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Medicare Supplement Plan B, also called Medigap Plan B, offers the same benefits as Plan A. In addition, it will also pay your Part A hospital deductible for you. This is a significant benefit as the deductible for 2020 is $1,408. The deductibles in Medicare has slightly gone up each year so having Medicare Supplement Plan B means that you will never have to worry about that deductible going up.
Additionally, in Part B your hospital deductible is not an Annual deductible, this means each time you go in the hospital you will pay a per-incident deductible. Medicare Supplement Plan B will pay the deductible even if you use it a few times in the same year. See the example below:
Amy has a pulmonary condition that causes her to stay overnight in the hospital in February. Then in May she is admitted again in for the same condition. Because her hospital stays are more than 60 days apart, she would normally have to pay the $1,408 deductible two times. A total of $2,816.00
Thank goodness Amy has a Supplement Plan B policy. Her Supplement Plan B will pay both deductibles for her. Guess how much she owes to the Hospital and her semi-private room during her 2 stays? $0
Supplement Plan B however, does not cover things like skilled nursing facilities, Part B excess charges and foreign travel emergencies. Amy could consider one of the other Medicare supplements that cover the hospital deductible and these things, such as Plan G or N. Supplement Plan B is just one of the many different supplements you can purchase to help offset your medical expenses. Remember that Plan B it is not the same as Part B, which is your outpatient medical coverage that you purchase directly from Social Security. People must have Part B for outpatient coverage, and then they still need a supplement to help them pay for the 20% that original Medicare doesn’t cover. It’s very important to understand the difference before you make an insurance choice.
Insurance companies that offer Supplement Plan B sets their own monthly payments based on your zip code, gender, age, tobacco usage. Your eligibility for household discounts also can affect the rate. Depending on a variety of factors including location, gender, age, and health status, insurance companies may charge different premiums for the same plan. Companies may not cancel your coverage unless you don’t pay the plans monthly payment, you weren’t truthful on the application, or the Supplement insurance company becomes bankrupt or insolvent.
Although rates may vary between different insurance companies, keep in mind that, all the benefits are the same. This means that Supplement Plan B with one carrier will have the same benefits with another carrier.
At Nevada Medicare we can make it easy for you – call us for a hassle-free help in understanding your benefits. Contact Us today.