Medicare Plan B, or Medigap Plan B, is a Supplement plan that has some great advantages. Medigap Plan B is similar to Medigap Plan A, but has some additional benefits.
Medigap Plan B Benefits
Medigap Plan B benefits include Medicare Part A Coinsurance and hospital costs and up to an additional 365 days after your Medicare benefits are used up. Plan B includes your Part B coinsurance or copayments. Plan B also covers Hospice copayments or coinsurance. Also included are the first 3 pints of Blood product and your Medicare Part A deductible.
What is NOT Included in Medigap Plan B?
Some of the items that are not included in Medigap Plan B but are often included in other Supplement Plans are no coverage of the Skilled Nursing Facility coinsurance or co-payments. The Part B deductible ($183 for the 2018 plan year) is not included in this Supplement Plan. You are also responsible for any Part B excess charges you incur. Please check out our article on Part B Excess Charges if you are not familiar with what they are. There is also no benefit for foreign emergency travel coverage with Plan B.
What Makes Plan B a Good Option?
Medigap Plan B is a good option for many people because the cost sharing allows for lower premiums than some other Supplement plans while still covering some of the big out of pocket expenses you can incur with Medicare. Covering the Medicare Part A deductible can make a big impact, since the deductible is a per incident deductible and not an annual deductible. The Part B deductible is a set annual fee and people are able to budget accordingly.
Medicare Plan B is NOT Part B
Medicare Plan B is a Medicare Supplement PLAN. Please don’t confuse it with Medicare PART B. Medicare Part B is your outpatient coverage that you purchase directly from Medicare. Your Supplement PLAN B is purchased through a broker and paid to an insurance company to help you manage the out of pocket costs associated with Medicare coverage.
Are you confused?
If you are confused about the differences between PARTS and PLANS or which plan is right for you, we would be happy to help you navigate the Medicare options. We are insurance experts who love helping people learn and understand their options and empower you to make the choice that is right for you and your unique situation. 352-508-4221