What are Medicare Supplements?
While Original Medicare is a solid plan for providing coverage for most of the time, it still has its flaws and gaps. To help fill some of the gaps in coverage left behind, policyholders can buy Medicare supplement insurance for a more complete plan. Also known as Medigap insurance, Medicare supplement insurance helps pay for costs that are and aren’t covered under the Original Medicare Plan.
Anyone who wants to take advantage of Medigap insurance will need to go through a private insurance company. Currently, there are a total of 11 standard parts to a Medigap policy from A through N. Together, the different Medigap plans work as a way to offer varying levels of coverage for copays and coinsurance. It is important to note that the Medigap policy won’t kick in until the deductible has been met.
What are the Different Medicare Supplement Plans?
Most standardized Medigap policies will provide the following coverages to one person on the Medicare plan. It is important to note that if your spouse is also looking to obtain coverage, they will need to purchase a separate Medigap policy.
- All Medigap Plans will cover 100 percent of Part A coinsurance and hospital costs, up to an additional 365 days once Medicare benefits are used up.
- Every Medigap Plan, excluding Plan K and Plan L, will cover 100 percent of Part B coinsurance or copayments.
- The first 3 pints of blood is 100 percent covered by all Medigap Plans, besides Plan K and Plan L.
- Hospice care coinsurance or copayments under Medicare Part A are 100 percent covered by all Medigap Plans, excluding Plan K and Plan L.
- While Skilled nursing facility coinsurance is not offered in Plan A and Plan B. Plans C, D, F, G, M, and N do provide 100 percent coverage.
- The Medicare Part A deductible plan is fully covered under all Medigap Plans, with the exception of Plan A, K, L.
- For Medicare Part B, the deductible is only covered by Plan C and Plan F at full coverage.
- Plans F and G provide full coverage for excess charges in Medicare Part C.
- Foreign travel exchange is offered at full coverage by all Medigap Plans, except Plan A, B, K, and L.
- Plans K and L offer out-of-pocket limit protection, and that limit tends to fluctuate annually.
How We Can Help
Hitch Insurance has been helping clients and families, just like yours, to find the best coverage options for the past 20 years. A free consultation is offered to any new potential client to discover what their goals are and their plans for the future. From there it becomes easier to select the perfect policy and plan moving forward. To get started with your consultation, give us a call at (610) 694-9435 and we will get you scheduled to meet with one of our agents.
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