If you have an illness and travel regularly to and from the hospital, you may be concerned about how you manage hospital costs. Although Medicare insures some hospital expenses, your out-of-pocket costs may be high. A Medicare supplement plan can help you pay some of your hospital costs.
What is a Medicare supplemental plan?
Medicare supplemental insurance is sold by private insurance companies. They are set to work with your original Medicare coverage. Medicare supplemental plans can help you pay your Medicare, Part A, and Part B expenses, such as co payments, co insurance, and deductibles. There are several different Medicare supplement plans, but almost all can help cover hospital costs.
Medicare supplements and hospital expenses
In most states, there are up to 10 standardized Medicare supplemental plans. Everyone can help you cover the cost of the hospital by paying the Medicare Part A insurance amount when you are in the hospital.
Benefits related to hospital are the only category of benefits that gets full coverage from the 10 standard Medigap plans. Each of these plans may include:
100% of Medicare Part A coinsurance costs for hospital covered services.
1 extra year (365 days) of health coverage for Medicare benefits has been exhausted
The 10 standardized Medicare supplemental plans contain letters that give them names: Medicare Supplemental Plan A, B, etc. Each plan with the same name must have similar standard benefits, though some policies may provide extra benefits. Keep in mind that Massachusetts, Minnesota and Wisconsin are standardizing their Medicare supplement plans differently.
Can a Medicare supplement plan help manage the costs of your hospital?
The situation of each person may differ from that of another person. However, you may want to know more about the cost of Medicare Part A. For some, a Medicare supplement plan can help manage hospital costs by covering Part A insurance, 365-day additional health insurance, and other costs of Medicare Part A and B.
When can you buy a Medicare supplement plan that can help reduce costs in the hospital?
If you are enrolled in Medicare Part A and B, you can always request a Medicare supplemental plan. However, the insurance company that sells these plans does not always have to accept your request. For example, if you have a state of health. The company may charge a higher rate than a healthy person when selling a plan. This information may be important to you if you know you are in a healthy condition and need to manage your hospital costs.
There is a period in which you would normally have a guaranteed issue right to buy a Supplementary Medicare plan: the Open Enrollment Period of Medicare Supplement. During this time you cannot be denied for health reasons or have to pay more, although you can expect to cover this situation. The 6-month OEP begins the month you are age 65 or older and enrolled in Medicare Part B. There may be other situations in which you have guaranteed issue rights.