What is a Medicare Supplement Plan?
Also known as Medigap, this is an insurance policy that is sold by private insurance companies. It is meant to help cover some of the expenses of health care, including copayments and the cost of meeting deductibles under traditional Medicare policies. It also pays for some services that Medicare does not cover.
Each policy has a different level of coverage for each covered expense, so it is important to carefully compare and choose the policy that will give you the right amount of coverage at an affordable premium. There are set periods each year when you can reconsider the policy that you have and make any changes to your coverage that you deem necessary.
Breaking Down Medicare Costs
| Type | Included in coverage | Cost without a medicare supplement plans | Cost WITH a medicare supplement plans |
|---|---|---|---|
| Part A |
|
Deductible is $1,340 for each benefit period PLUSCoinsurance costs based on length of hospital stay (can reach $670 per day) PLUSCoinsurance costs for skilled nursing care (can exceed $150 per day) |
$0 |
| Part B |
|
Deductible is $200 PLUS20% of covered medical costs |
$0 |
Plans Vary By State
Coverage varies from state to state and from each policy to the next, so it is may depend on those factors and others.
It is important to compare the costs, coverage, and benefits of each policy before you enroll, and this should be done before your actual eligibility is reached.
In some cases, the policy will cover the additional expenses for hospital or medical care that would be left unpaid under a traditional Medicare policy. For instance, if Medicare pays 80% of a hospital stay, the Medigap policy would pay the remainder so that there is no out-of-pocket expenses to worry about.
Why You Should Get a Medicare Supplement Plan?
Medicare can be confusing. There are many parts and restrictions to what is and is not covered. There are also premiums to pay, deductibles to meet, and copays that must be made. In some cases, people find that the things that are not covered by traditional policies are the exact things that they need for good health. Those people often consider a Medicare supplement plan.
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Guaranteed renewability
Your enrollment in a medicare supplement plan cannot be terminated unless you commit fraud or fail to pay.
My medigap coverage allowed me to get the quality care I needed without spending a fortune.
Margaret C., Jacksonville
