What are Medicare Supplements?
This is a loaded question! But, I will answer it this way first: it is a plan that plugs the holes of Original Medicare parts A and B. Now, how many of the holes are plugged? That depends on a lot of things.
First, you have to realize that there are holes in Medicare–it was never meant to cover everything. With Part A, there is a benefit period deductible, copays for hospital and/or skilled nursing facility stays (after a certain amount of days), and costs for blood. With Part B, there is an annual deductible, coinsurance (20%), excess charges, and preventative services outside of Medicare’s schedule that are your responsibility.
In the next pages, I will explore with you the following things:
- What do medicare supplements cover?
- What does it mean when people say they are standardized?
- When am I eligible?
- What do the letters mean?
- How are the premiums set?
As always, if you have any questions, feel free to send me a message when I’m online or leave a comment or email below!