Medicare supplemental insurance is a health insurance supplied by private providers and is designed to work alongside normal Medicare. It is also known as Medigap insurance. Depending on the plan, Medicare supplemental insurance can cover some or all of the expenses you are responsible for under Medicare.
These are out of pocket expenses and include things like co-payments, coinsurance costs as well as deductibles. The amount of coverage your Medicare supplemental insurance will provide you with will largely depend on the premium you are willing to pay and the level of out of pocket expenses you are willing to be responsible for whenever you need treatment.
The most comprehensive of all plans is Medicare Supplement Plan F. It covers everything, including deductibles, coinsurance shortfalls and medical assistance in emergencies while traveling overseas.
Medicare Supplement Plan F provides the sort of coverage that means there will be no surprises or nasty bills whenever you need medical help.
Medicare Supplement Plan F Benefits In Brief
- Medicare Part A hospital coinsurance
- Additional 365 days of hospital costs after Medicare benefits end
- Medicare Part B medical expenses coinsurance
- The first three pints of blood each year
- Medicare Part A hospice care coinsurance
- Skilled care at a nursing facility
- Medicare Part A hospital deductibles
- Medicare Part B medical expenses deductibles
- Help with medical emergencies when travelling abroad
- Medicare Part B excessive charges
There are two different types of Plan F Medigap insurance. The first is the standard plan, as outlined in the bullet points above. The second is a high-deductible plan. With this, you must pay for costs covered by Medicare up to the deductible amount before your Medigap insurance pays anything.
Coinsurance, Co-payments And Hospital Costs
Plan F Medicare supplemental insurance covers all coinsurance payments you would have ever had to make. This is the percentage of your health bills that are your responsibility rather than that of Medicare.
Medicare coinsurance applies when you go to hospital, see your doctor, or get tests or x-rays. Having this Medigap insurance coverage means that you will not have to worry about this cost.
The case is similar with co-payments, which are the fixed amounts Medicare insists you pay before it steps in. It applies to medical services, such as seeing your doctor and hospice care. Medicare Supplement Plan F covers all these costs.
Deductibles And Excess Charges
With Medicare you must pay 100% of your medical costs up to a certain predetermined limit. It is only then that co-payment and coinsurance kicks in. Plan F Medigap insurance not only pays for the co-payment and coinsurance elements of your obligations under Medicare, it also pays the deductibles as well.
Under Medicare, excess charges occur whenever your doctor applies fees that are higher then what Medicare pays. If you do not have appropriate Medicare supplemental insurance, you are liable for these excess charges. Plan F covers all of those.
Blood, Skilled Nursing And Foreign Emergencies
Medicare Supplement Plan F covers the first three pints of blood each year, something that is not covered by Medicare. It also covers care in a skilled nursing facility if required and medical emergency help when traveling abroad.