A Medigap plan, also known as Medicare Supplement insurance, is sold by private companies to help off-set the cost of some health care expenses not covered by Original Medicare doesn't cover, like co-payments, coinsurance, and deductibles. One other huge benefit of any Medigap plan is the extension of your hospital coverage (paid under Medicare Part A) by an additional 365 days.
Some Medigap policies also offer additional coverage for services that Original Medicare does not cover, such as medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
In most states, there are ten standardized Medigap plans, known by letters A through M. Regardless of that state in which you reside, or the company you purchase Plan A will always provide the exact same coverage as any other Plan A. The most popular plan is F, which covers 100% of all patient cost sharing for Medicare-covered expenses. Plan G is also a popular option, often significantly cheaper than Plan F, with almost the exact same coverage (G covers everything F does, expect your Medicare Part B deductible).
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Some Medigap policies also offer additional coverage for services that Original Medicare does not cover, such as medical care when you travel outside the U.S. If you have Original Medicare and you buy a Medigap policy, Medicare will pay its share of the Medicare-approved amount for covered health care costs. Then your Medigap policy pays its share.
In most states, there are ten standardized Medigap plans, known by letters A through M. Regardless of that state in which you reside, or the company you purchase Plan A will always provide the exact same coverage as any other Plan A. The most popular plan is F, which covers 100% of all patient cost sharing for Medicare-covered expenses. Plan G is also a popular option, often significantly cheaper than Plan F, with almost the exact same coverage (G covers everything F does, expect your Medicare Part B deductible).