Medicare Supplement Plans
Medicare Supplement Plans - Overview
As a way to lessen the financial burden left behind by medical costs, Original Medicare helps with inpatient and outpatient hospital expenses. Even with this coverage, the bills can still be crippling, especially after a lengthy stay at a medical facility. With the help of Medicare Supplement Plans, the amount of money owed decreases drastically. Each plan has its own benefits but ultimately works with Original Medicare to provide a cost-effective and comprehensive insurance plan.
Medicare Part A – Medigap Plans
One of the biggest areas that Medicare Supplement Insurance helps with is Medicare Part A. Under Medicare Part A, typically Original Medicare will pay all hospital costs for up to 60 days after the hospital deductible has been met. Once those 60 days are expired, then you will start paying a prorated amount for each additional day. This amount increases again at the 90-day mark.
With Medicare Supplement Insurance, every plan covers the cost for your hospital stay up to 150 days. If you reach day 151, then the Medigap insurance (Medicare Supplement Insurance) will cover the cost of 365 more days throughout your lifetime. It is important to note that if you have Medigap plan F then you will need to pay the $2,000 high-deductible, whereas plans K, L, and M have a lower deductible to pay.
Medicare Supplement Insurance also helps cover additional Part A costs for the following:
- Coinsurance for palliative drugs and respite care for hospice use
- Hospital deductible (covered fully by plans B, C, D, F, G, & N and partially by K, L, and M)
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Medicare Part B – Medigap Plans
The second most common part of Medicare that Medicare Supplement Insurance is used for is Medicare Part B. Medicare Part B is the portion of Medicare that handles outpatient care and routine screenings. From a cost perspective, once you reach the deductible for Part B, then Medicare will generally pay 80% of doctor and medical services. The remaining 20% will fall on the beneficiary to pay. This is similar to mental health services where Medicare pays 50% of the costs.
All Medicare Supplement Insurance plans have a portion in it that helps with the remaining costs. More specifically, the 20% and 50% you owe for medical and mental health services are fully covered. The Medigap plans also offer additional benefits to help cover any costs associated with preventive services.
There are several plans that have additional benefits that cater to Medicare Part B. For example:
- Plans C and F pay the yearly deductible for Part B
- Plans F and G will pay 100% of any excess charges from doctors’ services.
Advanced Insurance Concepts – Dependable Insurance for The Whole Family
Building a comprehensive insurance plan doesn’t always have to be costly and time-consuming. With Medicare Supplement Insurance, it can be as easy as selecting a plan that matches your long-term goals. At Advanced Insurance Concepts, our goal is to work with you to get the best coverage without going beyond your budget. To get started with a free consultation, give us a call today at 816-476-8191.