A Little Insight into the Plans that Supplement Medicare

December 6, 2016

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If you’re reading this, you most likely already have Medicare, or are at least preparing to enter into a Medicare plan soon. You might also be considering a Medicare Supplement Insurance plan as well. These plans, in their entirety, help to cover costs that aren’t covered by Medicare itself. When first looking into these plans, you’ll find that there are lots of options to choose from. But before you decide on a plan to go with, you’ll first want to have a sit down with an insurance agent, such as those at State Mutual Insurance, who are licensed and have extensive knowledge about the different plans offered and whether one will work better for you over another. In the meantime, here’s a quick look at the available plans on the market today.

Plan A

The first plan in a long list, Plan A is the hospital insurance. This means it covers Medicare inpatient care, including such care that is received while in the hospital. In addition, coverage is offered for care completed in a skilled nursing facility and sometimes at home.

Plan B

This part covers services and/or supplies that are needed in order to diagnose and treat medical conditions. This part also covers preventive services that prevent certain illness such as the flu or those that catch an illness at an early stage, therefore preventing it from getting worse.

Plan C

This part pays Part A coinsurance plus Part B’s coinsurance. In addition, Plan C pays for the first three pints of blood each year and pays for Part A coinsurance for hospice care.

Plan D

Also referred to as the Medicare prescription drug benefit, this part helps to play the costs of prescription drugs and their insurance premiums.

Plan F

The most comprehensive plan available, Plan F pays the Medicare Part A hospital deductible and coinsurance as well as the Part B deductible and its excess charges. You’ll also find that the skilled nursing facility coinsurance and foreign travel emergency care are covered as well.

Plan M

Under this plan, you’ll find that this plan pays for 80% of foreign travel emergency coverage, 50% of Part A deductible costs, skilled nursing facility care coinsurance, Part A and Part B copayment and the first three pints of blood that are needed for a medical procedure of any sort.

Plan N

The last of the plans for this list, Plan N covers Part A hospital coinsurance and other costs for up to 365 days after your Original Medicare benefits end, Part A hospice care copayment and the deductible, Part B copayments (with some exclusions) and travel emergency care (foreign) up for 80%, skilled nursing facility care coinsurance and the first three pints of blood.

As you can see above, there are lots of plans, or parts as some refer to them as, that are available to supplement your Original Medicare Plan. Because there are several different options to choose from, you’ll find that the best way to go about deciding which one is best for you is to contact your chosen licensed insurance provider and set up a meeting.

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