Medigap, also known as Medicare Supplement Insurance, is a type of health insurance that helps cover the gaps in Original Medicare. It is sold by private insurance companies and can provide additional coverage for healthcare expenses that are not covered by Medicare Part A and Part B. Here are some of the core benefits of Medigap coverage:
1. Coverage for Medicare Part A coinsurance and hospital costs: Medigap plans can help pay for the coinsurance, copayments, and deductibles associated with Medicare Part A, which covers hospital stays, skilled nursing facility care, and hospice care.
2. Coverage for Medicare Part B coinsurance or copayments: Medigap plans can also help cover the coinsurance or copayments required for Medicare Part B, which covers doctor visits, outpatient care, and medical supplies.
3. Coverage for blood: Medigap plans may provide coverage for the first three pints of blood needed for a medical procedure.
4. Coverage for Medicare Part A hospice care coinsurance or copayments: Medigap plans can help cover the coinsurance or copayments required for Medicare Part A hospice care.
5. Coverage for skilled nursing facility care coinsurance: Medigap plans may provide coverage for the coinsurance required for skilled nursing facility care.
6. Coverage for foreign travel emergency: Some Medigap plans offer coverage for emergency medical care while traveling outside of the United States.
It's important to note that Medigap plans do not cover prescription drugs. To get prescription drug coverage, individuals with Medigap coverage may need to enroll in a separate Medicare Part D prescription drug plan. Additionally, Medigap plans are standardized and labeled with letters (A, B, C, D, F, G, K, L, M, and N), and the benefits offered by each plan are the same regardless of the insurance company selling it. However, the costs of the plans may vary. It's recommended to compare different Medigap plans and their costs before making a decision. Please consult with a licensed insurance agent or visit the official Medicare website for more information on Medigap coverage and its benefits.