As you already may know, Original Medicare (Medicare Part A & B) does not pay all hospital or doctor costs. Additionally, Original Medicare has no maximum on out-of-pocket costs. The Medicare Part A (hospital insurance) deductible for 2020 is $1,408.00 per benefit period (a benefit period is 60 days). The Medicare Part B (medical insurance) deductible for 2020 is $198.00 annually then there is an 80% – 20% split, with Medicare paying 80% and you or your plan responsible for the other 20%.
Medicare supplements will help pay the copayments, coinsurance, and deductibles that Medicare does not pay.
Reasons for Choosing a Medicare Supplement
- Freedom of choice: There are no networks. You can go to any hospital or doctor that accepts Medicare reimbursement. In most cases, if your doctor, hospital, or lab accepts Medicare, they will accept your Medicare Supplement.
- You do not need a referral to see a specialist.
- There are no financial surprises. Currently, the most popular supplement plan, Plan G, has an annual $198.00 deductible then covers 100% of all Medicare-approved expenses. There are no copayments, coinsurance, or deductibles.
- Your coverage is guaranteed, as long as you continue to pay your premium.
- Medicare Supplements are perfect for snowbirds and any other people who travel, because, as mentioned before, there are no networks and you may go to any doctor, hospital, or lab that accepts Medicare anywhere in the United States.
- Medicare Supplements are guaranteed to be renewable regardless of any health problems you may have. The only way your plan can be canceled is for non-payment of premiums.
- There is a 30-day “free look” for you to decide if you would like to keep the plan.
All Medicare Supplement plans are standardized, meaning all plans with the same letter offer the same benefits. Though the plans are standardized, the monthly premium varies greatly among insurance companies. It also varies with ZIP codes and a person’s age. By the way, Medicare Supplement and Medigap are two different words for the same thing.
Choosing a Medicare Supplement plan can be overwhelming. I specialize in Medicare products and represent all Medicare Supplement plan types.
Click here to go to my Resources page where you can read or download the booklet, “Choosing a Medigap Policy”, from CMS. (Centers for Medicare and Medicaid Services)
There was a time when Plan F was the most popular and cost-effective Medicare Supplement. In my opinion Plan G is currently the most cost-effective plan.
Call or email today to start plotting your course through the Medicare maze. I make the complex simple by shopping the plans and rates for you. There is never a fee and you are under no obligation to use my services.
Medicare Explained in Plain English