The author is director of the Association and receives a salary for conducting research and consumer educational efforts. AAMSI does not earn any commissions but is supported by insurance professionals who market Medicare insurance products.
The most popular Medigap or Medicare Supplement plan selected by individuals turning 65 is Plan G according to the latest data gathered by the American Association for Medicare Supplement Insurance (AAMSI). The author is employed as director of the Association but does not receive any commission or income from the sale of insurance products. AAMSI conducts and reports relevant data designed to help consumer make better decisions regarding Medicare options.
Medigap plans are health insurance policies that help to cover some of the costs that Medicare does not cover (thus the gap). While they are actually known as Medicare Supplement, many people today simply refer to them as Medigap.
Medigap plans can help to cover copayments for doctor visits, coinsurance for hospital stays, including skilled nursing facilities as well as the Medicare Part A & Part B deductibles.
According to the latest Medigap insurance sales data gathered by the American Association for Medicare Supplement, some 51% of individuals first eligible for Medicare opted for Plan G. The next favorite choice was Medigap Plan N (38.3%). A high-deductible version of Plan G was favored by 7.4%.
While Plan F is no longer available for individuals who are new to Medicare, those with existing coverage may continue their Plan F coverage. Some 3.3% of individuals opted for Plan F. These can be people who qualified for Medicare prior to age 65.
Medigap Plan G pays the hospital deductible. It also covers the expensive daily copays that you might encounter for a hospital stay that runs longer than 60 days. Plan G provides an additional 365 days in the hospital after your Medicare benefits run out, and it covers your skilled nursing facility co-insurance (limits apply).
For medical care (doctors, etc.) after you meet the $226 deductible for 2023 it will cover all expenses for Medicare-approved care.