To cover some of the costs not covered by Original Medicare, Medicare Supplement plans are designed to help cover those costs. These costs include deductibles, copayments, and coinsurance. Medigap plans can also offer other benefits not covered by Original Medicare.
Private insurance companies approved by Medicare offer Medicare Supplement plans. Each company may choose which Medigap plans it offers in your area. However, all Medicare Supplement plans must provide the same basic benefits regardless of where you buy them. (Medicare Advantage plans are a different type of coverage.)
Medicare Part A
Medicare Part A is the hospital insurance part of Medicare. It generally covers eligible inpatient hospital care, hospice care, skilled nursing facility care, and some home health care services. For example, the Medicare Part A deductible for 2021 was $1,484 per benefit period. This means you’ll pay the first $1,484 of covered services yourself. Suppose you’re in a skilled nursing facility for more than 60 days in a single benefit period. You would be required to pay a daily coinsurance amount for days 61 through 90 (in 2021) and for each lifetime reserve day after that (up to 60 days over your lifetime). You can help protect yourself from these out-of-pocket costs with a Medigap plan.
There is something known as Medicare Part A (AKA hospital insurance), which can pay for inpatient care at hospitals, including critical access hospitals and skilled nursing facilities (but not custodial or long-term care). Additionally, it helps cover some home health care services and hospice care. Medicare Part A covers certain expenses associated with medically necessary procedures performed by specialists, such as:
Medicare Part B
It is also known as Medicare Part B, and it is an optional benefit that can be added to original Medicare (Part A and Part B).
Medicare Part B helps pay for medically necessary services like doctor visits, outpatient care, ambulance services, durable medical equipment, lab tests, X-rays, and some preventative services. You should consider adding Medicare Part B coverage if you want to see doctors who do not accept Medicare assignments.
You are satisfied with the benefits provided under Original Medicare and do not wish to enroll in a Medicare Advantage Plan.
You are enrolled in a Medicare Advantage Plan but want the freedom to use any doctor who accepts Medicare assignment. You can receive dual coverage from your Medicare Advantage Plan and Medigap policy. Having both types of coverage offer you the most flexibility when seeing doctors or receiving care.
Medicare Part C
Medicare Part C is the Medicare Advantage program, and it is also called Medicare Advantage, or MA. It’s a program run by private insurance companies, so you’ll get your Medicare benefits through one of those companies. Before choosing a Medicare plan, you must know a few things.
Original Medicare and Medicare Advantage are the two types of plans. While they’re both run by the federal government, they have different rules and benefits. Original Medicare covers most hospital and doctor services, but it doesn’t cover prescription drugs or long-term care.
Medicare Advantage plans can cover the same things that Original Medicare does, such as hospital and doctor services. Still, they also offer additional benefits like prescription drug coverage and other optional Supplemental coverage. To qualify for this plan, you must be enrolled in both parts of Medicare (Part A and Part B). You may also be eligible under age 65 but have a disability or end-stage renal disease (ESRD).
If you’re currently enrolled in Original Medicare, your options for switching to an MA plan are limited. However, if you’re not yet eligible for Original Medicare (but will be soon), then you may be able to join an MA plan when you turn 65 years old.
Getting the Best Medicare Plan for You in 2022
It is that time of year when you need to make Medicare Supplement plan decisions. Armed with the information above, which supplement plans will meet your plans best. You can shop for Medicare plans the easy way at MedicareConsumer.com and find the best value plan specific for your needs.