Medicare Supplements are also known as Medigap Plans because they do exactly what the name implies, they supplement or fill in some of the gaps in Original Medicare Parts A & B .
Keep in mind that Original Medicare (A & B) were never meant to cover 100% of your health costs. It certainly covers a lot but not 100%. There are deductibles and percentages that we pay after Medicare covers their part.
Those deductibles and % can add up substantially and leave us in a heck of a bind in some cases.
For instance, under Part A, which covers Hospitalization (or Inpatient charges), there is a deductible that must be paid and it is NOT an annual deductible, it is a deductible which must be paid per benefit period.
So what happens if you are in a hospital longer than 60 days?
That's where it gets unpleasant.
At 61 days, through 90 days, you get to pay $389 PER DAY.
After the 90 days, you get what are called Lifetime Reserve Days from 91 to 150 days. For those days, your cost is $778 PER DAY and once they are used up, you pay 100% of your Hospital costs.
Consider someone who is chronically ill or in a coma or a burn unit. This may, very well, keep someone in the Hospital for an extended stay.
Here's a few things to know about Medicare Supplements (Medigap Plans)
This is precisely why one may consider purchasing a Medicare Supplement.
We have not even started talking about your cost obligations for Part B, which, in general, covers Outpatient costs like Doctor Visits, Labs, Diagnostic Testing, Part B Drugs and other items.
MedicarePrepare is your source for figuring all this out. Many people think that once you get on Original Medicare you pay very little out of pocket. That is not always the case.
We suggest a visit with one of our License Medicare Supplement Specialists who can walk you through the costs and show you some solutions that can help you in a big way, should you incur some of the costs mentioned above. Call us at (800) 420-9767 for a free, no obligation chat!
MedicarePrepare is here to help you choose a Medicare Supplement, Part D Drug Plan or a Medicare Advantage Plan.
We'll discuss your options, look up your Doctors and other providers and help you make an informed decision AND we can enroll you into the plan you choose!
Visit us at these four Mall locations in Oklahoma & Arkansas
Tulsa Promenade Mall
41st & Yale, Tulsa, OK
Quail Springs Mall
Penn & Memorial / OKC, OK
NorthWest Arkansas Mall
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