Medicare Supplement Plans

Are you someone who goes to your physician regularly or sees a specialist frequently? If so, you may need to understand that Medicare Part A and Medicare Part B will not cover all the medical expenses you may incur. A Medicare supplement plan, also known as Medigap, will cover those expenses such as copayments, deductibles and coinsurance.

There are 10 standardized Medicare supplement plans and they are lettered from A-N. Plans E, I, J, and H are no longer issued. Private insurance companies may not offer all the other plans, but they do offer Medicare supplement Plan A.  With that plan, they must also offer Plan C or Plan N and other Medicare supplement plans.

Coverage

No matter where you live, each Medicare supplement plan is standardized and will be the same at every insurance company you may visit for your insurance needs. So if you get a Medicare supplement Plan G in Texas, it will be the same Plan G in South Dakota. In Massachusetts, Minnesota and Wisconsin the Medicare supplement plans may not be the same as in other parts of the nation. Another consideration is that Medicare supplement plans 2018 do not cover drug prescriptions, dental, vision, hearing aids, but they do cover these:

Medicare Part A coinsurance amounts up to 365 days after benefits are gone.

Hospice care and copayments or coinsurance.

Medicare Part B coinsurance or copayments.

First three pints of blood used in a medical procedure.

Some plans have extra coverage. Such as the Medicare supplement Plan F which has these extras:

Medicare Part B preventive care coinsurance

Skilled Nursing Home care coinsurance

Medicare Part B deductible

Medicare Part A deductible

Medicare Part B excess charges

Foreign medical expenses

 

Supplement plan cost

All insurance companies will offer the same lettered plans, they will differ in the costs of their monthly premiums. One really must be very careful looking at all the plans available to see what will meet their medical needs. The other consideration is the cost of the monthly premiums they will be prepared to pay for all that is offered in those plans.

Eligibility

When one reaches the age of 65, they are eligible to join Medicare Part A and Medicare Part B.  You may also get a Medicare supplement plan to cover the 20% Medicare does not cover. This needs to be done with 6 months of joining Medicare, so your existing medical conditions are covered and your premiums will be lower than if you wait until you are older.