
Celebrate the Holidays with Festive Health Medicare – Your Health is Our Priority!
Table of Contents Introduction How to Maximize Your Medicare Benefits During the Holiday Season Tips for Staying Healthy During the Holidays The Benefits of Medicare
Knowing what is the best Medicare supplement insurance plan is critical when choosing your health insurance plan
Nowadays, most people choose to purchase Medicare Supplement Insurance plans from a private insurer to fill Medicare’s gaps. Of course, you’re skeptical about investing more money in any other plans. Is Medigap Policy worth it? Is Medigap Policy right for you? – To make the right decision, you must know all about this plan, understand the benefits, and determine your budget first. So, what is the best Medicare Supplement Insurance Plan?! Let’s get started!
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The terms Medicare Supplement and Medigap are used interchangeably because they are both used for the same health insurance plan. Any Medicare-certified company or center uses both terms to refer to this plan. The term “Medigap” is used more often because it is a bit shorter. So, what is the explanation of the names? – Medigap is the plan that fills the “gaps” that Original Medicare doesn’t cover. As for Medicare Supplement, it is the plan that “supplements” Original Medicare, covering Medicare’s out-of-pocket expenses. No need to be confused!
As we stated before, Medicare Supplement Plans pay for out-of-pocket costs that aren’t covered by Medicare A & B. Yes, Original Medicare has extensive coverage, but not all the health care services and supplies. Here comes the role of the Medicare Supplement Plan that covers the remaining costs, including copayments, deductibles, and coinsurance. The great thing about this plan is that it covers medical services when you travel outside of the U.S, unlike Original Medicare. However, it doesn’t cover prescriptions. You need to enroll in a stand-alone Medicare Part D drug plan for prescriptions.
In most states, there are 10 Medigap basic plans, which are A, B, C, D, F, G, K, L, M, and N benefits. Make sure to differentiate between Medicare Part A and Medigap Plan A. The plans E, H, I, and J are no longer available to sign up for. You must choose a health insurer with a good reputation and ask for different prices before you make a purchase.
Read More: Medicare Supplemental Plan?
All Medicare Supplement Plans offer basic health care benefits, including the following:
It covers a combination of Part A & B deductibles, including Part B excess charges, foreign travel emergencies, and Part A SNF coinsurance (Skilled Nursing Facility).
It covers 100% of Medicare Part A hospital coinsurance with the addition of extra 365 days after Medicare benefits run out.
It covers 100% of Medicare Part A hospice coinsurance. However, plan K covers only 50% and plan L covers only 75% of hospice coinsurance.
It covers 100% of the first three pints of blood each year. However, plan K covers only 50% and plan L covers only 75%.
It covers 100% of Medicare Part B coinsurance or copayments. However, plan K covers only 50% and plan L covers only 75%.
We can help get up to $0 monthly premium Medicare plans
Read More : Dental Insurance Plan?
Many private health care insurers offer 10 different Supplement Plans which are A, B, C, D, F, G, K, L, M, and N. Here is a comparison between the plans, presenting basic benefits of each policy:Medigap Plan A Coverage
Medigap Benefits | Medigap Plans | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
A | B | C | D | F* | G* | K | L | M | N | |
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
Part B coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes*** |
Blood (first 3 pints) | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
Part A hospice care coinsurance or copayment | Yes | Yes | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
Skilled nursing facility care coinsurance | No | No | Yes | Yes | Yes | Yes | 50% | 75% | Yes | Yes |
Part A deductible | No | Yes | Yes | Yes | Yes | Yes | 50% | 75% | 50% | Yes |
Part B deductible | No | No | Yes | No | Yes | No | No | No | No | No |
Part B ** |
N/A | N/A | N/A | N/A | N/A | N/A | $5,880 in 2020 ($6,220 in 2021) | $2,940 in 2020 ($3,110 in 2021) | N/A | N/A |
Read More: Medicare Advantage Plan (Part C)
You are probably asking
Around 14.1 million people decide to purchase Medicare Supplement Plans. But, are they worth it? – If you can’t afford the large out-of-pocket expenses, then, yes it is totally worth it. A Medigap policy is a wise investment that protects you and your family from the high medical expenses.
Besides, it will be highly effective if you suffer from a chronic disease or a health emergency, saving a large amount of money. In this case, A Medigap Plan will be the savior from a huge financial risk that you can’t afford. Just remember that Medigap Plans don’t cover prescription drugs. You will have to purchase a stand-alone Medicare Plan D with monthly premiums.
Choose the most suitable plan according to your health needs and of course, your budget
Enroll during the Medigap Open Enrollment Period
Search if any insurance company offers discounts
You will have guaranteed-issue rights one time only during the Medigap Open Enrollment period
In 2021, the Medigap premium may vary from $51 to $650 per month and this price depends on age, gender, location, deductible amounts, and more. Each insurance company has its own prices, but generally according to main three ways:
Community-rated: The Same rate for everyone, whatever the age
Issue-age rated: The monthly premium depends on your age at the issuance time of the policy. The prices are cheaper when purchasing at a young age and don’t increase over the time
Attained-age rated: The monthly premiums depends on your current age and increases over the time.
We can help get up to $0 monthly premium Medicare plans
In 2021, the Medigap premium may vary from $51 to $650 per month and this price depends on age, gender, location, deductible amounts, and more.
According to different studies, the top 5 Medicare Supplement Plans will be F, G, N, C, and high deductible Plan F.
Plan G is the best supplemental insurance. On the other hand, Plan K is the cheapest provided supplemental plan. Plan F was the best overall plan before 2020.
Yes, AARP Supplemental Insurance Plans are great with a high rating for services, financial strength, and customer experience.
To be eligible for AARP Supplemental Insurance Policy, you must pay $16 per year for the membership.
Over the years, medical care expenses can be a burden that you can’t afford. Using Medicare Plans can give you some peace of mind, especially with the addition of Medigap benefits. Not sure which Medigap policy is suitable for you? Whether you’re choosing a Medicare plan for the first time or thinking about adding a Medigap policy, we’ve got your back. Don’t hesitate, call us now, and let us help you choose the most suitable plan.
Table of Contents Introduction How to Maximize Your Medicare Benefits During the Holiday Season Tips for Staying Healthy During the Holidays The Benefits of Medicare
Drug Source Inc. and UPMC Medicare provide comprehensive prescription drug coverage for seniors and other eligible individuals. Our plans offer a wide range of benefits, including access to a network of pharmacies, low copays, and more.
Table of Contents Introduction What Is Iovera Treatment and How Does It Work? What Conditions Does Iovera Treatment Treat? What Are the Benefits of Iovera
Table of Contents Introduction What is a Medicare Savings Program and How Can It Help You Save Money? Exploring the Different Types of Medicare Savings
Table of Contents Introduction How to Save Money Shopping at Drugsource Inc Understanding UPMC Medicare’s Prescription Drug Coverage Exploring the Benefits of Shopping at Drugsource
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800 MEDICARE to get information on all of your options.”