Medigap or Medicare Supplemental Plan
, also known as a Medigap Plan, will cover the gaps that Original Medicare does not cover. For example: With original Medicare, all of your costs will be 80% covered. Therefore, you will be responsible for paying the remaining 20% out of pocket. Now, most people will think that 20% is not much. However, if you are like many seniors who will undergo a knee replacement or his replacement surgery, 20% of your coverage can add up. To protect yourself, people often enroll in a Medicare Supplemental Insurance plan.
WHAT IS THE MOST COMPREHENSIVE MEDICARE SUPPLEMENT PLAN, MEDICARE PLAN F?
Medicare Supplement Plan F is the most comprehensive of the plans while they last, however they are scheduled to go away as the new ACA "SKIN IN THE GAME" rules start to apply and make an impact in the medigap space.
Medicare Part A
Medicare part A is your basic hospital coverage. Medicare Part A covers certain medical services and supplies in hospitals, doctors offices, and other professional hea lth care settings. Medicare Part A helps cover:
- Inpatient care in hospitals
- Skilled nursing facility care
- Hospice care
- Home health Care
- Inpatient care in a Religious Non medical Health Care Institution
However, with Medicare Part A, it is important to keep in mind that you will only be 80% covered for all of these services. This will leave you having to pay the remaining 20% out of pocket.
How Much Does Medicare Part B Cost?
Yes you have to pay this on top of the medigap premiums every month.
Generally, most people the Part B premium of $99.00-$105.00 each month and you pay $140 per year for your Part B deductible. However, if you do not sign up for Medicare Part B when you are first eligible, you may be required to pay a late enrollment penalty as well. Also, if you are modified adjusted gross income as reported on your IRS tax return from two years ago, is above a certain amount, you may also be required to pay more. Usually if this applies to you, Social Security will contact you. Keep in mind however, that the amount you pay can change from year to year depending on your income.
If you disagree with the higher amount that you are paying for your Part B premium (For example: If your income decreases for whatever reason), you should contact Social Security.
Medicare Part D
Medicare Part D Plans By enrolling in a Medicare part D plan, you can take care of your body by making sure to take your prescription medications as directed by your physician. You can receive more information on Medicare part D plans that will help to make your prescriptions affordable and help take some of the worry out of your future… Medicare Supplement Insurance with 1-800-MEDIGAP
