Medicare Supplements
Medicare Supplements
Medicare Supplements take Medicare’s coverage one step further. They’re helpful when you need assistance in paying your coinsurance and copayment costs, along with your premiums. There are many types, and this will show how effective they can be.
Interested in learning more?
Overview
Medicare, while one of the most inexpensive and comprehensive health insurance options available, doesn’t cover everything.
Traditionally, your out-of-pocket costs would be:
- Part A’s $1484 deductible, with hospital coinsurance costs of $371 and $742 depending on how long you have been hospitalized
- Part B’s $203 deductible, in addition to its $148.50 premium with 20% of the costs from your outpatient treatments
- Part C’s premium ($21 on average), varying deductible, coinsurance, and copayment expenses, alongside Part A and B costs (as their enrollment is mandatory)
- Part D’s premiums (standard being $33.06) and costs leftover to you based on your medication’s tier
(Note: you cannot have Medicare Part C if you wish to have a Medicare Supplement plan)
As you can see, even when you get savings, your bills will not be the smallest. Even when just adding Part A’s deductible to Part B’s deductible and premium, with a single Part D monthly premium, it totals to $1868.56. There’s no getting out of this.
Medicare Supplement plans offer a solution to those who feel overwhelmed with the inevitable out-of-pocket costs from Medicare alone, as they effectively reduce out-of-pocket costs to $0, depending on the Medicare Supplement plan you have and the service you get.
Some Medicare Supplement plans offer emergency cost coverage in case you have to seek urgent medical treatment in a foreign country.
How to get Medicare Supplements
Medicare Supplement plans have the shortest time window for enrollment. This enrollment period is known as the Medigap Open Enrollment Period, and it spans six months, starting when you are 65 and enrolled in Part B. If you have employer health coverage, however, your time window to enroll begins when you sign up for Medicare Part B. This is sold on an individual basis, too, so if you have a spouse who also wants this coverage, he or she will have to enroll on his or her own.
After this period ends, there’s no guarantee you’ll be able to get a Medicare Supplement plan. In fact, it’s highly likely that you will never be able to join a Medicare Supplement plan after this.
Getting the Medicare Supplement for you
What’s right for one person isn’t right for everyone. We all have our own medical needs and all face different financial obstacles that can make seeking healthcare intimidating. However, Wichita, Kansas’s very own Medicare With Jake is proof that honest customer service is not a dying trend. We are attentive to what our customers need, and that is a promise. If you are facing out-of-pocket costs that are overwhelming, we can help by signing you up with the best Medicare Supplement plan in your area.
