Medicare Supplements, also known as Medigap, are insurance plans offered by private insurance companies to help you save money on your healthcare costs.
Medigap plans cover costs like deductibles, coinsurance, copayments, hospital costs beyond the coverage of Original Medicare, skilled nursing facility, and more.
But many Medicare beneficiaries wonder, “Do I really need this much coverage?” There are many factors to consider before this question can be answered.
Costs covered by Medicare Supplements
Essentially, Medicare Supplements cover your out-of-pocket costs associated with Medicare Parts A and B. These costs include:
- Deductibles — Part A’s deductible is $1,364 in 2019. Part B’s is $185.
- Copayments and Coinsurance — Part B covers 80% of outpatient medical services, equipment, and supplies. Medigap can cover the remainder. Part A copayments vary but lengthy hospital stays extending beyond 60 days can start to rack up a bill in the thousands.
- First three pints of blood — If you have to have a blood transfusion, you usually have to pay for the first three pints of blood and any expenses associated with the process of receiving it.
- Part B excess charges — In certain states, a doctor is legally allowed to charge a certain amount above what Medicare pays for.
How much money will Medigap save you?
If you know you will spend some time in the hospital, Medicare Supplements are generally a good idea.
Did you know Medicare Parts A and B also don’t have a limit on how much you will pay out-of-pocket? That’s another thing certain Medicare Supplement insurance plans can offer.
The best thing you can do is talk to a licensed Medicare agent about your healthcare needs and see if a Medigap plan will save you on your yearly healthcare costs.
If you do so during your initial enrollment period, insurance carriers are required to allow you to enroll even if you have existing health conditions. This Medicare Supplement Open Enrollment Period is a six-month time-span that starts when you’re at least 65-years-old and you are enrolled in Medicare Part B.
However, if this time has passed, you are allowed to enroll at any time. So, be sure to talk to a licensed agent at Expert Insurance Team about Medicare Supplements today!
