Medigap Plan B

Sean Brady here with My Healthcare Direct... let's dive in and see what we can learn.

In today's video we're going to be going over Medicare Supplement Plan B... what it is, what it is not and how it could potentially help you in your Medicare journey.

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The first thing to understand is Medicare Part B is NOT Medicare Plan B. I know Medicare's kind of confusing us here so we're going to get through this, all right.

Part B is part of the two components of original Medicare.

Part A, if you remember, is your hospitalization. That's everything once you step foot inside the hospital and Part B is everything outside the hospital... your doctor's visits, outpatient procedures, that sort of thing and that consists of original Medicare.

This is not that. This is a Medicare Supplement Plan that you can add-on in addition to that original Medicare that you probably have. That's the first thing to understand.

Let's go ahead and take a look here at the chart. This is a breakdown of all the Medicare Supplement Plans that are offered and what they pay for and what they do not.

As you can see here, with Medicare Supplement Plan B, it's going to cover just a little bit more than Plan A. So, not too many benefits.

I wouldn't say it's one of the more popular plans, but I want to go over it here so if you were being thorough and wanted to know about every single supplement, that's why we're here.

Let's highlight the specifics that it does not cover.

• It does not cover your Part B annual deductible. We'll go over that cost in just a second.
• Your Part B excess charges: it does not cover that.
• Cost of foreign travel and emergency; so once you step outside the United States it’s not going to be covered.
• Skilled nursing facility; not going to be covered. That's like your rehab when you're not 100% yet but you still need to have some things done re: rehabilitation, that sort of thing.

What cost would I need to be responsible for with the Medicare Supplement Plan B?

Well, you need to be responsible for your monthly premium amount and all Medicare Supplement Plans have a monthly premium amount. I would not know exactly, off the top of my head, what yours would be for a Plan B. It's going to be dependent upon your zip code where you live, your age and your health.

We need to go over some health questions as well but if you give our office a call, within about two minutes, we'll be able to give you an exact quote and options to go with it.

Other expenses that you're going to need to understand going in?

Your part b annual deductible, that's going to be your responsibility. For 2021 it's going up to $203, so be aware of that.

Also, you'll be responsible for the Part B excess charges.

Also, skilled nursing, we went over that, like rehab if you're still trying to recover, that’s not going to be covered.

Foreign travel and emergencies, so once you step foot outside the states, not going to cover that. You need to be aware of that.

In a nutshell, that's Plan B. I'm sure there's other questions you have and that's what our team is here for. Give us a call. We'll do a free review for you at no cost, and you can see how we can help you answer your questions and get you into Medicare.