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Medicare does not cover ALL of your medical bills. You will have costs for which you are responsible.
Medicare is not free for the beneficiaries of Medicare. Medicare was designed so beneficiaries would share the total cost of health care with the federal government through premiums, deductibles, coinsurance charges and payment for non-covered services.
Medicare eligibility is open to people regardless of income. Medicare is tied largely to employment. The financing for Medicare Part A’s Hospital Insurance benefits comes from a FICA withholding tax applied to wages.
Medicare has a fairly comprehensive set of covered benefits. Beneficiaries have coverage for the Part A benefits that include inpatient hospital, skilled nursing facility, home health and hospice care services. They also have coverage for Medicare Part B’s benefits that include physician, outpatient hospital, home health, ambulance, and preventive services, along with medical equipment, supplies, and many other services and items.
Medicare Part B Costs
There are costs associated with Medicare Part B.
First, there is a monthly premium charged for Part B.
Second, an annual deductible is assessed and will rise each year to adjust for inflation in Medicare spending.
Third, there is a 20 percent coinsurance charge where you have to pay 20 percent. Medicare pays the remaining 80%.
Fourth, it’s possible to have an Excess charge or balance bill from doctors who do not “accept assignment.”
Medicare Supplement Insurance
Beneficiaries who have Original Medicare and a Medigap policy have access to most hospitals, physicians, and other providers in the country. Medicare Supplement Insurance (Medigap) insurance is health insurance sold by private insurance companies that pay for some of the costs from benefit “gaps” in the Original Medicare program.
A person generally must have Medicare Part A and Part B to purchase a Medigap policy.
When providers accept assignment enables bills to be paid in full with no paperwork for the beneficiary.
Insurance companies are not required to sell all standard plans, but they must offer Plan A and either Plan C or Plan F.
Covered Gaps and the Basic Benefit
The standard Medigap policies covers the same gaps regardless of the company that sells it. Medigap Plan C from Mutual of Omaha covers exactly the same gaps as Plan C from Blue Cross. Prices for Medigap insurance tend to increase based on the number of gaps the policies fill. Plan A which covers a basic, or core, benefit is usually the cheapest.
Three of the more popular Medicare Supplement plans are Plan F, Plan G and Plan N.
Medicare Supplement Plan F
Medicare Supplement Plan F is the most sold plan and covers the basic benefit, the Part A inpatient hospital deductible, the Part A SNF daily coinsurance charge, foreign travel emergencies, the Part B deductible, and 100 percent of the Part B excess charge.
Medicare Supplement Plan G
Plan G covers the basic benefit, the Part A inpatient hospital deductible, the Part A SNF daily coinsurance charge, foreign travel emergencies, covers 100 percent of excess charges, the at-home recovery benefit and 80 percent of the Part B excess charge. It does not cover the Part B deductible.
Medicare Supplement Plan N
Plan N covers 100 percent of the Part A inpatient hospital coinsurance charges and 100 percent of the Part A deductible. It fully covers the SNF daily coinsurance charge. This plans covers the 20 percent coinsurance charge for most Part B services (e.g., ambulance and outpatient hospital services), except for physician office visits and emergency room (ER) visits. The policy holder is responsible for $20 copayments for office visits and $50 copayments for ER visits.
Cost of Medicare Supplement (Medigap) Insurance
The main point of comparison between one insurance company and another is price as each standard policy must cover the same benefits. Plan A is usually the least expensive Medigap insurance plan because of coverage. Medicare Supplement policies that fill more coverage gaps usually cost more.
Insurers set their own prices for Medicare Supplement (Medigap) policies. Monthly premiums can vary greatly from company to company. The same Medicare Supplement (Medigap) plan monthly premiums can sometimes be hundreds of dollars.
It really pays to shop around for your Medicare Supplement (Medigap) plan. The best plan for you may not be the one with the cheapest rate. You must consider the history of certain insurance companies. This is one of the reasons to use our free service.
A number of factors contribute to the difference in pricing among companies for the same insurance policy. One factor is the number of people the company insures. If it insures a large number of Medicare beneficiaries it may be easier to spread the cost of insurance around. Another factor is the approach the company takes to marketing and customer service.
It is important to buy a Medicare Supplement (Medigap) plan that fits you medical needs and your budget. It does you no good to buy something you can not afford.
The best time to buy a Medicare Supplement plan is during Open enrollment. This is generally when you are first eligible for Medicare. You have a six-month Medicare Supplement (Medigap) open enrollment period after becoming eligible for Medicare and enrolling in Medicare Part B. A beneficiary has the right to buy any Medigap policy during this 6 month period. Insurance companies must issue the policy and cannot turn down the applicant on the basis of poor health status during open enrollment.
You can change Medicare Supplement plans at any time. But will be subject to medical underwriting. You should have no problem switching plans if you are relatively healthy. However, you should consult with an independent agent with the expertise to understand the underwriting requirements of several insurance companies.
Compare Coverage and Rates
Contact us and we will help compare rates and plans to get the best Medicare supplement plan for you!
Finding the best medicare supplement insurance plan can be difficult. Let us help! We will save you time and money!
We compare medicare supplement plan coverages and work with you finding the most cost effective medicare supplement plan that suits you.
As an independent agency we do not have an obligation to any single company. This allows us use only top rated medicare supplement insurance companies.
Eliminate the frustration! Enjoy peace of mind!
Take advantage of our expertise and remember its 100% FREE!
Finding the best medicare supplement insurance plan can be difficult. Let us help! We will save you time and money!
We compare medicare supplement plan coverages and work with you finding the most cost effective medicare supplement plan that suits you.
As an independent agency we do not have an obligation to any single company. This allows us use only top rated medicare supplement insurance companies.
Eliminate the frustration! Enjoy peace of mind!
Take advantage of our expertise and remember its 100% FREE!
Free Quote!
Contact us today for a free quote. We look forward to working with you!
