Today we will be talking about Medicare supplement insurance and I will help you
understand what is that and navigate there is plans so let's start with a
main question what is a Medicare supplement insurance on Medigap a
Medicare supplement insurance policy helps pay some of the health care costs
that Original Medicare doesn't cover like co-payments coinsurance and
deductibles Medigap policies are sold by private companies it is very important
to pay attention to various rules that apply to Medicare supplement eligibility
and enrollment I have quite a few videos on this channel about Medicare
supplement enrollment times as well as important things to know about these
plans so please feel free to check it out also I have to mention this Medicare
supplements no longer cover prescription drugs so individuals who are enrolled in
a Medigap plan may only obtain Medicare drug coverage or Part D through a
standalone prescription drug plan most Medigap plans pay for some or all of the
following costs Part A Part A coinsurance and hospital benefits part a
deductible coverage for 365 additional Hospital days when Medicare coverage
ends hospice care coinsurance or co-payments skilled nursing facility
care core insurance for Part B Part B coinsurance or co-payments Part B
deductible some plans will still cover it Part B excess charges and draw the
first three pins which also covered under Part A as well as other benefits
like coverage for foreign travel pouring an emergency that is not covered by
Original Medicare and non Medicare covered preventive services now it is
important to know that Medigap policies are standardized
every medical Medigap policy must follow federal and state laws designed to
protect you and it must be clearly identified as Medicare supplement
insurance insurance companies can sell you only a standardized policy
identified in most states by letters all policies offer the same basic benefits
but some offer additional benefits so you can choose which one meets your
needs the Medigap policy covers coinsurance only after you've paid the
deductible unless Medigap policy also pays the
deductible of course very often my clients ask me to explain the difference
between all those plan letters and the best way to understand them is by
comparing side by side so let's go over various plans and benefits there are ten
different Medigap policies and each one comes with a standard benefit benefits
across the nation the exceptions to this rule are States as Massachusetts
Minnesota and Wisconsin which standardized Medigap policies a little
bit differently in order to buy a medicare supplement plan you must also
have Original Medicare and this is very important this includes Part A and Part
B you can buy a Medigap policy from any private insurance company that's insured
in your state and that sells it not all insurance providers offer every medicare
supplement plan but every health care provider who accepts medicare must also
accept your Medigap policy
how to find the least expensive Medicare supplement insurance while the 10
Medigap policies feature standard benefits in 47 states that cost
for those plans can vary substantially that's because each insurance company
establishes its own premiums and pricing structure factors such as gender tobacco
usage and marital status typically affect rates now remember the least
expensive time to buy an Latika policy is as soon as you are eligible your
Medigap open enrollment period starts when you turn 65 during the six month
period Medigap policies do not require health underwriting this is this also
means that you will not pay more than you shoot for your Medicare supplement
in certain cases so let's start comparing this plans first we will take
a look at Medicare Part A coinsurance and hospital costs as as you can see all
of the plans cover Medicare Part A coinsurance and hospital cost up to an
additional 365 days after medicare benefits are exhausted Medicare Part B
coinsurance or co-payments generally Medicare pays 80% of this cost
all plans pay for some of the remaining 20% as indicated on the comparison chart
blood first three things are covered by you know hope all plans pay for some or
all of the first three things as indicated on the comparison chart and
Medicare pays 100% of any additional blood needed part in hospice care
coinsurance or co-payments all plans pay for some or all of the Medicare
co-payment or coinsurance as indicated on this chart again depending on the
plan skilled nursing facility care coinsurance Medicare pays all of the
first twenty days then it pays a fixed amount per day of the 21st through the
hundredth day of approved costs Medicare pays nothing after the hundredth day the
plans the Medicare insurance plans paying for
all some or none of the first hundred days deductibles or co-pays again
depending on the plan part a deductible this is a hospital state deductible the
plans pay for all some or none of the deductible as shown on the comparison
chart Part B deductible this is an early deductible you must pay
before receiving any covered Part B benefits like doctor visits and most
other outpatient services now I want to mention one more thing which is very
very important for individuals newly eligible to Medicare the Part B
deductible will no longer be covered by the Medicare supplement insurance
starting with year 2020 therefore Plan C and F will no longer be
an option for newly eligible individuals starting on January 1st 2020 however
individuals who already have plans C and F will be able to keep this their
current versions of the plans and individuals eligible for Medicare prior
to January 1st 2020 can purchase the current version of this plans on or
after January 1st 2020 Part B excess charges this is an amount that our
health care provider is allowed to charge above the Medicare approved
amount only plans F and G pay this benefit as shown on the comparison chart
foreign travel emergency as I mentioned earlier this is a medically necessary
emergency care not covered by Medicare the benefit is generally 80% and has a
lifetime maximum with two hundred and fifty dollars deductible although the
supplemental plans can offer more copy of comprehensive coverage than Medicare
Parts A and B alone they generally don't cover long-term care vision or dental
care hearing aids eyeglasses or private duty nursing please make sure to watch
my upcoming video where I compare various Medicare
supplement plans and costs all this information is provided at no cost to
you I will highly appreciate if you share like or comment under this video
also please feel free to subscribe to this channel by doing so you will
greatly support my efforts and growing the channels community and help spread
the word about our educational videos thank you please stay with us