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Is a Medicare Supplement Insurance Plan B the Right Option for Me?
Medicare Supplement Insurance, sometimes referred to as Medigap, covers some of the out-of-pocket costs that you would normally have to pay with Medicare Parts A and B (Original Medicare). If you’re in good health and don’t foresee needing a lot of healthcare or hospitalization in the coming year, Medicare Supplement Plan B, one of eight standardized Medicare Supplement Insurance plans available for purchase in most states, is a good choice for you to consider. (Note: Massachusetts, Minnesota, and Wisconsin have their own standardized Medigap plans).
Medicare Supplement Plan B has many of the same features as Medicare Supplement Plan A, however it adds additional hospitalization coverage and also pays your Original Medicare Part A deductible.
What Does Medicare Supplement Plan B Cover?
Hospital Expenses: Medicare Supplement Plan B pays your Original Medicare Part A deductible AND Original Medicare Part A coinsurance plus it provides coverage for 365 additional days once your Medicare benefits end.
Medical Expenses: Pays Part B preventive care coinsurance (which is generally 20% of Medicare-approved expenses) as well as copayments and coinsurance for any hospital outpatient services you receive.
Transfusions: Pays for the first three pints of blood you receive (max 3 per year).
Hospice Care: If this type of care is needed, this supplement plan will cover your Part A coinsurance or copayment.
Skilled Nursing Facility Coinsurance
Part B Deductible
Part B Excess Charges
Foreign Travel Medical Emergencies
Medigap Plan B 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 B 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.
Two Easy Ways to Get Expert Advice and Make a Smart Choice
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Meet a Medicare Supplement Plan B User
Mark is a healthy 72-year old who takes only two prescriptions regularly and is committed to a healthy lifestyle and regular checkups.
He doesn’t anticipate any increased needs for healthcare in the coming year and didn’t want to pay for extras he felt he wouldn’t need.
However due to his age, Mark felt it was important to have a little extra coverage for hospitalization expenses.
That is why he likes that Plan B pays his Medicare Part A deductible.
For these reasons, Mark chose Medicare Supplement Plan B.
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.