Medicare Supplement Plan B

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Medicare Supplement Plan B is one of the 10 available supplement policies for Medicare beneficiaries. Medicare Supplement Plan B offers coverage where it counts.

This policy will offer the same benefits as a Plan A; however, it’ll also include coverage on the Part A hospital deductible.

The Part A hospital deductible isn’t an annual deductible, this means you could be responsible for paying it multiple times throughout the year.

Medicare Supplement Plan B

Coverage on your Part A deductible can save you thousands of dollars annually.

You may have heard of Part B, it’s common to get these two confused; however, simplifying the information can help.

Do You Have Plan B or Part B

Medicare has a way of making things as clear as mud. Part B and Plan B are two separate things.

Original Medicare consists of “parts”; like Part A, B, C & D. Part B will refer to your doctor portion of Original Medicare coverage.

Plan B is a Medicare Supplement policy that helps beneficiaries with healthcare costs. You’ll use the word “plan” when referring to a Medigap policy.

Now that you understand the difference, let’s learn more about Plan B and what it can offer you.

What Can Medicare Supplement Plan B Offer You

If you wish to enroll in a Medicare Supplement, you’ll need to have an effective date for Medicare Part A & Part B.

On your red, white and blue card there is an effective date for Parts B & A, you’ll need this information to confirm coverage as well as determine eligibility.

Additionally, keep this card available when you apply for coverage with a private insurance company.

Plan B offers coverage for: 

  • Part A deductible
  • Medicare Part A coinsurance
  • Hospice Part A care
  • Part B coinsurance or copayment
  • First 3 pints of blood

Plan B isn’t considered “first dollar” coverage; however, it gives beneficiaries an additional option.

Medicare Supplement Plan B Comparison Chart for 2020

Medicare Supplement Plan B Comparison Chart for 2020Medicare Supplement Plan B coverage is best suited for those who: 

  • Are in good health
  • Don’t travel outside the U.S.
  • Looking for lower premiums
  • Are not concerned about out of pocket costs if hospitalized

If you suffer from a medical condition that requires regular medical attention, you should consider a supplement plan to help cover unforeseen medical expenses.

When you have a Medicare Supplement policy, you can receive services from any doctor or hospital in the United States that accepts Medicare assignment.

Additionally, your coverage won’t ever be terminated over deteriorating health.

Most importantly, each state has specific guidelines, talking with a licensed insurance broker can make Medicare easy.

How Medicare Supplement Plan B Works

Let’s say Gary has Medigap Plan B when he’s admitted to the hospital. Well, Plan B covers the Part A deductible and the 20% coinsurance. Gary concerns himself with the Part B excess charges; however, for the most part, his inpatient care is taken care of on this policy.

Now, if Gary needs to see a doctor regularly, his out of pocket expenses could become unbearable. Plan B isn’t usually the best choice for coverage; Gary can find more extensive coverage by working with an agent. If you have a concern about your coverage, give us a call at the number above.

Plan B Prescription Drug Coverage

Medicare Supplement policies will cover the cost of prescriptions that are administered in the hospital. If you have a doctor prescribe a prescription for at-home administration, then you’ll need additional coverage.

Stand-alone Part D policies are important to obtain when you’re first eligible for Medicare. If you wait, you could be responsible for a Part D late enrollment penalty.

Plan B won’t cover Part D prescriptions and no Medicare Supplement on the current market offers prescription coverage.

Plan B Dental, Vision & Hearing Coverage

Applying for Dental, Vision and Hearing coverage is easy. Any of our brokers can compare rates for you.

None of the Medicare Supplements offer coverage for Dental, Vision or Hearing. You’ll need to enroll in stand-alone coverage.

Although, a stand-alone policy will offer comprehensive coverage, which you’ll be thankful for when you need it most.

Which is Better: Plan B or Medicare Advantage

When you work with a licensed insurance broker in your state, you can feel confident in the coverage you select.

Medicare Advantage plans have appealing features that lure seniors just like you into their trap. However, Medigap policies have the best ratings as well as offer the most comprehensive coverage.

When your health declines, having the coverage you can rely on is important. Although, you’ll want to enroll in a Medicare Supplement plan as soon as possible to get the best rate.

What are the limitations of a Medicare Advantage Plan

Medicare Advantage policies can offer things like lower premium options, Part D coverage, Dental, Vision, and hearing benefits. This can sound like a sweet deal.

Advantage plans sound like the all-inclusive plan you’re looking for; however, the limitations are no joke.

Medicare Advantage limitations include: 

  • You’re responsible for 100% of out of network doctor costs on HMO plans
  • Policies change each year
  • Little to no coverage outside the service area
  • Required hospital networks

So, if you’re diagnosed with cancer and you have this plan, expect astronomical out-of-pocket expenses. The maximum out of pocket only applies to covered services.

This means if you receive treatment from an out of network doctor or facility, you’ll be responsible for the entire bill.

Although many seniors on Medicare Advantage plans think they have enough coverage, that’s just not the truth.

Enrolling in Medicare Supplement Plan B

You can enroll in Plan B as soon as your Part B is in effect. You’ll have 6 months to do so with guaranteed issue. However, you can enroll anytime.

Guarantee Issue rights will be available for Plan B with all beneficiaries losing coverage.

You’ll find having a Medigap policy makes life easier, any doctor in the United States that accepts Medicare assignment will accept you as well as any hospital.

Additionally, you never need another referral for a specialist and worrying about medical bills is a thing of the past.

You need protection for the 20% of healthcare costs not covered by Original Medicare. A Medicare Supplement can provide you with the coverage you need.

When you select MedicareFAQ as your broker, you get a personal agent that will educate you on Medicare and help you feel confident in your Medicare coverage.

The Best Choice for You

You have different needs than your neighbor; so, it makes sense that you’d be suitable for a different plan. When you work with our agents, you’ll have a team of Medicare knowledgeable people ready to help you at any time.

Our agents will help you make an informed decision on your healthcare coverage. Additionally, signing up with coverage through MedicareFAQ means you get unlimited support from our Client Care Team.

These services are absolutely FREE. So, if you ever have an issue with a claim being denied or you need help filing a claim, we’re here for you.

Getting started is simple; call one of our licensed insurance brokers or complete our online rate comparison form today!