Medigap plans can be helpful in supplementing Original Medicare by helping to pay copayments, coinsurance, and deductibles. Here are some pros and cons before you make the decision whether or not to get a Medigap plan.
- Medigap plans have standardized coverage across states – so plan A, for example, will cover the same things no matter where you live.
- Guaranteed enrollment for the first 6 months when you turn 65, plus other guaranteed issue periods.
- Additional hospital days covered over what is covered by Original Medicare.
- Usually coverage is nationwide, so if you live somewhere else for part of the year, you are still covered.
- Some Medigap plans may offer extra benefits like coverage for excess charges, fitness club benefits, or foreign travel emergency care.
- Can be more costly.
- Annual rates can increase each year.
- There are periods (outside your guaranteed issue periods) where you can be denied Medigap coverage, or where the coverage will cost you more.
- Medigap plans don’t include Part D prescription drug coverage (Medicare Advantage plans generally do).
Look up Medigap plans in your area to see which ones offer the best benefits for you and which ones have the highest star ratings. You can search for plans available to you here.