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Is a Medicare Supplement Insurance Plan A the Right Option for Me?
Medicare Supplement Insurance Plan A is the most basic of Medicare Supplement Insurance plans. Plan A might be the ideal plan for those who don’t wish to pay costly premiums for benefits they might never use. However, Plan A coverage has the potential for higher out-of-pocket costs if the need for the uncovered categories occurs. Also referred to as Medigap, Medicare Supplement Insurance plans are standardized plans that are available in most states (Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans).
This supplemental plan helps “fill the gap” for basic costs not covered by Original Medicare Parts A & B, such as copayments and coinsurance, but it doesn’t go overboard with extras you may not need. Medicare Supplement Plan A is the most basic of the Medicare Supplement plans as it has the fewest individual benefits of the eight standardized Medicare Supplement insurance plans available for purchase in most states.
What Does Medicare Supplement Plan A Cover?
Hospital Expenses: Supplement Insurance Plan A pays Original Medicare Part A coinsurance and provides coverage for 365 additional days once your Medicare benefits end.
Medical Expenses: This plan pays Original Medicare Part B copayments and coinsurance (generally 20% of Medicare-approved expenses).
Transfusions: Pays for the first three pints of blood you receive in a medical procedure.
Hospice Care: If this type of care is needed, Medicare Supplement Insurance Plan A will cover your Original Medicare Part A coinsurance or copayment.
Skilled Nursing Facility Coinsurance
Part A Deductible
Part B Deductible
Part B Excess Charges
Foreign Travel Medical Emergencies
Medigap Plan A does not cover prescription drugs. However, you can buy an additional Medicare Prescription Drug plan to cover prescription drug costs. Another option is a Medicare Advantage plan, which typically covers prescription drugs and may also include other benefits, such as dental, gym memberships, vision and hearing coverage.
What Does Medicare Supplement Insurance Plan A Cost?
Monthly premiums are set by the private insurance companies who offer Medicare Supplement Insurance plans and are based on age, health status, gender and various other factors. Depending on these factors including location, insurance companies may charge different premiums for the same Medicare Supplement Plan B. That’s why it is in your best interest to shop around to ensure you are paying the lowest amount possible for your Medigap coverage. Companies may not cancel your coverage unless you don’t pay the plan premium, you weren’t truthful on the application, or the Medigap insurance company becomes bankrupt or insolvent.
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Meet a Medicare Supplement Plan A User
Joan is a healthy 68-year old who exercises regularly, eats well and takes only one prescription medicine. She gets regular medical checkups and screenings and has never been hospitalized for a serious condition.
Though Joan doesn’t anticipate any increased needs for healthcare in the coming year, she didn’t want to pay for extras she felt she wouldn’t need.
Additionally, due to her age, Joan wanted a little more peace-of-mind added to her Original Medicare coverage “just in case.”
She wanted a way to ensure she could handle the extra expenses if she should need unexpected medical care.
For these reasons, Joan chose Medicare Supplement Plan A.
Need help navigating the Medicare Supplement Insurance Plan alphabet? To ensure you’re getting all the benefits you deserve, complete the online form to request a callback or call now and speak to a SelectQuote Medicare Plan Expert.