Medicare recipients don’t always realize that Medicare leaves numerous coverage “gaps” that are up to the beneficiary to pay. The ever-rising cost of healthcare in the United States is a serious concern for many with frequent, continuous medical expenses. Thankfully, there’s Utah Medicare Supplemental insurance plans to fill in those gaps in coverage. Below we’ll discuss the basic benefits and plans that exist, A through N.
Utah Medicare Supplement Plans
Utah Medicare Supplement plans come in 10 standardized forms established by the Centers for Medicare and Medicaid Services, each offer different benefit combos to address the gaps. A supplement policy will assist in such areas as hospital visits, skilled nursing, home health care, the use of certain medical equipment and doctor bills. Only older “grandfathered” plans will cover prescription drugs, many beneficiaries add on a stand alone Part D plan to use in addition to their supplement plan. Make sure to get drug coverage as soon as you can to avoid the Medicare Part D penalty.
Letter Plan Benefits Explained
The plans are all standardized by the government, so the benefits will remain the same for each letter plan no matter what carrier you go with. Plan A supplement insurance includes the core policy benefits that are found in all letter plans.
It covers Medicare preventive care Part B coinsurance, the first three pints of blood for a medical procedure, Part A hospice care coinsurance or copayment, Medicare Part B coinsurance or copayment and an additional 365 days coverage for Medicare Part A coinsurance hospital costs once your Original Medicare benefits are gone.
Plan B includes the core policy benefits as well as coverage for your Medicare Part A deductible. Medicare Supplement Plan C adds coverage for skilled nursing care facility coinsurance, foreign travel emergency coverage up to the plan limits and coverage for your Medicare Part B deductible. Plan D includes the same coverage as Plan C, except it doesn’t cover your Part B deductible.
Medicare Part F is your all inclusive policy, it includes all benefits that are available with Plan C as well as coverage for any Part B excess charges. There’s also a Plan F high deductible version, this allows you to get the same amount of coverage at a lower premium. However, you must pay the entire deductible before your coverage begins.
Next is Plan G, this plan is similar to Plan F, the only difference is coverage is it doesn’t cover your Medicare Part B deductible. However, Medicare Supplement Plan G prices may be more affordable for some beneficiaries. Plan K is another policy that may be more affordable for some. Medicare Supplement Plan K benefits are similar to Plan D, but it doesn’t include coverage for any foreign travel emergency care. It only covers a percentage of your coinsurance and copayments for your Medicare Part B, Part A hospice care and skilled nursing care. It will also only cover a percentage of your Medicare Part A deductible.
Then there’s Plan L, this is the other cost sharing plan that’s very similar to Plan K. The only difference is the percentage that’s covered for the benefits listed above. Medicare Supplement Plan M benefits are the same as Plan D with only one minor difference, it only covers 50% of your Part A deductible.
The last letter plan to discuss is Plan N. Just like Plan M, it’s very similar to Plan D. The only difference is that Medicare Supplement Plan N benefits have a small copayment for certain doctor visits and emergency room care.
Utah Medicare Supplemental Insurance Rates
Utah Medicare Supplemental insurance rates are based off many different factors. You’re age, location, gender and carrier you choose affect your rates, that’s why it’s important to compare different rates with all the carriers once you decide on a letter plan.
Carriers use 3 different pricing methods to determine the rates as well. These methods are called Attained age rated, Issue age rated and Community rated.