Medicare Supplement plans are an addition to help you pay for your expenses from Medicare. Read on to learn more about the benefits you will find in each of the ten policies and how to choose the right plan for your individual needs.
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Medicare Supplement plans help to cover the out-of-pocket costs associated with Original Medicare (Medicare Part A and Part B). They can pay for the following expenses:
- Part A coinsurance and hospital costs
- Part B copayments and coinsurance
- Your first three pints of blood
- Part A hospice care
- Skilled nursing facility care
- Part A deductible
- Part B deductible (Plans C and F only; not available to new Medicare beneficiaries)
- Part B excess charges
- Foreign travel emergency care (80%)
Your Medicare Supplement Plan Choices
Plans F and G have the most comprehensive coverage, paying for every available covered expense once you meet the plan deductible. These two plans also have high deductible counterparts in some states. The high deductible plans allow healthy people with lower monthly budgets to afford comprehensive coverage for lower monthly premiums, as long as they can afford the deductible in the event of an emergency.
Plans C, D, and N are also popular plans with a good deal of coverage. Plan C covers all except the excess charges. Plans D and N cover all except the Part B deductible and excess charges. Plan N covers 100% of Part B services except for some copayments for office and emergency visits.
Plan M covers all expenses except the Part B deductible and excess charges, and covers 50% of the Part A deductible.
Plans K and L are a little different. They both cover the Part A coinsurance and hospital costs in full. For Part B copayments and coinsurance, your first three pints of blood, Part A hospice care, skilled nursing facility care, and the Part A deductible, Plan K covers each expense at 50% and Plan L covers each expense at 75%. Both of these plans have out-of-pocket maximum limits. The limit for Plan K is $5,880 and the limit for Plan L is $2,940.
Plans A and B have basic coverage for your Medicare Part A and Part B expenses. Plan A covers your Part A coinsurance and hospital costs, Part B copayments and coinsurance, your first three pints of blood, and Part A hospice care. Plan B covers these expenses along with the Part A deductible.
Choosing a Medicare Supplement
Of the several options available, you will want to select a plan that fits within your budget and serves your healthcare needs. People with regular medical visits will want to purchase as comprehensive a level of coverage as they can afford. Frequent travelers may be interested in one of the six plans that cover 80% of foreign travel emergency costs. The right plan for your individual needs will be one that matches your anticipated needs.
The best time to sign up for a Medicare Supplement plan is during your Medigap Open Enrollment period, which begins when you are 65 and enrolled in Medicare Part B and last for six months. During that time, you will not have to go through medical underwriting to purchase one of these plans. If you have Medicare due to a disability and are under the age of 65, your plan options may be limited and you may be charged higher premiums.
Contact Better Insurance Management for more information and guidance when it comes to choosing a Medicare Supplement plan. Our team specializes in connecting you with the right plans based on your budget and healthcare needs.