Most people who go on Medicare get a Medicare Supplement Plan, which is very smart because of the potential high out of pocket if you have a large medical expense while covered with Medicare.
If you’re 65 and relying on Medicare to cover your healthcare bills, you could have to pay $1,100 per illness out of your own pocket. When you’re admitted to a hospital, Medicare requires you to meet that high deductible before it picks up any of your bills. That’s called the Medicare Part A deductible.
That’s not the only expense you could have to cover for hospitalization if you count on Medicare’s coverage, either. Medicare Part A covers hospitalization for 60 days, but it drops your coverage down to only a part of your daily hospitalization costs for days 61 through 150. Daily hospital charges frequently exceed $1,100 per day.
Instead of just hoping you never need hospital care, you can be sure you’re covered with Medicare Supplement Insurance. Medicare Supplement Plans offer ten strategies for filling the gaps in Medicare’s coverage. Nine of these plans (Medigap Plans B through N) will reimburse you for the Part A deductible. What about the portion you have to pay after the first 60 days of hospital care? All of the ten Medigap Plans (A through N) cover that expense.
And, that’s just the start of what a Medicare Supplement can save you. You can see what all the plans cover and decide which benefits will save you money at www.MediGapAdvisors.com. As the nation's leading independent agency specializing in Medigap Plans, these experts give you a search engine to run instant quotes, but the friendly advisors offer a more personal touch. Just call us at 866 323-1441 to arrange for a free consultation with your own Personal Advisor. He or she can compare plans to your needs and let you know which will save you the most money and explain how that works. You can apply online in minutes, or have your Personal Advisor walk you through applying to make the whole process easy and hassle free.
Thursday, August 26, 2010
What are Part B Excess Charges (And How to Avoid Paying Them)
If you’re like most people, you probably hadn’t even heard of Part B Excess Charges, much less understood how much they can cost you. Like most Americans (according to surveys), I didn’t know much about Medicare. It turns out that there really are a lot of holes in Medicare’s coverage. That’s why almost everyone who has Original Medicare signs up for a Medicare Supplement Plan.
Medicare Part B coverage is full of very costly gaps. The $155 dollar annual deductible doesn’t sound so bad, and, of course, you have to pay a monthly premium for Part B. The penalty for late enrollment does sound a bit unnecessary – after all, this is supposed to help seniors get the medical care they need, right? After the deductible has been met, Part B handles physician services and supplies, clinical laboratory services and outpatient hospital treatment. Here’s the catch – it only pays for 80% of those bills at the Medicare-approved amount. Fortunately, every Medigap Plan pays the remaining 20 percent that Medicare does not cover, but they pay 20 percent of the Medicare-approved amount.
The Medicare-approved amount could actually be the biggest hole in Part B coverage. So, what happens when a provider charges more than the Medicare-approved amount? Here’s an example: Let’s start with a $1,000 doctor bill. The Medicare-approved amount for that procedure is $800 and Medicare pays 80% of $800 or $640. Then your Medigap Plan pays 20% of the $800 Medicare-approved amount or $160. Your doctor, however, billed $1,000, so you still owe $200 ever after both Medicare and Medigap have paid. That’s called Part B Excess Charges.
There are a couple of Medigap Plans that can protect you from Part B Excess Charges. Plan F pays 100% of Part B Excess Charges, and Plan G pays 80% in exchange for premiums that are slightly lower than those of Plan F. How to find out more? At www.MediGapAdvisors.com we have a lot of information and ideas to help seniors save money on Medicare gaps, prescription costs and lab tests.
Medicare Part B coverage is full of very costly gaps. The $155 dollar annual deductible doesn’t sound so bad, and, of course, you have to pay a monthly premium for Part B. The penalty for late enrollment does sound a bit unnecessary – after all, this is supposed to help seniors get the medical care they need, right? After the deductible has been met, Part B handles physician services and supplies, clinical laboratory services and outpatient hospital treatment. Here’s the catch – it only pays for 80% of those bills at the Medicare-approved amount. Fortunately, every Medigap Plan pays the remaining 20 percent that Medicare does not cover, but they pay 20 percent of the Medicare-approved amount.
The Medicare-approved amount could actually be the biggest hole in Part B coverage. So, what happens when a provider charges more than the Medicare-approved amount? Here’s an example: Let’s start with a $1,000 doctor bill. The Medicare-approved amount for that procedure is $800 and Medicare pays 80% of $800 or $640. Then your Medigap Plan pays 20% of the $800 Medicare-approved amount or $160. Your doctor, however, billed $1,000, so you still owe $200 ever after both Medicare and Medigap have paid. That’s called Part B Excess Charges.
There are a couple of Medigap Plans that can protect you from Part B Excess Charges. Plan F pays 100% of Part B Excess Charges, and Plan G pays 80% in exchange for premiums that are slightly lower than those of Plan F. How to find out more? At www.MediGapAdvisors.com we have a lot of information and ideas to help seniors save money on Medicare gaps, prescription costs and lab tests.
Tuesday, August 17, 2010
Welcome
Having been in the health insurance industry for over 25 years, I've developed a specialty in helping simplify confusing concepts, decipher industry jargon, and basically make the process of choosing and buying a plan EASY.
Yet leave it to the government to make my job even more challenging with the numerous options, confusing rules, and marketing restrictions that surround Medicare, Medicare Supplement plans, Medicare Advantage plans, and Part D Prescription coverage.
At this site, I'll be taking on that challenge, helping explain how this programs work, how to compare plans, and how to choose the one that's best for you. I'll also be sharing other money-saving tips, and will even occasionally chime in on the politics of it all.
I welcome your questions and comments, and look forward to interacting.
Wiley Long
Yet leave it to the government to make my job even more challenging with the numerous options, confusing rules, and marketing restrictions that surround Medicare, Medicare Supplement plans, Medicare Advantage plans, and Part D Prescription coverage.
At this site, I'll be taking on that challenge, helping explain how this programs work, how to compare plans, and how to choose the one that's best for you. I'll also be sharing other money-saving tips, and will even occasionally chime in on the politics of it all.
I welcome your questions and comments, and look forward to interacting.
Wiley Long
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