If you are new to Medicare, you may have some questions about how Medicare supplemental (also called Medigap) plans work. Supplemental plans can be a wonderful support and protection for you in a number of ways, as they offer several coverage options that are not a part of original Medicare.
There are several situations in which a Medicare supplemental plan could save you thousands of dollars. These situations include but are not limited to the following.
Extended Hospital Stay
With original Medicare you will need to pay a deductible for your hospital stay, however, most supplemental plans will cover this expense. The really expensive part of staying in the hospital comes about after you have been in the hospital for 60 days. Beginning day 61 and going through day 90 you will be charged $341 each day. The price only goes up if you still need to be in the hospital. Day 91 and beyond will cost $682 a day. The cost can add up extremely quickly, and it would all be covered if you had a supplemental plan.
Extended Skilled Nursing Stay
As with a hospital stay, Original Medicare will cover a certain number of days, and then you will be charged through the nose for each additional day. With skilled nursing facilities, the covered stay limit is 20 days. Anything over that up until day 100 you will pay $170.50 per day unless you have supplemental insurance. If you do, you will be completely covered.
Foreign Travel
If you have a medical emergency while you are travelling with original Medicare, you will be responsible for the entire amount you are charged. However, there are several supplemental plans that will cover up to 80% of the cost. If you are someone who enjoys seeing the world, a Medicare supplemental plan would definitely be worth the cost for the peace of mind that if something should happen you are covered. Don't get caught in a foreign country without any coverage.
In conclusion, if you are trying to prepare yourself and your medical insurance for any situation, make sure that you purchase a Medicare supplement plan as early as you possibly can. They offer by far the most coverage for the amount you will pay.
To learn more about Medicare supplement plans, reach out to a health insurance agent in your area. An agent can help you figure out how much insurance you need.
Share1 April 2021
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