Every year new people become eligible for Medicare as they cross the age of 65. Many of them are nor aware of all the conditions and clauses in Medicare. They are also not aware of the many Medicare Supplement Plans available.
Even those who are aware of the Medicare Supplement Plans or Medigaps as they are called, they never thought they will need them.
Through this article, we wish to analyze why people need a Medigap policy and compare the different plans available.
Medicare Supplement Plans are helpful where the Original Medicare falls short. In cases of extended stays in hospital, the Original Medicare pays only for a limited number of days. It also won’t take care of your health when you are out of the US.
In both Medicare Part A and Part B, you have to pay annual deductibles, coinsurance, and copayments. Most of the Medigap policies take care of these.
Before we compare the various Medicare Supplement Plans, let us first see some of the fundamental facts.
We need to understand that all the companies have the same basic benefits that they offer in each plan. Which means Plan A of one company will have the same benefits as Plan A of another company. This is true except in Massachusetts, Minnesota, and Wisconsin which have their own state rules for Medigap policies.
As of 2018, there are 10 plans starting from Plan A and ending in Plan N.
Plan A has the basic facilities offered in other plans. But as you go down the letters you will find additional benefits being offered in some plans.
All the plans will cover additional days stay at the hospital over and above the Medicare limit, up to 365 days. All the plans also cover coinsurance and copayments which are required under Medicare Part B.
When you need blood, the first three pints of blood are not covered under Medicare. Only the subsequent quantities are covered under Medicare Part A. All Medicare Supplement Plans will pay for these first 3 pints of blood.
When it comes to hospice care Medicare Part A has a limit to which it will pay for inpatient respite care and outpatient drugs. All plans will pay for whatever is not paid by the Medicare Part A.
These are certain basic facilities that the Medical Supplement Plans provide for. This compels everyone to go for it.