Medicare Supplemental Plan B
What is Medicare Supplemental Plan B?
Medicare includes four main parts: Parts A, B, C, and D. In addition to Original Medicare, many seniors choose to enroll in a Medicare Supplement or Medigap to assist with out-of-pocket expenses not covered by Parts A and B.
Medicare Supplement Plan B covers some of the out-of-pocket expenses such as covers copayments, deductibles, and coinsurance. Medicare Supplement Plan B may help you pay for expenses accrued from an unexpected procedure or hospitalization.
What Does Supplemental Plan B Insurance Cover?
Medicare Supplement Plan B insurance covers copayments and coinsurance from a Part B policy. If you need a blood transfusion, it covers the first three pints of blood, whether you’re an inpatient or outpatient. In an original Medicare policy, insurance only covers the expense of blood after the first three pints.
This part of Medicare insurance covers Part A deductibles as well as hospital expenses and coinsurance for up to a year after you deplete your Medicare benefits. It covers hospice care coinsurance or copays.
Medicare Plan B provides basic benefits as well as Part A deductible. Below are more details of Medicare Supplement Plan B benefits.
Medigap Basic Benefits
Part A Hospital Coinsurance
- Days 61-90 of a hospital stay in each Medicare benefit period
- Days 91-150 of a hospital stay. Medicare will only pay for these 60 days once during your lifetime
Additional Part A Hospital Benefits
- An extra 365 days of inpatient hospital care after you use your Original Medicare hospital benefits
Part B Coinsurance
- Pays for the Part B coinsurance after you meet your annual deductible
Part A and B Blood Coverage
- Pays for the first three pints of blood per calendar year
Part A Hospice Coinsurance
- Pays for outpatient prescriptions drug and inpatient respite care coinsurance
Part A (Hospital Insurance)
- The part of Medicare that pays for inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care.
When Can You Enroll in Medicare Supplement Plan B Insurance?
The best time to enroll in Supplemental Medicare Plan B is during the first six months after you turn age 65 and enrolled in Medicare Part B. This six-month period is known as the Medigap Open Enrollment Period (OEP).
When enrolling in a Medicare Supplement during this period, insurance companies cannot reject enrollment for health reasons. You must also live within the plan’s service area.
If you enroll in a Medicare Supplement after your Medigap Open Enrollment, you may be subject to undergo medical underwriting where coverage can be denied if you have a disability or pre-existing condition.
There are certain conditions that can cause your insurance company to cancel your policy such as, failure to pay your premium, falsifying information, or the insurance provider goes bankrupt.
What Does Medicare Supplemental Insurance Plan B Cost?
The cost of your Medicare Supplement premium depends on many factors, including the company that sets your policy and where you reside. Generally, your rate for a Medicare supplement Plan B insurance policy varies based on community, issue-age rate, and attained-age rate.
Other factors include your age, gender, and health status because you’re more susceptible to certain health risks based on these factors.
To learn more about Medicare Supplemental Plan B insurance or get a quote for a policy, contact Plan Medigap by calling (800) 750-2407 today.