Having a Medigap policy to augment the coverage provided by the Original Medicare is a wise way of financially preparing aside from protecting oneself from unexpected costs of healthcare services. An Aetna Medigap policy will give a person the protection and security he is looking for with its years of experience and established a reputation in the healthcare industry.
Starting its operations way back in 1853, Aetna boasts of a healthcare network which consists of more than 1 million healthcare professionals and more than 5,300 hospitals, including more than 561,000 primary care doctors and specialists, and a network of specialist physicians.
The company offers Original Medicare and Aetna Medigap in addition to dental, pharmacy, group life, and disability insurance, behavioral health programs, and medical management.
The Medicare Program
The Federal government runs a national healthcare program called Medicare that provides health and medical coverage to persons 65 and older and to a younger set of persons with certain medical conditions. The Medicare Program offers a broad range of health and medical insurance coverage for its beneficiaries, and its benefits’ coverage is divided into four parts, namely Part A, Part B, Part C, and Part D.
Medicare Part A provides hospital insurance and helps cover the cost of health care and treatment received by a person admitted as an inpatient. These expenses include the cost of inpatient care in a hospital, in a skilled nursing facility, or in a religious nonmedical health care institution; hospice care, and home health care.
Medically-necessary doctor’s services, outpatient care, home health services, durable medical equipment, mental health services, and other medical services are covered under Medicare Part B. Aside from that, Medicare Part B and covers preventive healthcare services.
Part C, on the other hand, provides another way of getting coverage under Medicare. Also called for Medicare Advantage Plan, these health plans are offered by Medicare-approved private insurance companies following the rules and guidelines set by Medicare. Patients who have this kind of health plans usually receive medical and healthcare service from the plan’s network of providers, and not necessarily from doctors and other medical professionals who accept Medicare assignments.
Some Medicare Advantage Plans offer extra coverage not included in the Original Medicare such as vision, hearing, dental, and some health and wellness programs. Some may also include Medicare Part D coverage. However, one should take note that having a Medicare Advantage Plan imposes a premium on top of the premium being paid for Medicare Part B.
As the name suggests, Prescription Drug Coverage or Medicare Part D helps lower the cost of prescription drug and protect against higher prices in the future. This plan is available from private insurance providers. It may form part of a Medicare Advantage Plan or may be acquired as a separate plan with corresponding premium payments which is different from the premium paid for Medicare Part B.
The Medicare Supplement Insurance Plan
Though the Original Medicare covers most of the cost of hospital and medical expenses, patients still need to shoulder some out-of-pocket expenses which are still part of his treatment. These expenses are called copayment, coinsurance, and deductibles.
Deductible refers to the amount a patient must pay first before the Original Medicare, Prescription Drug Plan, or any other insurance begins to settle. After paying for the deductible, the patient will still need to pay for a percentage of the cost of the healthcare service or treatment, as his share and this percentage are called as coinsurance. Finally, there is the copayment which is a set amount that a patient is required to pay as his share for the cost of a medical service or supply.
Aetna Medigap usually covers these expenses. Alternatively referred to as Medicare Supplement Insurance, Medigap usually takes over those gaps left behind by the Original Medicare. Though available only through a private insurance company, Medigap policies only carries a standardized benefits’ package set by Medicare. The different benefits outlined in the list are packaged differently into ten types of Medicare Supplement Plans named as Plans A, B, C, D, F, G, K, L, M, and N. Each plan offers a different set of benefits; some offers all while some only provide a few. Those with most numbers of the benefits provided tends to cost higher while those who only offers a handful of benefits may be less expensive.
But which plans are best?
Aetna only offers Medigap Plan A, Plan B, Plan F, Plan G, and Plan N and it may not provide all these Medigap plans in every state. Aetna was able to carry the three most popular plans which are Plan F, Plan G, and Plan N. By carrying Plan A and Plan B, Aetna can offer its customer Medigap plans which do not bring a lot of benefits but may also be the most economically-priced plan. The flexibility of the range of Aetna Medigap plans will work for different types of clients with a variety of healthcare needs and budget, as well.
Dubbed as the most complete, Aetna Medigap Plan F offers all of the nine standardized benefits under the Medicare Supplement Insurance Plan. The policy includes coverage for Medicare Part A coinsurance and hospital costs of up to an additional 365 days after Medicare benefits have been used; Medicare Part B coinsurance or copayment; first three pints of blood; Part A hospice care coinsurance or copayment; skilled nursing facility care coinsurance; Part A deductible; Part B deductible, Part B excess charges; and foreign travel emergency care.
Being the most comprehensive of all, Aetna Medigap Plan F may also be the most expensive among all the Medigap plans offered by the company.
Almost identical to the benefits offered by Plan F except for Part B deductible, Plan G became the Medigap plan of choice among the majority of customers. It may not be as complete, but it is also not as expensive as Plan F as the price difference is still more significant than the amount paid for Part B deductible which is just $183 for 2018.
Aetna Medigap Plan N is also a popular choice among consumers since it also offers an almost complete package of Medigap benefits except for Part B deductible and excess charges.
Plan A and Plan B offer the same benefits such as Medicare Part A coinsurance and hospital costs of up to an additional 365 days after Medicare benefits have been used; Medicare Part B coinsurance or copayment; first three pints of blood; Part A hospice care coinsurance or copayment. The only difference is that Plan B also covers for Part A deductible.
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