Medicare Supplement Plan Medigap) is a kind of insurance that is sold by private insurance companies, and assists Medicare beneficiaries to cover some costs which the Original Medicare doesn’t cover, like coinsurance, copayments, and deductibles. There are ten basic kinds of Medicare Supplement Plans. However, the most significant thing to know is that they’re standardized from one company to the next, meaning private insurance companies provide different plans, offering them at different costs.
Types of Medicare Supplement Plans
- Part A ( Hospital Care Coinsurance) – This covers the inpatient hospital stays. However, when the stay is going to last longer than 60 days, you’ve to make coinsurance payment for every day you are still staying in the hospital.
- Part A( Hospice Care Copayment or Coinsurance) – This covers respite care plus prescription drugs meant for pain relief. There’s a 5 percent coinsurance for respite, and 5 percent copayment for every drug. The Medicare Supplement Plan is going to pay for the two of these.
- Part B ( Coinsurance or Copayment) – This plan covers preventive services, and necessary medical supplies needed to diagnose plus treat medical conditions. It pays only 80 percent of the Medicare-approved amount for specific service.
- First Three Pints of Blood – Medicare covers only the price of the 4th pint and above for blood transfusion. On the other hand, Medical Supplement Plan is going to cover the first 3 pints.
- Part A (Deductible) – This plan will cover different hospital costs. However, before coverage is factored in, you should pay a deductible.
- Part B (Deductible) – It covers different diagnostic and preventive services. You also have to pay a deductible before coverage is factored in.
- Part B (Excess Charges) – In some instances, a healthcare facility is going to charge up to 15 percent above the Medicare-approved amount for service rendered. When you possess Medigap Plan F and G, your policy is going to pay for the extra charges.
- Skilled Nursing Care – This will cover some skilled nursing care and facility services. And after 20 days of the service, you should begin paying daily coinsurance to maintain your coverage. For the days between 21 and 100 days, your daily coinsurance is $157.50.
Foreign Emergency Travel Care
Medicare covers only foreign emergency care in some small kinds of rare situations. However, with Medicare Supplement, plans C, D, F, G, M or N are going to be covered.
The above mentioned are the various types of Medical Supplement Plans. Note that when you decide to drop your whole Medigap policy, you should be cautious about timing. For instance, you may need a wholly different Medigap policy not just your old one minus the prescription drug coverages, or you may decide to change to some plan offering prescription drug coverage.