The Cost of Medigap
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Medigap policies are available in 47 states. The costs do vary, which is why it pays to shop around. You might be getting the same benefits from company to company, but the costs are often very competitive, so making phone calls for price quotes can save you a considerable amount.
Medigap Plan F and Plan G are notorious for having high deductibles. Although the monthly premiums are cheaper than the other plans, you will still be faced with meeting the costs before the plan will pay anything, so you’ll need to pay the high deductible. In 2020, the deductible was $2,340.
With Medigap, you still might have to pay coinsurance and copays for the Medicare policy if your current Medigap policy does not cover the charges. These are expenses that you must factor in when determining the overall cost of Medigap.
With Medigap Plan K and Plan L, you will have an out-of-pocket limit, which is the maximum amount. Once you meet the amount, then the plan pays 100 percent of the cost of the covered services, which provides peace of mind.
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