Medicare Supplement plans cover your cost-sharing responsibilities for Original Medicare, which could add up to thousands of dollars in copays and deductibles without this extra coverage. With ten plans to choose from, how do you know which supplement plan is right for you?
To determine which supplement plan is the right fit, you need to establish the type of coverage you are looking for.
What do Medicare Supplements cover?
The ten standardized plans you can choose from are Plans A, B, C, D, F, G, K, L, M, and N. Each plan covers a different portion of:
- Excess charges
- Blood transfusions
- Foreign travel emergency
- Skilled nursing facility coinsurance
However, the only two plans that cover the Medicare Part B deductible are Plans C and F, which are no longer available because of that reason. The only exception to receive coverage from these plans is to have them already, or have been eligible for Medicare before January 1, 2020.
When you receive services from your doctor or hospital, the bill will go straight to Medicare, which will pay its portion first. Once that portion is paid, the Medicare Supplement plan provider will then pay its portion. Any costs that are leftover after each program has paid will be your responsibility.
Which plan should I choose?
To enroll in a Medicare Supplement plan, you will need to be enrolled in both Medicare Part A and B. Once enrolled in Part B, you will have a six-month period to enroll in a supplement plan, where you cannot be turned down or charged for health reasons. If you do not enroll within those six months, you may be subjected to medical underwriting.
Ultimately, the decision on which supplement plan meets your needs the most is up to you. If you are in good health and want basic coverage, then Plans A or B would work for you. If you are looking for the most comprehensive plan, then Plans F or G may be the best choice, but keep in mind that to enroll in Plan F, you must have been eligible for Medicare before January 1, 2020.
If you have any Medicare Supplement questions, give Temmen Insurance a call at 417-633-7200. We will help you go through your needs and budget to find the plan that is the right fit for you.