To compare Medicare supplemental insurance plans, also known as Medigap, a person needs to consider their specific healthcare coverage needs in addition to plan costs.
Plans with comprehensive coverage may have a higher monthly premium compared to plans where a person pays a portion of copays and coinsurances.
This article looks at the Medigap plans, coverage and out-of-pocket costs. It also examines eligibility and costs.
We may use a few terms in this piece that can be helpful to understand when selecting the best insurance plan:
- Deductible: This is an annual amount that a person must spend out of pocket within a certain time period before an insurer starts to fund their treatments.
- Coinsurance: This is a percentage of a treatment cost that a person will need to self-fund. For Medicare Part B, this comes to 20%.
- Copayment: This is a fixed dollar amount that an insured person pays when