Medicare Supplement plan B offers almost the same coverage as Medigap Plan A. It offers coverage for the core policy benefits (benefits included in all Medigap policies). However, it has one additional benefit – Medicare Part A hospital deductible.
If you choose to enroll in Plan B, the best time for that is during the Medigap Open Enrollment Period. It begins the first of a month when you are 65 and also enrolled in Medicare Part B. This open enrollment period lasts 6 months. If you enroll during this period private insurance companies will not ask you to answer health questions and you cannot be turned down based on your pre-existing conditions.
PLAN B COVERAGE
Medigap Plan B covers:
- Coinsurance and hospital costs from Medicare Part A up to an additional 1 year after the Medicare benefits are exhausted
- Part B coinsurance and copayments
- First 3 pints of blood each year
- Part B preventive care coinsurance
- Part A annual deductible
Plan B does not cover skilled nursing facility care coinsurance, Part B deductible, Part B excess charges, and travel emergency care while traveling outside the U.S.
MEDIGAP PLAN B COSTS
Medicare Supplement insurance Plan B is not for everybody. If you are okay with a minimum amount of additional coverage at a lower cost this plan might be a good plan option. Of course, in case you are not worried about hospital costs and don’t travel out of the U.S. very often so you are sure that you won’t need those benefits. The average monthly premium of Plan B is around $110-$210. It depends on which state the individual is seeking coverage in, which carrier they are purchasing from, and also individual factors like gender, age, tobacco use, and a few other details. In general, Medigap plans premiums are higher in states who have a higher cost of living.