Do I Need a Medicare Supplement Plan? The Truth About Medigap Plans....

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Do you really NEED a Medicare Supplement? Honestly, it depends! Check out this video to learn more or call us at iHealthBrokers today at 888-410-0344. Our services are 100% Free!

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Original Medicare is Medicare Part A, which is your hospital insurance and Medicare Part B, which is your outpatient insurance.

Medicare Part A covers your hospital insurance. It will cover:
Inpatient care in a hospital
Nursing facility care
Nursing home care
Hospice care
Home Health Care

Medicare Part B helps to cover your outpatient insurance, namely medically necessary services, and preventative services. It will cover:
Doctors Visits
Mental health services
Outpatient Surgery
Ambulance services
Durable medical equipment, like wheelchairs or walkers.
Limited outpatient prescription drugs such as injections you get in a doctor's office and CHEMOTHERAPY

Medicare parts A & B do NOT cover coinsurance, copayments, or deductibles and these costs can stack up which is why many people consider enrolling in a Medicare supplement plan (also known as Medigap) OR Medicare Advantage. Additionally, Medicare parts A & B do not cover long term care, dental, vision, or hearing. Coverage for all of these items is available separately.

In 2021, the deductible for Medicare Part A is $1484. As a reminder, your deductible is the amount that you must meet out of pocket before your insurance kicks in. This is not a once yearly deductible. It is applied to each hospital stay. So, if you have to visit the hospital for an overnight stay more than once in a given year, you will be responsible for meeting that deductible each time (even if it is only for one night).

For the first 60 days in the hospital, you will not be charged (after you’ve met your deductible), after that you will be charged coinsurance based on your length of stay. Honestly, it’s very unlikely that you would be held in the hospital for such an extended period of time. You would most likely be transferred to some type of skilled nursing facility and for that, there can be charges.

Medicare Part B also has a deductible and coinsurance to be aware of. In 2021, the deductible for Medicare Part B is $203. Unlike Part A, this is a once annual deductible, so it’s really not that big of a deal. You really need to be aware of Medicare Part B coinsurance.

Medicare Part B is your outpatient insurance. Original Medicare will cover approximately 80% of the costs, leaving you with about 20% of the costs. Honestly, if you really and truly are in good health and only visit your doctor twice a year (the minimum recommendation for seniors), 20% is not that big of a deal. BUT, there are other costs to take into account. Medicare Part B covers, not just doctor’s visits, but also outpatient surgery, ambulance services, diagnostic tests (like CT scans & and Xrays) and even Chemo drugs. 20% of these types of services can definitely be costly.

Finally, be aware that with Original Medicare, there is not out of pocket maximum.

There are many different Medicare Supplement Plans all with different levels of coverage. Benefits can vary but they will help to cover Part A deductibles, Part B coinsurance, and additional charges for hospice or nursing care facilities. They will also impose a limit on out of pocket costs.

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The “20%” you’re throwing out there is based on the Medicare approved amount, not the bill from the doctor. That greatly reduces the amount a patient might owe, as Medicare pays for doctor services on a strict schedule, and all medical providers know this. You can go into the hospital, on part A, and accrue a bill of $500, 000, $500 million or $500 billion and all you’ll owe is $1482. Sounds like a tremendous bargain to me!

markcanfield
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If you don’t get on a Medigap within the first Six Months starting on your Birthday Month, you will likely be turned down by any Medigap Provider, IF you have any preexisting Conditions that will be revealed during Underwriting.
First Six Months: No Underwriting…everyone has to accept you, no questions asked.
However:
If you get past the first Six Months, you may be denied a Medigap plan…Forever!
Thereby, making getting a Medigap sooner a necessity…unless you’ll
be happy with a No Travel coverage Medicare Advantage (DisAdvantage Plan).
Advantage Plans change what they cover each year…and from what I’ve seen, the sign up deal seems like a Bait and Switch.
Too good to be true or to last from year to year.

drbassface
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Go to David Belk's channel and he makes a strong case that medigap insurance is a waste of money.

Bob-bepj
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I have Medicare A - B I also have Aenta as supplemental
Do I need a Medigab? Will my supplemental cover the 20%?
I am in very good health at this time and I work.
Thanks for any help you can offer.
Isabel in Dallas Texas

izzigogo
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Can I pospone enrollment on a plan N like you said around 13:20 of this video? any time limits or consequences for holding off enrollment on a plan G or N? Thanks

CharleyMarionsMusic
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Part B coinsurance is misleading. Medicare pays 20% of the Medicare approved costs NOT the billed costs. Typically you would pay 2-3% of the hospital billed costs. You can pay $2000 a year for a medigap plan. Medicare is great insurance without a supplement.

Bob-bepj
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Turning65 inDecember 2021…I have not been to a doctor or to a hospital since I was 25 years old, (almost 40 years), and that was only because I was in a motorcycle accident…
I see no reason to get a supplement because I stay away from them. Would cost me an extra $140.00 above and beyond the $148.50 I will be paying for part B. Minimal monthly check from social security since I retired at 62. What is your opinion on me skipping a supplement? Thank you.

abobbybaby
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No one knows when THEY will have a major health problem, and we ALL eventually will.

juliejensen
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Sarah Silverman is into Medicare now!🤪👍🏻🤣💪🏻👏🏻

abobbybaby