Medicare Part A and Part B provide solid, comprehensive coverage for their beneficiaries, but they don’t fill all the gaps. Beneficiaries are usually left with some out-of-pocket costs for hospital care as well as an annual deductible. Medicare supplement plans are designed to fill the gaps left by Medicare Part A and Part B.
Medicare Supplement plans or “Medigap” plans are labeled from “A” to “L”. They move from the least comprehensive to the most comprehensive being “J”. “K” and “L” pay percentages of uncovered costs. All Medicare Supplement plans cover certain benefits, as required by law, but not all plans are equal, and not all states offer all plans. Additionally, Medicare Supplement Plans can be priced differently with different insurance carriers. Shopping for these products is best done while consulting with a licensed insurance agent who is certified to discuss Medigap plans.