What are Medicare Supplements
What are Medicare Supplements?
Medicare Supplements can make life much easier by making certain out-of-pocket expenses disappear. They’re not all the same, as it comes down to your preferences. This will look at the process as well as what they cover.
Interested in learning more?
What they do
Medicare Supplements take Medicare’s out-of-pocket costs into account by covering either a significant portion, or the entire amount, of what is left over after Medicare pays what it can. This takes the burden off of your shoulders and puts your money back in your hands.
There are ten different types of Medicare Supplements. They are different in the extent to which they cover certain costs, how much of those costs they cover, and who they are available to.
The current available Medicare Supplement plans are plans A, B, C, D, F, G, K, L, M, and N. Some are more comprehensive than others, and plans C and F are unavailable to those who are newly eligible for Medicare.
These are the possible costs a Medicare Supplement plan can cover:
- Part A hospital coinsurance and hospital costs
- Part A hospice coinsurance or copayments
- Part A Skilled Nursing Facility coinsurance
- Part A deductibles
- Part B deductibles
- Part B excess charges
- Part B coinsurance or copayments
- First three pints of blood
- Foreign travel emergency
The reason why Medicare Supplement plans C and F are unavailable to newcomers is that they cover Part B deductibles. As of recently, Medicare no longer allows for a plan that covers the Part B deductible.
Even though you may not be able to get out of paying the $203 annual Part B deductible, it’s a small amount compared to the potential thousands of dollars you can save with any of the eight other plans.
How to get them
Medicare Supplement plans have a relatively narrow window of time for enrollment. Missing enrollment does not mean having to pay late fees for joining at another time, because you may not be able to get a Medicare Supplement plan after this opportunity passes you by.
For most, your ability to join begins when you are 65 and enrolled in Medicare Part B, and this lasts for six months.
If you have employer health insurance, either from your own employer or your spouse’s, you can delay enrollment. Once your health insurance coverage ends, you can get a Medicare Supplement plan as soon as you sign up for Medicare Part B.
Costs
Medicare Supplement plans are all required to have the same benefits. For example, a Medicare Supplement Plan A from one insurance company must have the exact benefits that another company’s Plan A offers. But they are not all priced the same.
Prices also vary based on how extensive the Medicare Supplement’s coverage is. The more extensive, the greater the premiums. The fewer costs it takes care of, the cheaper it will be.
And with different amounts of coverage, your out-of-pocket costs for certain services also depend on the Medicare Supplement you sign up for.
We can help you find what you need
Medicare With Jake has emerged from Wichita, Kansas to help all seniors with Medicare across the nation. We believe in giving you the best of what Medicare has to offer. And what’s best for you is unique to you, as is our approach. If you want to get a Medicare Supplement plan, we’ve got you covered and we’ll take you through each one and decide on the best option.
