What is Medicare Supplement Plan B?

What is the difference between Medicare Part B and Supplemental insurance? Although complementary to Medicare Part B, Medigap Plan B is a totally separate plan sold by private insurance carriers, which provides coverage for help with out-of-pocket expenses. Medicare Supplement Plan B provides some of the more basic coverage options compared to other Medigap plans.

There are 10 standardized Medigap plans offered nationwide, with the exception of Massachusetts, Minnesota, and Wisconsin. These policies must provide the same basic benefits, no matter where they are sold or which insurance carrier sells them. For example, Insurance Carrier X selling Medicare Supplement Plan B in Texas has to offer the same benefits as Insurance Carrier Y selling Plan B in Georgia. The key difference between these policies is the premium. Some insurance carriers may offer extra services with their Medigap policies for a higher premium. However, basic benefits must be uniform across all companies.

Medicare Plan B Eligibility
Before discussing Medicare Supplement Plan B benefits, here are the general eligibility requirements for Medicare Supplement Plan B:
– You are at least 65 years of age, a U.S. citizen, or permanent legal resident for at least five consecutive years
– You are currently receiving retirement benefits.

OR

– You are disabled and receiving disability benefits
– You have End-Stage Renal Disease (ESRD)
– You have Lou Gehrig’s Disease (ALS).

Medicare Supplement Plan B Coverage

Medicare Supplement Insurance Plan B covers:

– Medicare Part B Copayments & coinsurance

– First three pints of blood received as an outpatient or hospital inpatient. Original Medicare will normally cover blood received after the first three pints.
– Deductible for Medicare Part A
– Hospital costs for Medicare Part A and coinsurance for up to 365 further days after your Medicare benefits are used up
– Coinsurance or copayment for Hospice Care on Part A

 On the other hand, Plan B does not cover:

– Deductible for Medicare Plan B
– Part B excess charges
– Coinsurance for skilled nursing facility care
– Foreign travel emergency care

Medicare Supplement Plan B Cost

Medicare Supplement Insurance Plan B beneficiaries must pay for their deductible under Medicare Part B. They are also responsible for paying for coinsurance associated with skilled nursing facility care, as well as the excess charges for Original Medicare Part B and any costs associated with foreign emergency travel. With that being said, there are still other Medicare Supplement plans that may offer more comprehensive coverage when it comes to these aspects.

When it comes to the exact cost of Medicare Supplement Plan B, it varies from one insurance company to another, however, all the base benefits must be uniform across all companies.

Is Medigap Plan B a good choice for you?

Do you need a supplement with Medicare Part B? if you do not want to pay more expensive premiums for benefits you may never end up using, then Medicare Supplement Plan B could be the right choice for you. However, you should note that if the need arises and you use any of the uncovered categories outside the covered benefits of Medigap Plan B, such as Medicare Part B deductible, you may end up paying more in out-of-pocket expenses than what you would pay for the premium of a more comprehensive package that gives you more space with that aspect.