Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
A deductible is the amount you must pay before your benefits "kick in" and begin paying (for most services - some benefits, such as preventive care, provide coverage immediately). The Medicare Part A deductible for 2014 is $1,216; The Medicare Part B deductible for 2014 is $147. After you've met the deductible, you will still be responsible for coinsurance and copayments for many healthcare services.
Original Medicare (Medicare Part A & Part B) only covers approximately 80% of your healthcare expenses. A Medigap plan (a.k.a. Medicare supplement plan) is designed to cover all or a portion of the gaps in Original Medicare (the other 20%). There are 10 plans to choose from - A, B, C, D, F, G, K, L, M, and N. Plans F is the most comprehensive plan, but is generally also the most expensive plan - plans G and N provide very similar benefits but at a lower cost and can be much more suitable to certain individuals. If you're trying to keep your premiums to a much lower level, there's also what's called a "high-deductible" plan F that provides the same benefits as the regular plan F, but requires a deductible to be paid first ($2,140 in 2014).
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.
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Original Medicare (Medicare Part A & Part B) only covers approximately 80% of your healthcare expenses. A Medigap plan (a.k.a. Medicare supplement plan) is designed to cover all or a portion of the gaps in Original Medicare (the other 20%). There are 10 plans to choose from - A, B, C, D, F, G, K, L, M, and N. Plans F is the most comprehensive plan, but is generally also the most expensive plan - plans G and N provide very similar benefits but at a lower cost and can be much more suitable to certain individuals. If you're trying to keep your premiums to a much lower level, there's also what's called a "high-deductible" plan F that provides the same benefits as the regular plan F, but requires a deductible to be paid first ($2,140 in 2014).
I hope the information is helpful - please feel free to contact me for help and if you have any other questions. Thanks very much.