Medicare Supplement Insurance, also known as Medigap, is a type of insurance you can get in addition to your Original Medicare (Part A and Part B). Original Medicare covers many of your healthcare needs. Part A (hospital insurance) covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home healthcare costs, whereas Part B (medical insurance) covers certain doctors’ services, outpatient care, medical supplies, and preventive services.

While Original Medicare does cover a lot, it does not cover all costs — and that’s where Medigap comes in. It helps pay for some of the additional healthcare costs you may incur. But what exactly does Medigap cover? This supplemental insurance broker in Schererville, Indiana is going to explain below.

What costs does Medicare Supplement insurance cover?

All Medigap policies are standardized, offering the same basic benefits regardless of where you live and buy it from. There are ten different Medigap plans, named with letters A to D, F to G, and K to N. Here are what these plans cover:

• All Medigap plans offered by supplemental insurance brokers in Schererville, Indiana cover Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up.
• All Medigap plans cover Part B coinsurance or copayment, though plans K and L only cover 50% and 75% of these benefits, respectively. Copayments are the small amounts you pay every time you get a healthcare service, like seeing a doctor. Coinsurance is similar, but it is usually a percentage of the service cost rather than a fixed amount.
• All Medigap plans cover the first three pints of blood. Again, plans K and L only cover 50% and 75% of these benefits, respectively.
• All Medigap plans cover Part A hospice care coinsurance or copayment, but plans K and L only cover 50% and 75% of these benefits, respectively.
• All Medigap plans (except plans A and B) cover skilled nursing facility care coinsurance, but plans K and L only cover 50% and 75% of these benefits, respectively.
• All Medigap plans (except plan A) cover Part A deductible, but plans K, L, and H only cover 50%, 75%, and 50% of these benefits, respectively. A deductible is the amount of money you’ll have to pay for your healthcare services before your insurance starts to pay. The 2024 Part A deductible is $1,632 for each inpatient hospital benefit period before Original Medicare starts to pay.
• Only plans C and F cover Part B deductible. The 2024 Part B annual deductible is $240 before Original Medicare starts to pay.
• Only plans F and G cover Part B excess charge. This is the difference between the amount a doctor or other health care provider is legally permitted to charge and the Medicare-approved amount.
• All Medigap plans offered by supplemental insurance brokers in Schererville, Indiana (except plans A, B, K, and L) cover 80% of foreign travel exchange (up to plan limits).
• Only plans K and L feature out-of-pocket limits. This is the maximum amount you pay for covered healthcare services in a plan year. The 2024 out-of-pocket limits for Medigap plans K and L are $7,060 and $3,530, respectively.

Looking for a Supplemental Insurance Broker in Schererville, Indiana?

Are you interested in learning more about Medicare Supplement insurance and what it covers? If so, and if you’re ready to meet with the best supplemental insurance broker in Schererville, Indiana, Senior Care Insurance Services (SCIS) is here to help. We recognize that everyone’s healthcare needs and financial situations are different, and we’re here to help you choose a Medicare Supplement plan that suits your needs. Contact us today to learn how we can help.