What's Medicare Supplement Plan

You may have heard the term “Medicare Supplement Plan”, but what does it mean? Medicare is a government program that provides health coverage to people age 65 or older. When you enroll in Medicare, you are given a set of benefits that will help pay for your healthcare expenses but not all medical expenses. However, there are some things that Medicare doesn’t cover. If these items are important to you and your family, then you should consider getting a Medicare supplement plan. With this type of supplemental insurance policy, Co-payments Co-insurance Deductible are covered and there are many different types of plans for different needs.

Medicare Supplement Plans or otherwise known as a Medigap Plans are for individuals who have recently qualified for Original Medicare and used for the purpose of covering the gaps, or in other words covering what Original Medicare does not cover.

What does Original Medicare Cover. Original Medicare has 2 principal parts. Part A and Part B.

PART A covers hospital insurance, inpatient hospital care, lab test, surgery, home health care, skilled nursing facility, hospice. However, Typically, you do not have to pay a premium for Part A. If you do not qualify for Part A because you did not pay taxes for 30 quarters you may have to pay a premium $471.00, and other additional cost:( A Medicare Supplement Plan will not cover premiums).

Additional cost that you may incur with Original Medicare are:

  • 1- $1484 deductible for each benefit period.
  • 2- Days 1-60: $ 0 coinsurance for each hospitalization benefit period.
  • 3- Days 61-90: $371 coinsurance per day of each hospitalization benefit period.
  • Days 91 and beyond: $741 coinsurance per "lifetime reserve day" after day 90 for each benefit period (up to 60 days over your lifetime).
  • 4- Beyond lifetime reserve day: All costs.
  • 5- Also there are no Caps on cost,this is why a Medicare Supplement plan is so important.

What does Part B cover and why would you need a Medicare supplement

Part B: Medicare Part B is the Part of Original Medicare that covers the doctor visits, and other outpatient medical services. most people are required to pay a month premium of $148.50 this premium can be adjust based on your income and certain formulas are used to determine your monthly premium. These are additional cost you may incur on Original Medicare.

  • 1- Deductible
  • 2- Only covers 80 percent of the medical cost
  • 3- There are no caps in cost

As you can see, this can get expensivequick and most of these costs are covered by a Medicare Supplement plans.

What is NOT covered by Original Medicare

  • 1- Long Term Care
  • 2- Most Dental
  • 3- Denture
  • 4- Routine foot Care
  • 5- Cosmetic Surgery
  • 6- Hearing aids
  • 7- Acupuncture
  • 8- Prescriptions

So!!!! Original Medicare has its limitations, and a Medicare Supplement Plan may be the best choice for you.

Understanding Medicare and Medicare Insurance Plans can be complex, convoluted and outright confusing, At YourMedicare by AYA and Associates we make it clear, simple and understandable. If you have any questions, please do not hesitate to contact me at Rolando@yourmedicarecoverage.net or call me at 1-800-381-3623

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