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About Medigap Plans
To make comparing policies from one insurer to another easier, in 1992 Congress standardized and simplified Medigap plans so that there were just 10 to choose from — Plan ‘A,’ which is the bare bones, through Plan ‘J,’ the top of the line. This means that all Medigap insurers offer the same exact policy, although some companies may offer only a few of the plans.
If you live in Wisconsin, Massachusetts, or Minnesota, there are different types of Medigap plans that are sold in your state but are still standardized across insurers.
In 2006, two new plans, K and L, were introduced. These policies are structured to increase the portion of costs born by the policyholder while still providing the security of a cap on out-of-pocket expenses. These plans are attractive to individuals not able or willing to pay a higher premium for one of the other plans or those who expect to have minimal health expenses but still want the comfort of having costs capped.
In 2010, plans E, H, I and J were discontinued and two new plans, M and N, were introduced.
It is important to remember that premiums on Medigap plans can vary greatly, depending on the plan you choose and from which company you buy. Coverage is more expansive than through a Medicare Advantage plan but at a higher price. The advantage of a Medigap policy is that it offers you the freedom to choose your own doctors or specialists and coverage regardless of which clinic or hospital you utilize.