There are a number of options when it comes to supplementing the coverage provided by parts A and B of Medicare. These come in the form of Medigap policies, and are additional policies that a monthly premium is paid for, on top of any other insurance expenses. It is important to note that all Medigap policies are standardised, so they are required by law to offer the same basic coverage, although there are a range of additional features which apply to some policies. Often the availability of Medigap policies is state specific, so it is important to check with your provider which Medigap policies are available in your state. The states of Massachusetts, Wisconsin and Minnesota offer basic Medigap policies which are different to those offered in the other states so again if you reside in one of these areas, it is important to check what will be covered in a Medigap policy before agreeing to buy it. Whilst there are not many restrictions upon what Medigap policies insurance companies can sell there are some:
- Companies don’t have to offer all Medigap plans
- If they offer any Medigap policy it must include Plan A
- They must also offer Plan C or Plan F if they are to offer any plan
Medigap: What’s included?
- All Medigap policies offered by private health insurance companies must offer Part A coinsurance and help towards hospital costs up to an additional year after Medicare benefits are exhausted.
- Most of the Medigap plans (except K and L) will cover Part B copayments or coinsurance.
- Most plans also cover the first 3 pints of blood a patient requires
- Part A hospice care coinsurance or copayment
There are a number of options which are only covered by specific Medigap plans:
- Skilled nursing facility care coinsurance
- Part A deductible
- Part B deductible
- Part B excess charges
- Foreign travel