Medicare Supplement Insurance

 

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Medicare is Health Insurance For:

 

People 65 or older

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People under 65 with certain disabilities

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People of any age with End Stage Renal Disease  ESRD

 

 

The Different Parts of Medicare

 

 

Medicare Part A (Hospital Insurance) helps cover:

 

Inpatient care in hospitals

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Skilled nursing facility, hospice, and home health care

 

Medicare Part B (Medical Insurance) helps cover:

 

Services from doctors and other health care providers, hospital outpatient care, durable medical equipment, and home health care

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Preventive services to help maintain your health and to keep certain illnesses from getting worse

 

Medicare Part D (Medicare Prescription Drug Coverage) helps cover:

 

Cost of outpatient prescription drugs

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It is run by Medicare-approved private insurance companies

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May help lower your prescription drug costs and help protect against higher costs in the future

 

Are There Premiums for Medicare?

 

Medicare Part A - Most people get premium-free Part A 

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Medicare Part B - Most people pay a $104.90 premium per month (Higher incomes must pay more)

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Medicare Part D - Premiums vary by plan

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Does Medicare have Deductibles and/or Co-Insurance?

 

Medicare Part A:       

 

$1260 deductible for each benefit period

 

Days 1-60:  $0 Co-insurance

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Days 61-90: $315 Co-insurance per day of each benefit period

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Days 91 and beyond: $630 Co-insurance per each “lifetime reserve day” after 90 for each benefit period (up to 60 days over your lifetime)

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Beyond lifetime reserve days:  You pay all cost

 

 

Medicare Part B:

 

$147 deductible per year

 

You pay 20% of the Medicare approved amount for most doctor services, outpatient therapy, and durable medical equipment

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You pay $0 for Medicare approved clinical laboratory services

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You pay $0 for home health care services

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You pay $0 for some screenings and preventive services

 

Medicare Part D:

 

Deductibles range from $0 - $320 for 2015

 

The amount you pay for your prescriptions will be determined by the plan you select. 

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Some plans have “tiers” such as generic, brand and non-preferred brands and you pay a copayment (like, $10) depending on which “tier” your medication is in. 

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Other plans have coinsurance (like, 25%) depending on the type of drug you take.

 

What is a Medicare Supplement?

 

A Medicare Supplement is private health insurance that helps pay some of the Medicare approved cost that Original Medicare does not pay such as deductibles and coinsurance.  All Medicare Supplements must follow federal and state laws to protect the consumer.  Medicare Supplements are “standardized” in most states and are identified by letters A through N.  This means that each standardized Medicare Supplement policy must offer the same basic benefits, no matter which company sells it.  Cost is usually the only difference between Medicare Supplement policies with the same letter sold by different insurance companies.  Massachusetts, Minnesota and Wisconsin have Medicare Supplement policies that are standardized in a different way.  Medicare Supplement policies only cover Medicare approved charges.  If Medicare doesn’t cover it, neither will the supplement. Need more information? Check out the links below. 

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