A Medicare supplement, also known as a Medigap policy, is offered by private insurance companies to help pay the costs that Original Medicare does not cover. To understand what a Medicare supplement covers we need to know first understand the costs of Original Medicare.
What does Original Medicare cover in 2017?
Part A: Hospitalization
Medicare Part A covers the costs associated with hospital stays such as the facility, and the hospital staff. Doctors and surgeons who are not part of the hospital staff will bill you separately under Part B.
Day 1-60: $1316 deductible (billed on day one)
Day 61-90: $329 per day
Day 91-150: $658 per day (60 Lifetime Reserve Days)
Part B: Medical Coverage
Most of what you may consider healthcare, such as doctors visits, surgeries, and medical equipment, falls under Medicare Part B.
$183 Annual deductible
20% Coinsurance for all services
15% Excess charge (in addition to the 20% coinsurance) can be billed by some doctors and hospitals
A Medicare Supplement Fills in the Holes
Medicare supplements help pay for the deductibles, copays, and coinsurance that are not covered by Original Medicare. For example, if you have a Medicare Supplement Plan F, you will not pay any of the Medicare Part A or Part B costs. This coverage works anywhere in the United States. Some supplements even cover medical care when you travel outside the United States.
There are a few things you should know about Medicare Supplements in Nevada:
- Original Medicare remains your primary insurance.
- You will be able to see any doctor that accepts Original Medicare.
- You pay a premium to have the Medicare supplement. The premium is usually based on your age, gender, and zip code.
- All Medicare Supplements have guaranteed renewability. This means your policy cannot be cancelled for medical reasons. As long as you pay your premium, your policy will remain in force.
- Medicare Supplements do not cover your prescription. Prescription drug coverage must be purchased separately.
- You cannot have a Medicare Advantage plan and a Medicare supplement simultaneously.
- Usually, the only difference between plans of the same letter offered by different insurance companies is the price.
- The Medicare Store offers the lowest available prices on Medicare Supplements from major insurance companies.
For more information about Medicare supplements please contact Jeremy Weiser at the Medicare Store.
702-551-4949 Ext. 713