Medicare Part A and B are great plans, but they can leave you with a lot of medical expenses. Medicare supplement plans are designed to help cover your coinsurance and deductible through Medicare Part A & B and offer additional medical coverage.
There Are Specific Benefits All Medicare Supplement Plans Have to Offer
There is a lot of variance between Medicare Supplement Plans. However, there are basics that all Medicare Supplement plants have to offer for participants. The basics that all Medicare Supplement Plans have to offer fall under the Medigap Plan A. Medigap Plan A is the simplest plan that an insurance provider can offer.
Medigap Plan A covers your coinsurance and hospital costs under Medicare Part A and will also pay for an additional year of Medicare hospital benefits after your Medicare Part A plan days have been used up. Medigap Plan A also covers your copayments and coinsurance under Medicare Part B. Medigap Plan A also has to cover your coinsurance/copayment for hospice care under Medicare Part A. Finally, all Medicare Supplement plans have to provide basic benefits and preventive care as well.
There Are Specific Additional Benefits Medicare Supplement Plans Can Offer
Beyond the basics Medigap Plan A that all Medigap plans have to provide to their customers, there is also a list of additional benefits that all Medigap plans can offer. The other Medigap plans B-N are a mixture of these different benefits.
Some plans will pay your deductible for both Medicare Plan A & B. Other plans will pay your Medicare Part B excess. Many plans will offer some level of support paying for skilled nursing assistance, anywhere from 50% to 100% of your skilled nursing costs.
A couple of Medicare Supplement Plans also offer foreign travel emergency coverage. This coverage will kick in if you get sick when you are out of the country. For example, if you were to have a stroke while in Mexico, your Medicare Supplement plan would cover your medical costs within the country you are in. Your plan would also cover medical transportation costs if you needed a medical evacuation back home.
The most comprehensive plan is Medigap Plan F, which offers all of the required Medicare Supplement benefits as well as all of the optional Medigap coverage that Medicare Supplement Plans are authorized to provide. All other plans are a combination of the required elements and the additional optional Medigap elements.
Figure out what you need out of a Medicare Supplement Plan and then work on finding the Medigap Plan in your state that meets your medical needs and your budget. Contact a service, like Senior Advisors, for more help.