Medicare supplement plan B covers five very specific gaps that are left by the coverage available through Medicare insurance.
Medicare Part A Deductible
If you are on Medicare and are admitted to the hospital you are responsible for the first $1,156 of expenses before Medicare will pay any of the bill. Medicare supplement plan B takes care of that deductible for you.
Medicare Part A Coinsurance
After the deductible above you are covered for the first 60 days that you stay in the hospital. After those sixty days are up you have to pay coinsurance for any additional days. This coinsurance goes up over time until you get to 150 days. After that you have to pay for the entire cost of being in the hospital. With Medigap plan B you do not have to pay those extra charges and for up to 365 after the Medicare coverage runs out. This is one of the biggest areas where Medicare supplement plan B can save you money
Medicare Part B Coinsurance
Medicare Part B will cover 80% of the cost of the Medicare approved amount for inpatient care. If you end up with a chronic condition that requires you see a local doctors office or outpatient treatment facility on a regular basis that 20% that you are responsible for can add up fast. Medicare supplement plan B will pay that 20%.
With Medicare you are responsible for paying for the first three pints of blood you receive. Medigap plan B will take care of that cost which can vary widely between different hospitals.
Hospice was designed to provide support and care for people who are terminally ill. You are eligible for hospice care under Medicare when a doctor certifies that you have less than six months to live. Medicare will cover the largest part of hospice but you are responsible for 5% of the Medicare approved cost. Medigap plan B covers this 5% for you and any extra charges that are above the Medicare approved amount.
Medicare Supplement Plan B Rates
There are no set rates with Medicare supplement Plan B or any of the other medigap plans. The rates for your monthly premium are determined by a combination of location, gender, age, and health. This means two people with exactly the same profile but one lives in Texas and the other in Ohio will get different rates. The only real way to know what your individual rates will be is to get a customized quote. At Medicare Supplemental Insurance Quotes we provide these quotes free of charge and are happy to serve you any way we can. As an independent insurance agent you will get quotes from multiple companies. So whether it is Medigap plan B or some other plan this will allow you to pick the best plan at the best price for you. You can get a quote by filling out the form on the side of this page or on our page for Medicare supplement quotes HERE. If you are interested in learning about other plans besides Medicare supplement plan B you can check out the other Medicare supplement Plans HERE.