Co-Founder, TermInsuranceBrokers.com, Goldenzweig Financial Group, Las Vegas, Nevada
Anyone who is 65 or older and has Medicare Part A and Part B, also known as Original Medicare. Original Medicare only covers approximately 80% of your healthcare. A Medigap plan (a.k.a. Medicare supplement plan) is designed to help cover the gaps in Original Medicare (the other 20%).
There are 10 plans - 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).
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There are 10 plans - 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).