Medigap plans are designed to alleviate the financial burden of healthcare costs not covered by Medicare alone. These include:
- Deductibles: You must pay a predetermined amount before Medicare covers hospital (Part A) and medical (Part B) services.
- Hospital Costs: After meeting the Part A deductible, Medicare covers your hospital expenses for the first 60 days of hospitalization.
- Medical Services: Once the Part B deductible is met, Medicare covers 80% of your medical costs, with the remaining 20% being your responsibility.