Medicare Supplements
Do you visit the doctor or the hospital on a regular basis? If so, you may already be aware that Medicare Part A and Part B have out-of-pocket costs that you must bear. You may be able to save money by purchasing a Medicare Supplement insurance plan. Medicare Supplement, or Medigap, insurance plans fill “gaps” in costs left by Original Medicare (Part A and Part B), such as deductibles, coinsurance, and copayments.
How Do They Work?
People who buy a Medicare supplement plan pay a monthly premium in addition to the Medicare premium. Although this increases the monthly cost, it reduces the amount of money a person will have to pay for treatment out of pocket.
If a person has more than one insurance policy, they will have to determine whether they want to be the primary or secondary payer. Parts A and B of Medicare, which would be the primary payers, would be the first to administer their coverage.
Coverage
The ten Medicare Supplement Plans are labeled as A, B, C, D, F, G, K, L, M, and N, and they all offer specific coverage. However, take note that Plans C and F are not available to those who became eligible for Medicare after January 1, 2020.
Plan A
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part B Coinsurance and Hospital Costs: 100%
- First 3 Pints of Blood: 100%
Plan B
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- First 3 Pints of Blood: 100%
Plan C
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- Part B Deductible: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Plan D
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Plan F
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- Part B Deductible: 100%
- Part B Excess Charges: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Plan G
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- Part B Excess Charges: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Plan K
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 50%
- Part A Deductible: 50%
- Part B Coinsurance and Hospital Costs: 50%
- First 3 Pints of Blood: 50%
- Skilled Nursing Facility Care: 50%
Plan L
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 75%
- Part A Deductible: 75%
- Part B Coinsurance and Hospital Costs: 75%
- First 3 Pints of Blood: 75%
- Skilled Nursing Facility Care: 75%
Plan M
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 50%
- Part B Coinsurance and Hospital Costs: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Plan N
- Part A Coinsurance and Hospital Costs: 100%
- Part A Hospice Care Coinsurance/Copay: 100%
- Part A Deductible: 100%
- Part B Coinsurance and Hospital Costs: 100%
- First 3 Pints of Blood: 100%
- Skilled Nursing Facility Care: 100%
- Foreign Travel Emergency Care: 80%
Which Plan Should You Choose?
Which Medicare Supplement Plan is right for you is ultimately based on the coverage you are needing and the budget you are after. To find out more about your Medicare Supplement options, give Galina-Balboa Global Insurance Group a call today!
Contact us for a consultation regarding your insurance needs.