As with any other supplement plan Medigap plan B also provides additional coverage benefits left by traditional Medicare (parts A and B).
Original Medicare covers 80% of healthcare services but Medicare beneficiaries may be responsible for the other 20% of the costs such as deductibles, copays, and coinsurance. Medicare Supplement Plans help you cover those out-of-pocket costs.
Medicap plan B covers almost the same benefits as plan A but has one additional benefit- part A hospital deductible.
Plan B provides coverage for Medicare beneficiaries and includes:
Part A coinsurance (hospital costs up to 365 days after the additional benefits are used up)
Medicare Part B coinsurance and copay
First three pints of blood for a medical procedure
Medicare part A deductible
Part B preventive care coinsurance
Medigap Plan B doesn’t provide coverage for these benefits:
Skilled nursing facility care coinsurance
Medicare Part B deductible
Medicare Part B excess charges
Foreign travel emergency
With Medigap plan B you will be responsible for Medicare part B deductible which is 226$ as well as costs of a skilled nursing facility, Medicare Part B excess charges, and foreign travel emergencies.
Also, you will pay a monthly premium which can be 110$ to 210$ per month. Costs of monthly premiums vary by each individual person and it depends on several factors just like with the other standardized supplement plans.
You are eligible to enroll as soon as you get Part B coverage and it becomes effective. After that, there is a 6 month period during which you are allowed to enroll with guaranteed issues which means you can enroll without answering underwriting health questions. When this period ends, you still have the opportunity to enroll anytime you want but with the condition of having to answer some questions about your health status.
Medigap Plan B isn’t for everyone. If you want a minimum amount of additional coverage at a lower cost this plan might be a good option.
Of course, in case you aren’t worried about hospital costs and don’t travel out of the U.S. very often so you are sure that you won’t need those benefits.
However, if you would like to have more comprehensive coverage you should consider other supplement plans which may provide you with better benefits.
Nevertheless, you will need to pay more money for your monthly premium because more services are included.
The best time to enroll in Medigap plan B is during the Medicare Supplement Plan Open Enrollment period which begins the first of a month when you are 65 and also enrolled in Medicare part B.
This open enrollment period lasts 6 months. If you enroll during this period private insurance companies will not ask you to answer health questions and you can’t be turned down based on your pre-existing conditions.
However, if you miss the open enrollment periods you can enroll any other time during the annual enrollment periods but you may have to answer a health questionnaire and may be charged with higher monthly premiums due to the late enrollment penalty.
For more information about asset based long term care, reach out to Texas Medicare Advisors today.
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