Medicare Supplements can help cover the expenses that Medicare Parts A and B (Original Medicare) do not cover. These plans are sold by private insurers who are licensed to sell Medicare plans.
Original Medicare will cover your inpatient and outpatient costs, while Medicare Supplements will cover costs like your deductibles or coinsurance.
Medicare Supplements, or Medigap, cover more than just deductibles and coinsurance. These plans also cover:
- Hospital costs
- Blood transfusions
- Excess charges
- Foreign travel emergency care
The amount of coverage you receive for these services depends on the supplement plan you choose. There are ten supplement plans: A, B, C, D, F, G, K, L, M, and N. If you want basic coverage, then Plans A or B are ones to consider. If you would like more comprehensive coverage, you can choose between Plans C, F, G, or N. However, Plans C and F are only available to those who became eligible for Medicare before January 1, 2020.
How Do They Work?
Once you receive the healthcare you need, the bill will be sent to Medicare. Original Medicare will pay its share, which is the standard 80% of the bill. Your Medicare Supplement plan will then pay most, if not all, of the remaining 20%.
As mentioned before, the amount that is covered will ultimately depend on the supplement plan you choose.