Suppose you already have Medicare Parts A&B, well. In that case, it is an extra expense, but considering that, you would be responsible for paying 20% of your outpatient services with only original Medicare benefits as your coverage. It also means shelling out money for deductibles and copays related to hospital stays and skilled nursing care.
If you think about the health insurance coverage you’ve had in the past, you probably remember that it didn’t cover 100% of all your health care costs. Most plants in America have deductibles that you pay first if you go into the hospital and copays that you’ll need to pay when you have a doctor visit or fill a prescription. Medicare works the same way. It has deductibles, copays, and coinsurance you will owe whenever you use your Medicare Part hospital or your Part outpatient benefit. The deductibles are significant.
You’ll currently pay out $1600 in deductible for Part A deductible.
Suppose you spend even one night in the hospital and need to recover in a skilled nursing facility after your acute care in the hospital. In that case, you will owe a $1600 deductible per benefit period (60 days). After this deductible is met, Medicare pays for the 1st 20 days. Still, then you’ll begin paying $200 per day after that; these costs are daunting enough on their own however, that’s not all your Medicare Part B benefits only pay for 80% of your outpatient expenses now if you are relatively healthy, you might think to yourself you don’t mind paying 20% of the cost of a doctor’s visit when you only see the doctor once or twice a year. There is not out of pocket expense cap on this, either. Part B also covers diagnostic imaging, including CT scans, MRI exams, and pet scans. It covers ambulance rides, outpatient surgeries, chemotherapy, radiation, and dialysis.
Paying 20% of part B of these items could add up quickly.
Medicare Supplement policies pick up where Medicare leaves off so that you don’t have to worry about what kind of bills are going to show up in your mailbox when you get home from a three-week hospital stay or a long stint in a skilled nursing facility after a surgery or a stroke the reality is that even if we are healthy.
Today we never know what tomorrow will bring if Medicare will be your primary coverage and you don’t have any employer health insurance or retiree medical benefits that will help you to cover your share of the cost, you’ll want to consider some additional coverage to fill in these gaps medicare beneficiaries can choose between Medigap plans and medicare advantage plans to help them pay for these costs.
You may like a Medigap plan if you want freedom of access to your favorite doctors and hospitals.
People with Medigap plans can see any provider anywhere in the nation. Medigap/medicare gives you access to over 1,000,000 providers, and it doesn’t matter which insurance company you bought your Medigap policy from. Your policy will pay on any claim that Medicare approves, regardless of whether you choose a Medigap policy from ABC or XYZ company. It also makes Medigap policies great for travel. You can see doctors in West Virginia, Ohio, or anywhere between as long as they accept Medicare.
Medigap policies can also include up to $50,000 in emergency foreign travel benefits.
With Medigap, you don’t have to get a referral from a primary care doctor when you want or need to see a specialist.
Medigap policies do not have networks, and they do not require you to designate a primary care doctor if you wake up tomorrow with a blemish and decide you need to see a dermatologist on Medicare. You can book your appointment and go, and if you have pre-existing conditions, you might also enjoy how Medigap plans have very predictable back-end costs. For example, a Medigap plan G will cover all of your approved doctor appointments for the year after you have met your small annual Part B deductible. This means that even if a health condition is causing you many doctor visits, you don’t have to worry about breaking the bank because.
There are no doctor copays that you will owe what you are buying when you purchase a Medigap policy.
This Peace of Mind Medicare gives everyone a one-time six-month Medigap open enrollment window during which you can buy a Medigap policy without any underwriting or medical questions. This means you will have a chance to sign up for any Medigap policy you want to be offered in your area when you first activate Part B, so now you know the many reasons beneficiaries buy Medicare supplement plans.