If you are one of the millions of baby boomers that are about to hit 65 years of age, chances are you have already looked into Medicare and Medicare Supplement insurance plans. Once you start looking into these plans, you might wonder how you can afford the premium payments for both Medicare and Supplemental plans at the same time.
Since most senior citizens don’t have a part-time job after retirement at 65, it can be especially tricky to pay the premiums for both health insurance plans. If you are one of those senior citizens wondering if you need a Medicare Supplement plan to cover the 20% Medical cost that Original Medicare doesn’t cover, you should learn more about them. In this article, we will help you understand the coverage for both of these plans so you can decide if you need Medicare Supplement insurance.
What does Medicare individual health insurance pay for?
Medicare individual health insurance has two essential parts known as Part A and B, with Medicare Part D being a prescription drug coverage plan.
Medicare Part A is a hospital coverage plan that covers the following costs:
- Inpatient services cost that you might need from a hospital
- The cost for skilled nursing facility care in case you have to stay in one
- Home health care cost for any healthcare you get while at your home
- Hospice care cost in case you need care for a life-limiting illness
- The cost of the first 3 pints of blood that you might need in a year is covered.
Medicare Part B is a Medical coverage plan that covers the following medical costs:
- All your medical costs
- Cost for home health care similar to Part A
- Cost for any laboratory services that you might have to avail
- Cost for outpatient treatment
- Charges for any medical equipment and medical supplies that you have to use
- Bills for any preventative healthcare procedures such as medical screening, exams, or vaccinations, to name a few.
Apart from Medicare Parts A and B, Medicare Part D pays for any prescription drugs you have to buy.
What doesn’t Medicare cover?
- Non-medical custodial care to help you with your routine activities
- Skilled nursing care for more than 100 days
- Cost for services of homemakers
- Fee for private nursing care
- Dental procedures
- Cost for medical care while traveling
- The cosmetic surgical procedure cost
- Cost for preventative care of your feet
- Eye exams and glasses cost
- Hearing aids and hearing exams
What does Medicare Supplement insurance cover?
As per the Medicare official website, Medicare Supplement Plans are divided into Plan A, B, C, D, F, G, K, L, M, and N. Each of these ten plans offered by health insurance companies offers different benefits. However, the primary services that all Medicare Supplement plans provide include:
- Cost for Medicare Part A coinsurance and hospital services up to 365 days after Medicare coverage ends
- Medicare Part B coinsurance cost and copayments
- Part A coinsurance and copayments for hospice care
- First 3 pints of blood that you might need for a medical procedure
If you go with Medigap plans F, K, L, or M, you will have to bear more cost of your medical procedures in the form of coinsurance and copayments. Like Medicare, the Medicare supplemental insurance plans don’t cover you for long term care, vision care, dental care, hearing aids, prescription glasses, and private nursing services. If you need more information or assistance, companies like The Benefit Link can help you.