Original Medicare Part A and Part B has more than 50 million enrollments and among these about 11 million has taken additional coverage of Medicare Supplement plans.
This is because by enrolling into a Medigap plan you can control your ‘out of pocket’ costs when it comes to medical expenses. Presently there are about 10 different Medicare supplement plans that are operating in most States. That means Plan A offered by Company X in city S offers the same benefits that Plan A by Company Y provides at City P. there may be changes in the premiums but the benefits and coverage will be same everywhere. The Medigap Insurance plans are offered by private insurance companies and there is no mandatory rule that every company has to offer every plans, that means if Company A wishes they can offer only Plan F or Plan N. now, they offer those plans that are beneficial for both, the company and the insured. Among the different plans in Medigap it is found that Plan F and Plan G are ruling the market. So what’s in them that makes them so popular?
What’s covered on Medigap Plan F?
Plan F is popular among those individuals who want comprehensive benefits. They are also popular among ones who wants first dollar coverage. It means that both The Part A and Part B deductibles are covered under the plan. Thus, before the Medicare benefits kicks in you need not pay anything. Individuals facing serious health condition and chronic disease will be benefitted with such coverage. Things that are covered under the plan are
- Part A deductible and Part B deductible
- Coinsurance or Copayment amount of Part A and Part B.
- After Original Medicare Part A hospitalization is used up, coinsurance on hospitalization for full year.
- Excess charges of Part B
- Skilled nursing care coinsurance
- Hospice care coinsurance
- Blood: First 3 pints per year
- Foreign travel emergency care at 80% up to the permissible limits of the plan.
The premium for Plan F is highest among all other Medicare Supplement Plans 2018. After 2020 there will be no new enrollment under Plan F only the existing policies will be continued.
What’s covered under Medigap Plan G?
Among all other plans, the Plan G is outselling other plans because it is almost same as Plan F only that it does not offer the Part B deductible. These two plans are the only ones that covers the Part B excess charges and thus they are so popular. Plan G is not going to phase out after 2020 so there are no worries.