Page 114 - issue
P. 114
Every company offering Medigap
insurance in your state must have its
products and premium rates approved
by the state’s department of insurance
before making them available for sale.
MEDICARE MADE EASY Plan Options
For the past 25 years, the federal gov-
PART 4: MEDICARE SUPPLEMENT ernment has defined exactly what each
(MEDIGAP) INSURANCE Medigap policy may pay for. There are
10 plan options that are defined by let-
by Moshe Nelkin, after Medicare has paid its share of the ter (Plans A, B, C, D, F, G, K, L, M, and
FSA, MAAA cost. (That is, it fills in Medicare’s N). For example, any company selling
“gaps.”) For a defined monthly premi- Plan F in your state must cover the
In my previous articles, I explained um, a Medigap policy will insulate you exact same benefits as another compa-
how Medicare Parts A and B pay for against the risk of large and unexpect- ny offering Plan F. Each plan pays for
seniors’ hospital and medical care. ed hospital and medical costs. (It will some or all of your share of the cost of
Medicare offers generous coverage, not pay for your share of Part D pre- medical services after Medicare has
but you must pay for a share of the scription drug costs, however.) paid its portion. Any company that sells
costs as well. If you develop a con- Medigap can make some or all of these
dition that requires a lot of treat- Unlike with Medicare Advantage plans available for purchase. The main
ment, you can potentially be left plans, Medigap policies allow you the difference among companies is the
with bills that total thousands of dollars freedom to visit any doctor that partici- price, which can vary greatly for the
over the course of the year. As an actu- pates in the Medicare program. If you same plan.
ary, I have personally seen policies that have a Medicare Advantage plan, you
have paid out hundreds of thousands are not eligible to purchase Medigap to See the table in this article for a
of dollars in a single year to cover a help pay for your remaining costs. good summary of the plans available
senior’s medical expenses. So what can for sale (in all states except MA, MN
you do to protect yourself from these It should be noted that some and WI). It is taken from the CMS
potentially large costs? That is where employers offer medical coverage to National Training Program and updat-
Medicare Supplement comes in. their retirees that pay for some or all ed for 2016. The percentages in the
remaining medical costs. Check with table tell if the plan covers a particular
Medicare Supplement insurance, your employer to see how your plan benefit. Plan A offers the least compre-
also known as Medigap, is a policy sold works with Medicare to learn if you will hensive coverage and is least expen-
by a private insurance company to sen- need to buy a Medigap policy. sive, and Plan F offers the most com-
iors enrolled in Traditional Medicare. It Medicaid may also help pay for the prehensive coverage and is also most
is a popular option that helps pay for medical expenses of some low income expensive.
seniors’ remaining medical expenses individuals.
Your cost for each of the benefits in
the table was explained in previous
articles about Medicare Part A and Part
B. For each of the benefits on the left
side of the table, the Medigap plans will
pay the percentage of your cost that is
noted in the respective column. The
exception is that with Plan N, you will
need to pay up to $20 when you visit a
doctor’s office and up to $50 when you
visit the emergency room.
In general, Medicare will not pay for
care received outside the country.
Medigap’s Foreign Travel Emergency
benefit can help pay for emergency
care that you receive while traveling
outside the United States. To qualify for
the Foreign Travel Emergency benefit,
treatment must be for an injury or sud-
den and unexpected onset of sickness
110 u www.wherewhatwhen.com u
insurance in your state must have its
products and premium rates approved
by the state’s department of insurance
before making them available for sale.
MEDICARE MADE EASY Plan Options
For the past 25 years, the federal gov-
PART 4: MEDICARE SUPPLEMENT ernment has defined exactly what each
(MEDIGAP) INSURANCE Medigap policy may pay for. There are
10 plan options that are defined by let-
by Moshe Nelkin, after Medicare has paid its share of the ter (Plans A, B, C, D, F, G, K, L, M, and
FSA, MAAA cost. (That is, it fills in Medicare’s N). For example, any company selling
“gaps.”) For a defined monthly premi- Plan F in your state must cover the
In my previous articles, I explained um, a Medigap policy will insulate you exact same benefits as another compa-
how Medicare Parts A and B pay for against the risk of large and unexpect- ny offering Plan F. Each plan pays for
seniors’ hospital and medical care. ed hospital and medical costs. (It will some or all of your share of the cost of
Medicare offers generous coverage, not pay for your share of Part D pre- medical services after Medicare has
but you must pay for a share of the scription drug costs, however.) paid its portion. Any company that sells
costs as well. If you develop a con- Medigap can make some or all of these
dition that requires a lot of treat- Unlike with Medicare Advantage plans available for purchase. The main
ment, you can potentially be left plans, Medigap policies allow you the difference among companies is the
with bills that total thousands of dollars freedom to visit any doctor that partici- price, which can vary greatly for the
over the course of the year. As an actu- pates in the Medicare program. If you same plan.
ary, I have personally seen policies that have a Medicare Advantage plan, you
have paid out hundreds of thousands are not eligible to purchase Medigap to See the table in this article for a
of dollars in a single year to cover a help pay for your remaining costs. good summary of the plans available
senior’s medical expenses. So what can for sale (in all states except MA, MN
you do to protect yourself from these It should be noted that some and WI). It is taken from the CMS
potentially large costs? That is where employers offer medical coverage to National Training Program and updat-
Medicare Supplement comes in. their retirees that pay for some or all ed for 2016. The percentages in the
remaining medical costs. Check with table tell if the plan covers a particular
Medicare Supplement insurance, your employer to see how your plan benefit. Plan A offers the least compre-
also known as Medigap, is a policy sold works with Medicare to learn if you will hensive coverage and is least expen-
by a private insurance company to sen- need to buy a Medigap policy. sive, and Plan F offers the most com-
iors enrolled in Traditional Medicare. It Medicaid may also help pay for the prehensive coverage and is also most
is a popular option that helps pay for medical expenses of some low income expensive.
seniors’ remaining medical expenses individuals.
Your cost for each of the benefits in
the table was explained in previous
articles about Medicare Part A and Part
B. For each of the benefits on the left
side of the table, the Medigap plans will
pay the percentage of your cost that is
noted in the respective column. The
exception is that with Plan N, you will
need to pay up to $20 when you visit a
doctor’s office and up to $50 when you
visit the emergency room.
In general, Medicare will not pay for
care received outside the country.
Medigap’s Foreign Travel Emergency
benefit can help pay for emergency
care that you receive while traveling
outside the United States. To qualify for
the Foreign Travel Emergency benefit,
treatment must be for an injury or sud-
den and unexpected onset of sickness
110 u www.wherewhatwhen.com u
