Medicare Parts A & B cover about 80% of certain medical expenses, it doesn’t cover everything. To help pay for the expenses not covered you have the option of buying a Medicare supplement (also called Medigap) policy. Based on the coverage you choose, these plans cover:
Part A deductible and co-insurance
Part B annual deductible and co-insurance or co-pays\
Blood transfusions (first 3 pints each year)
Cost of additional 365 hospital days after Part A benefits are used
Preventative care coinsurance
Foreign travel emergency medical expenses (up to plan limits)
Plans are Standardized
Medicare supplement plans are labeled A through N. The federal government established the 10 standardized plans so that every Plan F for example, provides the exact same benefits as every other Plan F. It does not matter what company is selling that Plan F, the coverages are exactly the same as any other Pan F. In Massachusetts, Minnesota, and Wisconsin, plans are standardized in a different way. Plan availability and costs vary from state to state and it is important to learn what plans are available in your area. For more on Medigap Plans A through N, watch this video.
The coverage for each plan letter will be the same no matter which insurance company you buy the plan from, but the cost for that coverage will differ between insurance companies. It’s a good idea to find the plan letter you’re interested in, then research costs from various companies that serve your area before you apply. You can do that here.
Medicare supplement policies offer peace of mind. Companies that sell Medicare supplement policies must follow federal and state laws, which protect buyers like you.
No networks or pre-approvals needed
No enrollment periods
Little to no out-of-pocket costs
When you first become eligible for Medicare Part A and Part B, Medicare guarantees you the right to purchase a Medigap policy for 6 months free of any health underwriting. If you wait your application will be subject to company health standards and you may not qualify for coverage. Medicare advisors can help you apply coverage, click here for plans available in your area.