary in pricing and coverage from state to state.
The following are important aspects regarding Medigap policies:
- In order to have Medigap coverage, one must have Medicare Part A & Part B.
- A Medigap policy only covers one person, not a married couple. So, each person needs their own separate policy.
- Any standardized Medigap policy is guaranteed renewable even with a pre-existing condition.
- Medigap does not cover prescription drugs. Medicare Part D does offer coverage for prescription drugs.
- Medigap policies generally don’t cover long-term care, vision, dental care, hearing aids, eyeglasses, or private nursing.
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