Another Medicare plan option is a Medicare Supplement policy (also known as Medigap plan). Medicare Supplement Plans fill in the gaps in Original Medicare coverage such as, co-pays and deductibles for hospitalization, doctor visits and other medical services. Although Medicare Supplement or Medigap plans may cost more than Medicare Advantage plans, after paying the plan premium, there are few if any extra out-of-pocket expenses. Plan premiums vary by state so make sure that you have an Arizona Medicare supplement.
Consider these facts in deciding if an Arizona Medicare Supplement or Medigap insurance plan for hospital and medical coverage is right for you:
- Generally, Medigap policies don’t cover long-term care (like care in a nursing home), vision or dental care, hearing aids, eyeglasses, or private-duty nursing.
- Medigap policies are standardized Every Medigap policy must follow federal and state laws designed to protect you, and they must be clearly identified as “Medicare Supplement Insurance.” Insurance companies can sell you only a “standardized” policy identified in most states by letters A through D, F, G, and K through N.
- All policies offer the same basic benefits, but some offer additional benefits so you can choose which one meets your needs.
- Starting January 1, 2020, Medigap plans sold to people who are new to Medicare won’t be allowed to cover the Part B deductible. Because of this, Plans C and F won’t be available to people who are newly eligible for Medicare on or after January 1, 2020.
- If you already have either of these 2 plans (or the high deductible version of Plan F) or are covered by one of these plans before January 1, 2020, you’ll be able to keep your plan.
- You must have Part A and Part B.
- You pay the private insurance company a monthly premium for your Medigap policy in addition to your monthly Part B premium that you pay to Medicare.
- A Medigap policy only covers one person. Spouses must buy separate policies.
- Also, if you join a Medigap policy and a Medicare Prescription Drug Plan offered by the same company, you may need to make 2 separate premium payments for your coverage. However, you can have a drug plan from a different company.
- It’s important to compare Medigap policies since the costs can vary between insurance companies for exactly the same coverage, and premiums may go up as you get older.