Why do I need Medigap Insurance?

Why do I need Medigap Insurance?

Medicare Supplement (Medigap) insurance covers deductibles and co-payments. This supplemental Medicare coverage can also include Medicare Part D, which will cover costs for prescription drugs. Some privately offered Medicare Advantage plans will cover both medical and drug coverages. 

Medigap Details

Medigap insurance are available in 10 standardized versions - A through D, F, G and K through N. Individuals may purchase this coverage through private insurance companies. Medigap prices can be found by going to www.naic.org and clicking on "Map".

Although prices may vary per insurer, each Medigap plan must provide the same coverage as the same letter designation. Patients can visit any physician or facility covered through Medicare. 

Medicare Part D Details

Part D plans cost an average of $34/month. You can visit www.medicare.gov/find-a-plan to compare premiums and costs.

Medicare Advantage Details

Medicare Advantage plans provide a combination of coverage for medical and drugs. They cost an average of $38/month with the potential for some out-of-pocket costs. They may also provide coverage for dental and vision, services not typically covered by Medicare. 

Medicare Advantage plans may have limitations on networks for doctors and hospitals. Some plans will also require referrals for a specialist. To find a plan that best fits your needs, head to www.medicare.gov/find-a-plan

To compare pricing and analysis, head to www.medicarenewswatch.com.

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Why do I need Medigap Insurance?