Medicare Supplement Plans
Updated 2/28/2019
There are many Medicare Supplement Plans to choose from in the Las Vegas Area. Let’s go over the plans that are available and what they cover, then we will make a recommendation about the plans you should consider.
There are 11 Medicare Supplement plans available. Each of them is represented by a letter: A, B, C, D, F, F High Deductible, G, K, L, M, and N. As you review the chart below, you will see that only two plans cover Medicare Excess Charges. That is very important and will be discussed in depth.
Now that you’ve reviewed the chart
Let’s discuss the different categories so you understand what the checkmarks mean. If you don’t have a Medicare Supplement, or you don’t have a checkmark in these categories, you will pay these costs associated with Original Medicare.
Skilled Nursing Facility Coinsurance:
- Days 1-20: $0 per day
- Days 21-100: $170.50 per day
- Days 100+ Not covered
Medicare Part A: Hospitalization
- Days 1-60: $1,364 deductible (billed the first day)
- Days 61-90: $341 per day
- Days 91-150: $682 per day (60 lifetime reserve days)
- Days 150+ Not covered
Medicare Part B Deductible: $185
Medicare Part B Coinsurance: 20%
Medicare Part B Excess Charges: Up to 15% (in addition to coinsurance)
Foreign Travel Emergency: Not covered
All of these missing coverages can become very costly
One of the most alarming and little known gaps in Medicare is the Medicare Part B Excess Charge. Medicare Excess Charges can be levied by doctors, specialist, surgeons, and facilities. They are a 15% surcharge above what is allowed to be billed to Medicare.
Consider this example: If you have a $100,000 surgery, Medicare will typically pay 80% and your supplement will pay all or a portion of the remaining 20%. If you do not have a plan that covers the excess charges, you could be responsible for another 15% in addition to the 20% that Medicare didn’t cover. In this case that would be an additional $15,000! In other words, you could be responsible for 35% of Part B eligible charges if you don’t have coverage for excess charges.
Our advice: Do not consider a Medicare supplement plan that doesn’t cover excess charges. Otherwise, you expose yourself to risk. Once you understand the Medicare excess charges, you come to realize that there are really only 2 Medicare supplements you should consider: Medicare Supplement Plan F and Plan G.
Now that you have narrowed your choices down to the three plans that cover Medicare excess charges, you are ready to begin considering insurance companies and premiums. Every insurance company that offers Medicare supplement plans will give you the same benefits. Continue to the next page where we will discuss how to choose your insurance company.
If you would like detailed information regarding Medicare supplement plans, click here to download the booklet: Choosing a Medigap Policy or visit www.medicare.gov for more information.
