What’s Covered Under Medigap Plan B?
Medigap Plan B offers slightly better coverage for hospital and medical costs than Plan A. The benefits are standardized, so a Plan B policy with one company has the same coverage as a Plan B with another company. The only difference is the price, which we’ll talk more about below. That’s why it helps to work with an agent who understands Medigap Insurance, like Carolina Senior Benefits. Why pay more when you could be paying less for the same coverage?
Plan B covers:
- Medicare Part A copayments for inpatient hospital care — up to an additional 365 days after Medicare benefits are used up
- Medicare Part B copayment
- First 3 pints of blood
- Part A hospice care copayment
- Medicare Part A deductible
What Costs Are You Responsible for?
Plan B members are responsible for paying their Medicare Part B deductibles, as well as the Part B excess charges, skilled nursing facility care coinsurance, and any costs for foreign travel emergency care. If these costs seem like a lot, consider a more comprehensive plan like F, G, or N that covers more (or all) of these services.
There are certain eligibility rules with purchasing a Medigap policy:
- You must have Original Medicare A and B, and you can’t have Medigap and Medicare Advantage.
- A Medigap policy covers one person only. So, your spouse will need to buy a seprate policy.
- Insurers aren’t legally required to sell Medigap plans to folks under 65. If you’re under 65 and on Original Medicare, you may not be able to buy the policy you want.
If you’re interested in Medigap Plan B, you can first enroll during Medigap Initial Enrollment — a six-month period that starts when you turn 65 and sign up for Medicare Part B. If you don’t enroll during this window, you may not be able to get the plan you want or it might cost more.
How the Companies Charge You
Every Medigap policy has a monthly premium. The exact amount may vary by individual plan. Insurers can set monthly premiums for their policies in three ways:
- Community rated — Everybody who buys the plan pays the same monthly amount no matter their age.
- Issue-age rated — Monthly premiums are based on the age when you first buy a plan. Younger buyers will have lower premiums, and the premiums don’t go up as you get older.
- Attained-age rated — Monthly premiums are based on your CURRENT age. So, your premium will increase as you get older.
If you’re thinking about enrolling in a Medigap plan, you’ll want to compare multiple policies offered near you. This can help you know how premiums are set and give you an idea of what you’ll pay for the insurance policy.