fbpx

Medicare Supplement

Medicare Supplement (Medigap) Insurance

If you’re turning 65 soon, you’re probably thinking about Medicare and Medicare Supplement (Medigap) Insurance.  You’re likely wondering how you can possibly afford both Medicare premiums plus premiums for a Medicare Supplement (Medigap) Insurance policy.  This may be even more of a worry if you’re not going to have a part-time job after you retire at age 65.

To decide if you’re going to need help to fill the gap in coverage that’s left after Medicare pays 80% of your medical bills, your first step should be to learn some basic facts about what Medicare and Medicare Supplement (Medigap) Insurance policies cover.

What Medicare Pays For:

Original Medicare Part A is hospital coverage that pays for:

  • Inpatient hospital services
  • Skilled nursing facility care (after a hospital stay)
  • Home health care
  • Hospice Care
  • All but the first 3 pints of blood you receive per calendar year

Original Medicare Part B is medical coverage and pays for:

  • Medical expenses
  • Home health care
  • Clinical laboratory services
  • Outpatient treatment
  • Durable medical equipment and supplies
  • Preventive health care including exams, screenings and shots

Original Medicare Part D is prescription drug coverage and pays for generic and brand-name prescription drugs.

        What Medicare Supplement (Medigap) Insurance Pays For:

According to Medicare.gov, there are 11 standard Medicare Supplement (Medigap) Insurance plans – A, B, C, D, F, High-Deductible F, G, K, L, M and N, and each offers different benefits that are set by the U.S. government, though all 11 plans offer these basic benefits:

  • Part A co-insurance and hospital costs up to an additional 365 days after Medicare benefits are gone
  • Part B co-insurance or co-payment
  • Part A hospice care co-insurance or co-payment
  • The first 3 pints of blood

*If you choose plans High-Deductible F, K, L or M, you’ll share a greater portion of the costs through higher co-insurance and co-payment rates.  
        What Medicare Doesn’t Pay For:

  • Medical expenses
  • Home health care
  • Clinical laboratory services
  • Outpatient treatment
  • Durable medical equipment and supplies
  • Preventive health care including exams, screenings and shots

**Massachusetts, Minnesota, and Wisconsin: 
Your  Medicare Supplement (Medigap) Insurance policies are standardized in a different way