Medigap helps pay for Medicare deductibles and copays you would otherwise have to pay out of pocket.
How Much Does Medigap Cost?
The national average for Medigap insurance is $1,700 annually, or around $140 per month. This may go up or down, depending on the state you live in.
While there are numerous companies that sell Medigap plans, they all MUST sell the exact same benefits or standard benefits of each plan.
Essentially. there are 10 different Medigap plans available. If you enroll in Medicare Part A and/or Part B, you can sign up for one of these Medigap plans.
However, if you have a Medicare Advantage Plan (Part C Medicare) you are NOT eligible for Medigap.
The names of the 10 Medigap plans use the letters of the alphabet – just like Medicare. They are A, B, C, D, F, G, K, L, M and N. Medigap plans are standardized by their letter. Plan F offered in one state or by one insurance company offers the exact same benefits as Plan F offered in another state / by a different insurance company.
Even though the benefits are the same, different insurance companies charge different rates for the same plan.
The plans vary based off how much of the costs they’ll cover. The more the plan covers, the more the plan premium will cost. Some plans require higher cost-sharing, others are high deductible and some help you cover more cost.
To choose the right Medigap plan for you, you need to evaluate your individual situation and compare it to each plan. Figure out which plans meet your needs, and which ones you can afford.
When it comes to choosing the right Medigap plan for you, you have to consider your budget, lifestyle and your health condition. Once you know these things, you can get a much clearer answer to the question “how much does Medigap cost?”