Medicare Supplemental Ins 101 – How Can You Make the Best Decision When It Comes to Gap Coverage?

Medicare Supplemental Insurance Plans-Important information to help the thousands of Medicare beneficiaries who are signing up every day.

This large influx of Medicare beneficiaries raises the question: Which Medicare Supplemental Ins should you choose to fill the Medicare gaps? You are likely aware that Medicare does not cover all areas. These gaps include co-insurance and deductibles. A Medicare Supplemental Ins plan can be a cost-effective way to cover these gaps for many people who are beginning their Medicare journey. We will make it as easy as possible to simplify the maze of options available in today’s marketplace.

Medicare Part A- The Medicare portion that you receive automatically if you work 10 years or longer at a job in America. Medicare Part A covers any hospitalization that is medically necessary. There are some gaps in Medicare Part A. However, there is a $1132 per-benefit deductible. This means that you must pay for each accident or illness. You will not be required to pay twice for an accident or illness if you go back to the hospital within the 60-day period. This may seem confusing, but it is the most common reason you are required to pay a $1132 (2011) deductible. Co-insurance and co-pays to hospital services that Medicare doesn’t cover will be your responsibility. This is why so many people who are beginning Medicare choose to have a Medicare Supplemental Ins Plan. Medicare Part B is another important gap in Medicare.

Medicare Part B- While this is a portion of Medicare, it has a cost. The average cost is $115.00 per monthly. A Medicare Supplemental Ins plan won’t pay this amount. Part B is for your doctors and preventative services. Medicare Part B has an $162 (2011) deductible. This deductible is not like Part A of Medicare. It is an annual deductible. Once the $162 deductible has been paid, all you are responsible for are the 20% expenses that aren’t covered by Part B. To cover these gaps, many people who are on medicare choose to have a Medicare Supplemental Ins Plan.

Let’s talk about the Medicare Supplemental Insurance plans. These are some facts about this type insurance. They cover Medicare’s gaps. Different Medicare Supplemental Ins plans will cover different Medicare gaps. They will cover at least the coinsurance amounts at the hospital (Parts A and B) as well as the coinsurance amounts at Doctor or preventive care (Parts B). Some plans also cover Part A and B deductibles of $1132 each benefit period and $162 annually, respectively. This is a great way to reduce your out-of-pocket costs. You will see that some plans, such as Plan F, have additional benefits like skilled nursing, travel abroad, and extra part b costs. People can drastically lower their out-of-pocket expenses by choosing a Medicare Supplemental Insurance plan. They are also able to budget their medical expenses as the only out-of-pocket expense they have is the monthly Medicare Supplemental Insurance plan.