Medicare Supplements: Filling the gaps in Original Medicare
Why do I need a Medicare Supplement?
Buying a Medicare supplement makes a lot of financial sense. And there’s a few key things you get with a Medicare supplement that is unique to any other health insurance you’ve ever had in your life.
But first, let’s review why you may need a Medicare supplement.
Did you know that Medicare doesn’t cover all your medical expenses?
Did you know that Medicare A and B alone will not cover all of the medical expenses you may occur and does NOT cover your prescription drugs? That’s right, there are gaps in Original Medicare coverage. If you are turning 65, odds are you will be enrolling in Medicare for the first time in your life.
With just Original Medicare you have to pay these deductibles before Medicare pays
- Part A deductible – $1,484 each period. So you could potentially pay this multiple times per year
- Part B deductible – $203 annual deductible
Then after you meet these deductibles you still have ongoing costs
- Part A co-insurance
- $185.50 per day for days 21-100 in a skilled nursing facility
- $371 per day for days 61-90 in a hospital
- $742 per day for 60 days after your first 90 days in a hospital
- Part B co-insurance
- 20% of part B bills with no cap. Whatever you medical bills cost you are responsible for 20% . 20% of 1,000 is another $200. But 20% of $50,000 is $10,000 you have to pay
- Part B excess charges
- some providers will bill Medicare but not accept assignment. This means that Medicare only pays what they think they should pay. And the doctor can charge an extra 15% on top of that. So you have to pay your 20% of what Medicare thinks they should pay plus the entire 15% extra the doctor is charging.
The good news is you have options to help cover these expenses that Medicare does not pay. One of those options is a Medicare Supplement plan from an insurance company. Supplement plans pick up where Medicare leaves off. You choose ANY doctor that accepts Medicare, no referrals are needed and there are no claim forms to fill out.
There are numerous Medicare supplement plans available in each state. Most states have plan options ranging from Plan A through Plan N. Wisconsin offers a standard basic plan with many optional riders for expanded coverage.
There are around 40 companies in the area to shop from. My goal is to make sure you have the best plan at the best price. Here at Ask Medicare Mike, I’d be happy to help you sort through all the clutter and find the perfect plan that fits your current needs.
Already have a Medicare Supplement?
If you are already on Medicare and enrolled in a supplement plan, it may be possible to save on your current plan. Remember, every plan is standardized, meaning that if you have a plan with one company, every company offers a plan that is exactly the same. They can’t offer extra or fewer benefits.
In Wisconsin it’s possible to add riders to your basic plan so you can go to any provider and never have to pay a co-pay. This is true for all companies doing business in Wisconsin. It makes shopping around for a better price easier. It’s possible you can save anywhere from $20-100 per month, while maintaining the exact same coverage.
Not sure which riders to choose? It can be confusing to navigate the many Medicare supplement plans available to you. To simplify the process, you can reach out to me for assistance in finding the best plan for you.
You can also check out Medicare Advantage
Mike Lovell
608-571-4461