Medigap Plan B
Plan “B” Has the Same Benefits as Plan A, Plus One More
Medicare Supplement (Medigap) insurance may cover some of the out-of-pocket expenses that you typically have to pay with Original Medicare. These costs may include deductibles, copayments, and coinsurance. Medigap plans can help you pay for additional healthcare costs that result from unplanned procedures and hospitalization. If you need some extra cost protection beyond what Original Medicare covers, keep reading to learn about Medigap Plan B.
What’s Covered Under Plan B?
Medigap Plan B offers limited coverage, but it protects you from the higher costs that you’d have to pay with Original Medicare alone. Plan B covers the following expenses:
- Medicare Part A coinsurance and hospital costs
- Medicare Part B coinsurance or copayment
- The first 3 pints of blood for a medical procedure
- Medicare Part A hospice care coinsurance or copayment
- Medicare Part A deductible
Plan A vs. Plan B
If you look at Medigap Plans A and B side-by-side, it can be hard to tell what the difference is. We’ll tell you — Plan B covers the Part A deductible of $1,484 per benefit period, while Plan A policyholders will be responsible for paying this deductible.
Get the right coverage at the right price.
What’s Not Covered Under Plan B?
Plan B has some gaps in its benefits. For instance, it does NOT cover these categories:
- Medicare Part B deductible ($203 per year in 2021)
- Part B excess charges
- Skilled nursing facility care coinsurance
- Foreign travel emergency care
If your healthcare provider imposes excess charges, you’d be responsible for up to an additional 15% charge. Not all providers charge them, but being exposed to excess charges can certainly add up.
Different carriers in different locations must offer the same set of standardized Plan B benefits, although the costs may vary.
Plan B Costs
You’ll pay a monthly premium for Plan B, which is set by the private insurance carrier, based on any of these three price rating systems: Community-rated, Issue-age-rated, and Attained-age-rated.
Sometimes insurance carriers charge different rates for the same plan. This will depend on many factors such as your location, age, gender, and health status.
Medigap Plan B Is NOT Part B
Be careful not to confuse Medigap Plan B for Medicare Part B.
Medicare Part B is one-half of Original Medicare (Parts A and B), covering outpatient medical and preventative care. Medigap Plan B refers to supplemental coverage that helps pay for out-of-pocket expenses from Medicare Parts A and B.
Should You Choose Medigap Plan B?
Medigap Plan B could be a solid choice for you, but you’ll want to review your options for other plan rates before you decide. Not all carriers offer Plan B.
Ultimately, everyone’s situation is unique. You should select the plan that you’re most comfortable with, and that will let you seek the healthcare you need. Here’s when Plan B may be a good fit for you:
- You don’t travel abroad,
- Your doctors don’t charge excess charges, AND
- You don’t need skilled nursing care.
When to Enroll in Medigap Plan B
The ideal time to enroll in a Plan B policy is during your six-month Medigap Open Enrollment Period. This period begins on the first day of the month that you’re 65+, AND enrolled in Medicare Part B. During this six-month window, you normally have the guaranteed issue right to enroll in the plan that interests you — despite any pre-existing health conditions you may have — as long as you live within the plan’s coverage area and are enrolled in Medicare Parts A and B.
Want to Learn More? Talk to an Agent.
For some beneficiaries, Medigap Plan B is a cost-effective option. Others may benefit from a plan that covers more categories, like Plans G or N. We know which carriers in Texas offer Plan B, and we can help you consider your options before making a decision. Reach out to Oak Haven Insurance Agency today.
