Medicare Supplements
Also known as Medigap, Medicare Supplement plans help fill the gaps in Original Medicare Part A and Part B. This means that whatever costs or services have not been covered by Original Medicare, Medigap will potentially cover.
Medicare Supplement Coverage
It’s important to note that Medicare Supplement plans are not designed to replace your Original Medicare coverage; they are only meant to supplement them. With this in mind, each Medigap plan provides a different level of coverage.
Plan A will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A and B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
Plan B will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A deductible – 100%
- Part A and B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
Plan C will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A and B deductible – 100%
- Part A and B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Plan D will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A deductible – 100%
- Part A and B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Plan F will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A and B deductible – 100%
- Part A and B coinsurance and hospital costs – 100%
- Part B excess charges – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Plan G will cover:
- Part A hospice care coinsurance/copayment – 100%
- Part A deductible – 100%
- Part A and B coinsurance and hospital costs – 100%
- Part B excess charges – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Plan K will cover:
- Part A coinsurance and hospital costs – 100%
- Part A hospice care coinsurance/copayment – 50%
- Part A deductible – 50%
- Part B coinsurance and hospital costs – 50%
- First three pints of blood for a transfusion – 50%
- Skilled nursing facility care coinsurance – 50%
Plan L will cover:
- Part A coinsurance and hospital costs – 100%
- Part A hospice care coinsurance/copayment – 75%
- Part A deductible – 75%
- Part B coinsurance and hospital costs – 75%
- First three pints of blood for a transfusion – 75%
- Skilled nursing facility care coinsurance – 75%
Plan M will cover:
- Part A coinsurance and hospital costs – 100%
- Part A hospice care coinsurance/copayment – 100%
- Part A deductible – 50%
- Part B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Plan N will cover:
- Part A coinsurance and hospital costs – 100%
- Part A hospice care coinsurance/copayment – 100%
- Part A deductible – 100%
- Part B coinsurance and hospital costs – 100%
- First three pints of blood for a transfusion – 100%
- Skilled nursing facility care coinsurance – 100%
- Foreign travel emergency care – 80%
Medicare Supplement Plan Costs
Although private insurance companies are mandated to provide the same basic benefits regardless of the insurer, they are allowed to charge different monthly premiums. So, you might want to do a little digging to find the plan that fits your financial and health care needs. Having said that, an insurer may price their Medicare Supplement plan premiums in any of the following ways:
Community no-age-rated: These Medigap policies charge a monthly premium that is the same, no matter your age.
Issue-age-rated:These Medigap plans base their monthly premiums on beneficiaries’ age when they first sign up for the policy. So, the younger you are when you sign up for the Medigap plan, the lower your monthly premium will be.
Attained-age-rated:These Medigap plans base their premiums on the age a member first bought coverage, and your monthly premiums will increase with your age.
How Do I Pick a Medicare Supplement Plan?
The reason for the many choices is to allow you to choose the most appropriate plan for your needs. Some people want a Medigap plan that covers all the gaps Medicare doesn’t cover and leaves you with no worries about certain medical costs. Others prefer a Medigap plan that covers some basic out-of-pocket costs so that they can have lower premiums.
If you need further assistance navigating Medicare Supplement plans, contact Lifetime Insurance Group to speak with experienced Medicare insurance experts.