Medicare supplement insurance helps pay some out-of-pocket costs that come with Original Medicare.
Medicare supplement insurance plans are standardized by the federal government. Each is labeled with a letter. Every plan with the same letter offers the same benefits, no matter what state it’s offered in or by which insurance company. Massachusetts, Minnesota and Wisconsin standardized plans differently.
The level of coverage varies. There are standardized plans that cover all your Medicare deductibles, copayments and coinsurance, while others leave some costs for you to pay on your own. Medicare supplement plans provide nationwide coverage.
All Medicare supplement plans fully or partially pay:
- Part A hospital coinsurance
- Part B coinsurance or copays
- Cost of blood transfusions (first 3 pints)
- Costs for 365 extra hospital days
- Hospice care coinsurance
Medicare supplement plans may also help pay:
- Part A deductible
- Part B deductible (not available to those newly eligible in 2020 or beyond)
- Part B excess charges
- Cost of foreign travel emergency care up to plan limits
- Part A skilled nursing facility care coinsurance
Medicare supplement insurance costs
Premium
- Insurance companies set their own plan premiums.
- Plans that provide more coverage generally have higher premiums.
- Premiums may vary from insurer to insurer even if the plans offer the exact same coverage.
- Premiums may change from year to year.
