What is Medicare Supplement Plan?
Medicare Supplement (Medigap) plans are designed to help pay your share of Medicare Part A and Part B health-care costs, such as coinsurance for Medicare-approved doctor visits and lab tests. Private insurance companies sell Medicare Supplement plans but include standard government benefits.
What does Medicare Supplement Plan cover?
Medicare Supplement plans usually cover coinsurance for hospitalization, hospice, and skilled nursing facility care. A few supplement plans also provide limited emergency health care when traveling outside the United States. Check out this comparison chart to see which plan best meets your needs.
How much does Medicare Supplement Plan cost?
Prices vary by insurance company. A community-rated plan’s premium may be higher at first, but it may be the least expensive over time. Attained-age plans typically begin with a low premium, but premium increases at various age milestones can be significant. Also, remember that premiums can and do change from time to time.
What is Prescription Drug Plan?
All beneficiaries who enroll in a prescription drug plan are covered by the Medicare Prescription Drug Plan, also known as Medicare Part D. Prescription drug coverage is available through private companies that have contracts with Medicare. Anyone with Parts A and/or B who lives in a plan’s service area is eligible to join.
How much does Prescription Drug Plan cost?
Most drug plans charge a monthly Premium, which varies depending on the plan. This is in addition to your Part B premium. Some drug plans do not charge a premium. Your costs will differ depending on the drugs you use, the Medicare drug plan you select, and whether you receive additional assistance with your Part D costs. Having a variety of plans to choose from allows you to find one that meets your specific requirements. Choosing a plan that is right for you allows you to get the coverage you need at the best price.
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