Who is eligible for Medicare?
Did you know that all Americans who have attained the age of 65 and above are entitled to a health insurance that is offered by the Federal government? Young people who have disabilities or kidney failure complications can also be eligible to benefit from this insurance. This type of federal health cover assists in reducing the cost of health care, but cannot entirely cover all the costs in case long-term care is required. People are given an option to choose how to obtain Medicare coverage. If you decide to, you can purchase a Medicare supplement plan (often referred as Medigap) from a private insurer to cover for some of the other costs that the original Medicare is unable to pay. You may also purchase a Medicare advantage plan.
What is Medicare Supplement Insurance?
This is an alternate insurance policy that is sold by private companies that can be used to pay some of the health costs that are not covered under the original Medicare policy. This may include costs like deductibles, coinsurance, and copayments. It can also be used to pay for medical care, especially in situations where the patient is forced to travel from the United States to other countries for treatment. However, this policy is entirely different from a Medicare Advantage Plan and from original Medicare
Key Benefits of Medicare Supplement Insurance Plans A-N
It is worth to note here that the Medigap plans cover for services like emergency abroad travel or the excess of Part B of the original Medicare cover. It is also good to know that this supplemental plan does not cover prescription drugs.
There are 10 types of Medigap plans which are represented by letters from A_N. The plans can be obtained in most states. The level of coverage and premiums vary, but the features of each individual plan within the same category remain unchanged despite the insuring company or location.
Generally, all the Medigap plans provide the following key benefits that are not covered under the original Medicare. However, Medigap does not cover for; long term care, eyeglasses or dental care. It is important that we look at what the original Medicare plans provide before discussing the benefits of Medigap as listed below:
Part A
This covers for inpatient hospitals stay, nursing care given at a health facility, home care, and hospice care.
Part B
This covers for outpatient care, preventive services, and doctor’s services
Part C
This is a type of care that is offered by a private insurer in collaboration with Medicare to offer services given under part A and B
Part D
This covers some of the cost of the prescribed drugs that are not covered by the original Medicare coverage.
Medigap Plan F
This is a high-deductible plan where you may have to pay the balance out of your pocket, but the plan has lower premiums compared to other Medicare Supplement or Medigap plans.
Medigap Plan G
This offers almost the same advantages as plan F, only that users will be required to pay an annual deductible of $166. They are used to cover part B charges not covered by Original Medicare.
Medigap Plan K
This is a lower premium plan that pays 50% of all the original copayments and deductibles. It can pay all your Part A hospital bills for a period of one year after the exhaustion of the original Medicare.
Medigap Plan L
Unlike the other plans, plan L only pays a certain percentage of certain expenses like; 75% of part B deductibles, skilled nursing facility or 3 pints of blood. However, the plan does not cover part B or deductibles.
Medigap Plan M
This plan is almost similar to plan D only that it pays only half of the Part A deductibles. However, it does not cover for Part B expenses.
Medigap Plan N
It covers all the benefits of plan F and G but has few exceptions including;
-It does pay for excess charges of part B
-It does not cover for Part B deductibles.