Original Medicare Part A and Part B plan includes most of the costs for health care services and other health-related supplies. However it does not cover it all. Original Medicare Part A and B does not cover most dental care, eye exams, dentures, cosmetic surgeries, and hearing aids (plus the fitting exam). So, how do you pay for those essential needs? Well, if you have Orginal Medicare Part A and B then, you could buy a Medicare Supplement Insurance Plan, also known as a Medigap Plan. These plans aid in covering the costs of those essential needs Original Medicare Part A and B do not cover by offering various plans with different percentages of coverage. Each plan is different therefore fitting many people’s needs. The most popular plans are Plan F, Plan G, and Plan N.
First of all, we need to understand what Original Medicare Part A and B covers. Remember, to qualify for Medicare; you must be a U.S. citizen or lawfully present in the U.S. You must also be at least 65 years of age to apply and be accepted.
Beginning with Part A; this specific part of Original Medicare is used to facilitate in covering inpatient care in hospitals. It also aids in covering hospice care and some home health care.
Part B helps to cover outpatients services like doctor’s visits, ambulance services, various tests and vaccinations, and more.
With that coverage included, there are still needs that should be covered. One way to gain this coverage is through Medicare Supplements. These plans are standardized, so that means every policy must follow federal and state laws. Medicare Supplements (Medigap) policies are identified by the letters A through D, F through G, and K through N. The most popular out of the bunch are F, G, and N (explained in the figure below). All of these policies offer the same basic things, but some add other benefits, therefore giving people a choice of which one they would like to invest.
|Medicare Supplement Insurance (Medigap) plan||Benefits||Percent of coverage|
|Plan F||This plan offers Medicare Part A coinsurance and hospital costs, Medicare Part B coinsurance or copayment, Blood work, 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.||All of the conditions mentioned, are 100% covered, EXCEPT for foreign travel emergency, which is covered 80%.|
|Plan G||This plan offers everything that Plan F offers EXCEPT Part B deductible coverage.||100% coverage in all the areas plan F offers, except for foreign travel emergency, which is also 80%, as well as Part B deductible where there is zero coverage for that.|
|Plan N||This plan offers everything that plans G and F offer EXCEPT, Part B deductible coverage and Part B excess charges.||100% coverage for everything except foreign travel emergency (80%) and zero coverage for Part B deductible and Part B excess charges.|
A few other things that are important to note are, you will be paying a monthly premium to a private insurance company for your Medicare Supplement Plan (Medigap) in addition to your monthly Part B premium. Also, it is important to compare each Medicare Supplement Plan (Medigap) to find the one that is tailored to your needs.
At Medicare Pathways, we are dedicated to helping beneficiaries compare Medicare Supplement Plans that meet their financial and medical needs. Now would be a great time to schedule your annual review to see if you would like any changes to be made to your current plan.
Contact us at 866-466-9118.
For more information visit www.Medicare.gov.