More than 55 million senior people along with younger people with disabilities have benefited from the health and financial security provided by Medicare. Even though it pays for a significant percentage of your medical bills, Medicare does not cover all your costs. Medicare benefits are as follows:
Part A – hospitalization, skilled nursing facility care, as well as a portion hospice care and home health care. However, beneficiaries incur deductibles as much as $1,288 per benefit period. What’s more, Medicare Part A does not cover for any extended inpatient hospital stays or skilled nursing facilities, subjecting patients to coinsurance amounts.
Part B – outpatient services, preventive services, physician visits plus a portion of home health visits. Part B benefits, however, are subject to 20% coinsurance and up to a $166 deductible.
Because of these coverage gaps, Medicare Supplement plans provide an alternative to offset the out-of-pocket costs experienced from Part A and Part B of the Original Medicare.
Benefits of Medicare Supplement plans
Medigap plans A-N all cover hospitalization coinsurance costs and provide and additional 365 days reserve hospital days after the benefits of your Medical Part A have been exhausted.
The Medicare Supplement plans also pay a portion of:
Hospice care copayment and coinsurance for Medical Part A.
Medicare Part B copayments or coinsurance, excluding preventive services.
The first three pints of blood for inpatients – Medigap plans covers 50% to 100% of the cost, then the Original Medicare takes over after the third pint.
Medicare Part A out-of-pocket costs covered:
Medical Part A deductible (except for plan A)
Skilled nursing facility coinsurance, (except for plan A and B).
Between 50% to 100% of your hospice care copayments and coinsurance, based on the Medigap plan you choose.
Out-of-pocket costs covered for Medicare Part B
Depending on your chosen Medigap plan, 50% to 100% of your copayments and coinsurance in Medicare Part B are covered.
Plan C and Plan F cover Medicare Part B deductible.
Plan F and Plan G cover the excess charges of Medicare Part B. Medicare Part B excess charges are costs incurred when a Medicare payment agreement, referred to as Medicare assignment is declined by a health provider.
Plans C, D, F, G, M, and N also cover foreign travel emergencies.
Beneficiaries in Massachusetts, Wisconsin, and Minnesota also get the following:
Up to 60 days hospital stay for mental health inpatients.
Benefits mandated by the state such as pap-smear tests and mammograms.
Mental health care for outpatients.
Talk to an insurance provider to understand the various benefits of each plan. The best Medicare Supplement plan will help you enjoy the benefits of Medicare while also covering the various gaps you’re likely to experience.
No matter what state you live in we can help you find the best plan at the best rate available. Give us a call today at 877-720-5943.