Medicare Supplement Plans are supplemental insurance packages that can be purchased in tandem with Medicare benefits. These plans are designed to help minimize health care costs for Medicare beneficiaries. There are ten different plans, each offering a different arrangement of benefits for participating members.
Medicare Supplement Plans are supplemental insurance packages that can be purchased in tandem with Medicare benefits. These plans are designed to help minimize health care costs for Medicare beneficiaries. There are ten different plans, each offering a different arrangement of benefits for participating members.
If you need help paying for your out-of-pocket health care expenses, a Medicare Supplement plan can help. These plans provide coverage for Medicare coinsurance, copayments, deductibles and excess charges. With the right plan, you can save significantly on medical costs if you do happen to need your benefits while covered.
There are three main categories of Medicare Supplement plans, or Medigap plans. The plans are either basic, comprehensive, or cost-sharing plans. This is the difference between each plan type.
Medigap plans A, B, M and N are the most basic options, as they all provide at least the minimum level of benefits available in Medigap plans. Each of these plans cover coinsurance for Part A hospital costs, as well as hospice costs. You will also have the 20% coinsurance for Part B benefits paid after you pay your Part B deductible. In all basic plans, you get access to 3 pints of blood to be used in a medically necessary procedure.
Medigap Plans K and L are also very basic plans that have a limited offering of benefits, but these plans only cover a certain percentage of costs. Plan K covers 50% of Part B coinsurance, hospice cost-sharing, blood, and the other basic benefits, while Plan L covers 75%. Both of these plans have an out-of-pocket limit, therefore once you reach that amount, your Medigap plan will cover the full costs of the stated expenses.
If you are hoping to get the most out of your Medigap plan, a more comprehensive option may be best for you. Plans C, F, and G are the most comprehensive plans available, and they offer a range of interesting benefits. These plans cover a combination of the following costs:
Plan C covers the Part B deductible, but Plan G doesn’t. Instead, plan G covers Part B excess charges, which can amount to a lot depending on the health procedures you need and your health care provider’s payment structure. Plan F covers all of these costs, making it the most comprehensive plan.
Plan F and Plan G are available in high deductible forms too. The high deductible version of these plans offers plan members the same benefits as the original plan, except members must pay a certain deductible before their plan benefits activate. High deductible plans are a great option for people who don’t go to the hospital often and have ample savings to use for paying the deductible when necessary.
If you are tired of paying the full out-of-pocket costs for Medicare-approved services, shop for Medigap plans in your area. Weinstein Wealth Insurance Solutions can help you get started with a free quote. Contact us now to get more information about Medigap plans in your area.
