21. Are Medigap Plans Different From Insurer To Insurer?

medigap costMedigap plans are identical no matter which insurance provider you choose. Purchasing Medicare Supplement Plan F from United Health Care is going to give you the exact same coverage as purchasing Medicare Supplement Plan F from Mutual of Omaha.

The difference between carriers is going to be in cost and the customer service they provide. Your coverage will not vary.

22. Is There Any Difference Between Medigap Plans Offered In Different States?

Medicare-chartIn short, the answer is no. Buying a Texas Medicare supplement is going to provide you the same coverage as a Florida Medicare supplement. That is to say that Medigap A in Texas is the same as Medigap A in Florida. Medigap B in Florida is the same as Medigap B in Texas, Arkansas, Oklahoma, Pennsylvania, etc.

There is one caveat to that. There are a few differences if you live in the states of Massachusetts, Minnesota, or Wisconsin. Medicare supplements in these three states offer slightly different coverage than the plans implemented in the other 47 states. Consult a Medicare supplement insurance provider for details if you reside in one of those states.

23. What Is a Medigap Policy?

Medigap 300A Medigap, also known as Medicare supplemental insurance, is a policy that a beneficiary purchases from a private insurance company that, as the name suggests, are designed to cover the gaps in healthcare costs left by Medicare coverage alone.

24. Medicare Part D Coverage

medicare-part-dPrescription drug coverage is provided under Medicare Part D. It is issued by private insurers and is a policy you purchase separately. Plans will vary from insurer to insurer. Some have deductibles. Some do not. Once your deductible is met, the plan pays for some or all of your prescription drug costs up until an annual cost of $2,970. At that point you have reached the Medicare Donut Hole up until an annual cost of $4,750.

Previously, beneficiaries paid 100% of their costs inside the Donut Hole before Part D coverage kicked back in. Under Obamacare, participants now pay 52.5 percent of the cost for brand name drugs and 79 percent of the cost for generic drugs.


25. Medicare Part C Coverage

medicare-part-cMedicare Part C is also known as Medicare Advantage. These are private plans that are run through Medicare. Medicare requires that they be “equivalent” to Part A and Part B coverage. That equivalency does not mean they are identical in coverage to Part A and Part B. A Medicare Advantage plan may cover less of one thing but more of something else than what is covered under either Part A or B.

Some Medicare Advantage plans will provide you with significantly more coverage than anything provided by Part A and B, often including prescription drug coverage. In that way, they are similar to a Medicare Supplemental or Medigap plan. The difference between them though is that they are administered by Medicare rather than private insurance companies.