Medicare Supplement Plans you should know

 

Medicare Supplement Plans 2019 which is also referred to as Medigap is an insurance medical cover that is provided by private insurance companies. It helps to fill the gaps left by original Medicare. Costs such as copayments, coinsurance and deductibles that are not covered by the original Medicare, increases the out-of –pocket medical costs. Medigap also covers emergency medication when you travel out of U.S.A

There are ten standardized Medicare Supplement plans across different states. They are given alphabetical letters namely A, B, C, D, F, G, K, L, M, and N. each plan covers various benefits as we are going to see below.

Medicare Part A coinsurance and hospital are fully covered in all the ten plans costs up to 365 days after Medicare benefits are exhausted

Medicare part B coinsurance and copayments costs are fully covered by Medicare supplement plan A, B, C, D, F, G, M and N. Plans K and L partially covers the costs. K covers 50% of the cost while plan L covers 75% of the costs.

Blood costs for the first three pints are fully covered by plans A, B, C, D, F, G, M and N. Plans K and L partially covers the costs. K covers 50% of the cost while plan L covers 75% of the costs.

Medicare part A hospice care, coinsurance and copayments costs are fully covered by Medicare supplement plan A, B,C,D,F,G,M and N. Plans K and L partially covers the costs. K covers 50% of the cost while plan L covers 75% of the costs.

Specialized Nursing care and coinsurance are fully covered by Medicare supplement plans C,D,F,G,M and N. Plans K and L partially covers the costs. K covers 50% of the cost while plan L covers 75% of the costs. But, it is not covered on plans A and B.

Medicare part A deductibles are fully covered on Medicare supplement plan B, C, D, F, G, and N. it is partially covered on plans K, L and M, K covers 50% of the costs, L, covers 75% of the costs while M covers 50% of the costs. It is not covered on plan A.

Medicare part B deductibles are only covered on plan C and F. The rest of the plans do not covers these costs.

Medicare part B excess charges are covered by plans F and G only

Foreign travel emergencies are covered up to a maximum of the limit of your plan. It is covered on C, D, F, G, M and N plans only.

Plans K and L has annual out of pockets limits, currently the limit is $4640 and $2320 respectively. Although Medigap is provided by private insurance companies, the services provided are standardized by the federal governments. Each insurance company can decide which plans they want to sell. However they all have to offer plan A, C and F if they have to offer any other Medigap plan.