When it comes to Medicare, choosing coverage can be confusing and overwhelming. You want to make sure you get the right health insurance plan to cover your medical expenses with the lowest out-of-pocket costs. This Medicare supplement guide will help you understand your options so that you can make an educated decision.
At SeniorSmart, we understand that some of the decisions that arise as you enter retirement can be confusing. Our members enjoy the guidance we provide as we walk them through all of the significant choices associated with their golden years. Contact us today to learn more about our free membership plan and get advice on choosing your best-suited Medicare plan.
What Are Medicare Supplement Plans?
Like many other health insurance plans, Medicare coverage may not be enough to cover all of your healthcare expenses. Medicare Supplement Insurance, referred to as Medigap, is a supplemental plan that helps pay for some or all of your uncovered medical expenses. The rules and policies that apply to Medigap policies can be a bit cumbersome. Here is a rundown on the basics of Medicare supplement plans:
- Medigap policies are available through private health insurance companies.
- There are ten different Medigap plans, each labeled by a letter.
- You are guaranteed the renewal of your Medigap policy each year, regardless of your health.
- You must have Medicare Part A and Part B before purchasing a Medigap policy. Medigap is supplemental and should not be your primary health coverage.
- Medigap does not cover prescription drugs, dental, vision, hearing aids, private-duty nursing, or long-term care.
- Like Medicare, Medigap provides individual policies only. If you and your spouse are both interested in Medigap, you would need to purchase separate policies.
If your current health insurance plan does not cover much or all of your medical expenses, you may want to consider adding a Medigap policy.
Choosing the Best Medicare Plan for Your Needs
Supplemental insurance through Medigap can help cover the costs of healthcare expenses like copayments, coinsurance, and deductibles. Since there are ten different Medicare supplement plans to choose from, we will break them down by the benefits they provide. This list can help you narrow down your choices based on your budget and healthcare needs:
- Plan A – Part A hospice, Part B copayments and coinsurance, and bloodwork
- Plan B – Part A hospice and deductible. It also assists with Part B copayments and coinsurance, and bloodwork
- Plan C – Part A hospice and deductible, Part B copayments, coinsurance, and deductibles, as well as bloodwork. It also covers skilled nursing facilities, plus 80% toward foreign travel emergency
- Plan D – Part A hospice and deductible, Part B copayments and coinsurance, and bloodwork. It also covers skilled nursing facilities, plus 80% toward foreign travel emergencies.
- Plan F – Part A hospice and deductible, Part B copayments, coinsurance, deductible, and excess charges. It also covers bloodwork, and skilled nursing facilities, plus 80% toward foreign travel emergencies.
- Part G – Part A hospice and deductible, Part B copayments, coinsurance, and excess charges. It also covers bloodwork and skilled nursing facilities, plus 80% toward foreign travel emergencies.
- Part K – 50% toward Part A hospice and deductible, Part B copayments, and coinsurance. It also covers bloodwork and skilled nursing facilities.
- Part L – 75% toward Part A hospice and deductible, Part B copayments, and coinsurance. It also covers bloodwork and skilled nursing facilities.
- Part M – Part A hospice and 50% toward deductible, Part B copayments and coinsurance, bloodwork, and skilled nursing facilities. It also puts 80% toward foreign travel emergency
- Part N – Part A hospice and deductible, Part B copayments and coinsurance, bloodwork, and skilled nursing facilities. It also puts plus 80% toward foreign travel emergency
When choosing coverage for a Medigap policy, consider the coverage provided by each of these supplemental Medicare plans. All of them include 100% coverage of Part A coinsurance and hospital costs.
SeniorSmart Can Help You Navigate Medicare Coverage
At SeniorSmart, we realize that choosing between ten different Medicare supplement plans can be tricky. The list above can help you narrow down your choices, but if you still need some help deciding, we are here to guide you. Reach out to us today to sign up for membership and receive advice on the most pressing senior concerns, like choosing the right Medicare plan.
