President, CHM Insurance Services, Pasadena, California - Southern California
Medigap policies serve as a supplement to Original Medicare. Original medicare is an 80/20 plan, where Medicare pays 80% of the approved charges. The beneficiary is typically responsible for the 20% co-insurance as well as co-pays and deductibles that come with Medicare Parts A & B. The Medigap policy is designed to pick up the 20% Medicare doesn't cover in exchange for a monthly premium payable to the carrier selected. The most comprehensive Medigap policy is Plan F, which covers all of the Part A & B deductible, co-insurance and co-pays, so when the beneficiary goes to receive care their is zero out-of-pocket costs. Some plans may also provide benefits like foreign travel as well as a gym membership as part of your regular plan.
Please note: when purchasing a Medigap Policy, you need to add a Stand-Alone Prescription Drug Plan to satisfy your requirement as a Medicare Beneficiary to have Part D - Prescription Drug Coverage met.
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Please note: when purchasing a Medigap Policy, you need to add a Stand-Alone Prescription Drug Plan to satisfy your requirement as a Medicare Beneficiary to have Part D - Prescription Drug Coverage met.