*Additionally, Plan F offers a high deductible plan. Should you pick this option, then you are required to pay for costs covered by Medicare up to the deductible amount of $2,180 in 2016 before your Medigap plan covers anything.
**Once you’ve met your out of pocket annual limit and Part B deductible, Medigap covers 100-percent of covered services for the remainder of the calendar year.
***Plan N pays 100-percent of Part B co-insurance, excluding a co-payment of up to $20 for certain office visits and up to a $50 co-payment for ER visits not resulting in inpatient admission.
How insurance companies set Medigap premiums
There are 3 ways that insurance companies set Medigap premium rates:
– “Community-rated” (aka “no-age-rated”) premiums are the same for everyone, regardless of age.
– “Issue-age-rated” (aka “entry-age-rated”) premiums are based on one’s age when they first purchase the policy. The sooner one enrolls, the less they pay.
– “Attained-age-rated” premiums are based on one’s current age. In other words, it increases as one grows older.
Additional factors that impact the premium rates may include inflation, geography, medical underwriting (in the event that you didn’t enroll upon first being eligible), in addition to other discounts. We recommend that you check with each specific health insurer to find out how they set Medigap prices prior to purchasing.
Reviewed Our Medigap Benefits Chart and Still Have Questions?
We hope this Medigap chart has helped you understand the benefits associated with the various Medicare supplemental plans that are available. If you have any questions regarding Medigap benefits, please don’t hesitate to reach out to our licensed agents.