What does Medicare Supplement Insurance in 2016 offer that basic Medicare does not? In essence, it provides more coverage on top of what Medicare already gives you. If you have Medicare and you feel like you need some more coverage, then this type of insurance is just what you will need.
Medicare pays for a lot of basic services, and it covers you for parts of many others. But it can also leave you with a lot of expenses to pay on your own. Supplemental insurance comes in here, offering you coverage for different expenses. There are a lot of plans, and each of them will cover some of the same items as well as a few things that only a few other plans cover.
So what kind of coverage can you get from these plans? Well, you could be covered for more hospital stay expenses. Medicare only covers some of your costs for a short while. With many supplemental plans, you get an additional 365 days of coverage.
A few of the most popular plans are Plan F, G, and Plan N.
- Covers 100% of the gaps in Medicare Part A and B
- No deductibles, no co-pays, and no coinsurance to pay
- The most comprehensive plan offered by Medicare
- Just like Plan F except you must pay the Part B deductible yourself
- After the deductible is met Plan G pays 100% just like Plan F does
- You almost always save money on Plan G over Plan F
- Similar to Plan G, on Plan N you still pay the annual Part B deductible yourself
- After you pay this deductible you might have a co-pay each doctor’s visit, but never more than $20
- There is a $50 co-pay if you visit the emergency room and you’re not admitted
- Plan N does not cover Part B excess charges
Visit our Learning Center at the top of this page to watch the videos on each of these plans.
And you could be covered for the cost of traveling to another country to receive your medical care. Many supplemental plans cover as much of 80% of these costs.
You could also receive coverage for deductibles and co-payments. These are costs that tend to occur every time you go to the hospital. Different plans will cover various deductibles and co-payments, elevating you with very little to pay on your own.
Medicare Supplemental insurance can also cover you for nursing care. This coverage only applies to approved nursing care facilities, but it can be a great way to cut down on some very expensive care.
And while Medicare only covers a small portion of the blood that many people need, supplemental insurance provides coverage for an additional three pints of blood every year.
Some procedures and treatments will cost you more than Medicare opts to pay. These excess charges can also be covered by your supplemental insurance.
Each plan is different, however. You will have to look at each one in turn to see what kind of coverage it offers you and match it up against the kind of medical expenses you are expecting to pay. Even with pre-existing conditions you can get a great rate on supplemental insurance premiums. And the sooner you sign up for them the better. This lets you lock in your rates and pay lower amounts from year to year than those who joined at a later time.
The rates will go up from year to year, so the sooner you can get the plan you want the better it will be for your finances. And each insurance company gets to set its own rates. They may have to listen to Medicare when it comes to providing coverage for each plan, but the rates are theirs to decide.
Medicare Supplement Insurance in 2016 isn’t for everyone. Many people will be fine with just Medicare’s basic coverage, but for those who need that extra help, these insurance plans can come in very handy.
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