What You Should Know About Medicare Supplement Plans

What Is A Medicare Supplement Plan?

Medicare Parts A and B offer insurance cover for expenses that are health-related, but they do not cover every type of health care cost that the policyholder may have. The Medicare Supplement Plans, also known as “Medigap”, are private insurance policies that assist with paying a portion of health-care costs that Medicare does not cover. This often includes out-of-pocket expenses, including deductibles, coinsurance, and copayments. If you need more help, you should stick with original source of information.

What Do Medicare Supplement Plans Cover?

Medicare Supplement Plans are geared to assist with paying costs that the Medicare participant would have usually had to pay out of their own pocket. Benefits and costs will rely on the Medicare Supplement plan that is chosen.

For example, Erie Family Life offers 4 Supplemental Insurance Plans. These include:

Plan A

This plan covers the basic benefits designed to assist with copayments that are linked with services that are covered under Medicare Parts A and B.

Plan B

This plan is only available in Pennsylvania. It provides similar benefits to Plan A, but will also pay for Medicare Part A hospital deductibles.

Plan F

This is a plan that provides the maximum coverage when compared to any of the other Medicare Supplement plans. It covers all types of out-of-pocket costs for any medical expense covered by Medicare Supplement insurance.

Plan G

From 1 January 2020, Plan G will become the next go-to-plan for the latest Medicare enrollees. This plan covers the basic benefits like Plan F and Part B excess charges along with Foreign Travel Emergency coverage.

Plan N

This plan is regarded as middle-of-the-road coverage. With this plan, the Medicare participant pays a premium that is lower, but the exchange involves taking on some copayments, and a nominal annual deductible. This covers Medicare Part B copays, and hospital deductible, coinsurance, and copays.