Medigap plans allow you to find the coverage that suits you. The plans are standardized across all carriers, so you can easily find out which plan you want before you go shopping for the best rates.
Medigap plans are labeled for letters of the alphabet (A-N), and each of the plans provides varying levels of coverage. The most popular of these is Plan F, which provides complete coverage for everything Medicare does not take care of. That means all your deductibles, foreign medical treatment, extended hospitals stays and everything else.
This makes it a great choice for people who want to have all the coverage possible and not have to worry if they will have to pay anything the next time they go to the hospital. But each plan comes with a different premium. The more coverage you get from Medigap plans the more you will pay in premiums.
The premiums are determined by private insurance companies, so it is wise to shop around before deciding on the provider to use.
Some plans are no longer available to those who have not signed up for one yet. These plans include E, H, I, and J. Only those who initially signed up for those plans can continue to use them.
Medigap plans are considered a supplemental form of Medicare insurance coverage. They can provide coverage for expenses Medicare doesn’t take care of. Medigap plans come with a separate premium from your Medicare payments, because they count as a separate policy. But you cannot sign up for a Medigap policy unless you already have Medicare Part A (for hospital coverage) and Part B (for doctor coverage).