Medicare Supplement

Medicare Supplement Plans

While original Medicare covers the majority of your medical expenses, it still leaves you at risk for serious out-of-pocket expenses during the year. Remember, Part A has a co-insurance and Part B only covers 80% of your qualifying medical expenses, and with no out-of-pocket maximums, this could have serious financial implications. Adding a Medicare Supplement Plan (also referred to as a Medigap plan) will provide you some relief from those unexpected medical bills, covering that portion of the bill that Original Medicare doesn’t cover!
Medicare Supplement Provider Mesa Az

Medicare Supplement Plans are managed by approved private insurance companies and are designed to fill in coverage gaps such as copayments, coinsurance, deductibles, and in certain cases, overseas healthcare. The true benefit of a Medicare Supplement plan is that it provides a peace of mind knowing that you can better predict your healthcare expenses and make better use of your retirement fund!

So what is the difference between a Medicare Supplement and Medicare Advantage Plan? The biggest difference is in how their structured. Medicare Supplement Plans only cover qualifying Medicare healthcare expenses. They do not provide additional benefits like prescription drug coverage, gym memberships, hearing aids, and more…

Those additional benefits are only available from certain Medicare Advantage Plans. Another difference is that you are not required to use a network of providers like a Medicare Advantage Plan. All you need to do is make sure that your doctor accepts Original Medicare and you are good to go!

There are 10 standardized Medicare Supplement plans, ranging from A through N, that provide the same basic benefits in 47 states. Massachusetts, Minnesota, and Wisconsin have Medicare Supplement policies that are standardized differently. We’ve included a little chart to help illustrate the differences between the plans below…

Plan F is also offered as a high-deductible plan by some insurance companies in some states. If you choose this option, you must pay for Medicare-covered costs (coinsurance, copayments, deductibles) up to the deductible amount of $2,340 in 2020 before your policy pays anything.
For Plans K and L after you meet your out-of-pocket yearly limit and your yearly Part B deductible ($198 in 2020), the Medigap Plan pays 100% of covered services for the rest of the calendar year.
Plan N pays 100% of Part B coinsurance, except for a copayment of up to $20 for some office visits and up to a $50 copayment for emergency room visits that do not result as an inpatient admission.
Starting January 1, 2020, Medigap plans will not be allowed to cover the Part B deductible for new Medicare beneficiaries. This means Plans C and F will no longer be available to new Medicare beneficiaries starting on January 1, 2020. If you already have either of these two plans (or the high deductible version of Plan F) or are covered by one of these plans before January 1, 2020, you will be able to keep your plan. If you were eligible for Medicare before January 1, 2020, but not yet enrolled, you may be able to buy one of these plans.
Medicare Medigap Plans Mesa Az

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