Perhaps the biggest incentive to supplement Medicare is the chance to limit annual out-of-pocket costs.
Fort Collins, CO (PRWEB) January 29, 2013
Medigap Advisors is releasing the 2013 Guide to Supplementing Medicare specifically for people with disabilities. When they become eligible for Medicare, they have the option of supplementing traditional Medicare benefits in order to place a cap on their annual out-of-pocket expenses for health care.
“Perhaps the biggest incentive to supplement Medicare is the chance to limit annual out-of-pocket costs,” says Wiley Long, President of MediGap Advisors. “A couple of Medigap plans and many Medicare Advantage plans offer that. And, knowing the most you could have to spend in a given year makes it much easier to budget for medical costs.”
Medicare Advantage plan benefits are not standardized, but many plans do have the annual limit on out-of-pocket costs that traditional Medicare lacks. In contrast, the benefits of Medigap plans, also known as Medicare Supplement plans, are standardized.
Medigap benefits are customized into 10 plans that are each identified by a letter, such as Medigap Plan A. Two Medigap plans will put a cap on how much a beneficiary could end up spending for health care in a single year.
Plan L will pay for 100 percent of any remaining covered benefits for the rest of the calendar year once a beneficiary has spent $2,400 in out-of-pocket costs for covered benefits. That includes Part A and B deductibles, co-insurance and co-pays, but not premiums.
Similarly, Plan K will switch to 100-percent coverage after a beneficiary spends $4,800 in out-of-pocket costs. That higher annual maximum means Plan K will be available at lower premiums than Plan L.
Medicare Made Easy: Complete Guide for People with Disabilities is available without charge on our website. It details potential Medicare costs like major deductibles and co-insurance for hospital care, and explains the options for reducing that burden.
About Medigap Advisors:
As the nation's leading independent online expert on supplementing Medicare, Medigap Advisors offers personal service to help Medicare beneficiaries avoid major out-of-pocket expenses like Medicare deductibles and co-insurance.
Along with beneficiaries, children of parents and other caregivers may participate in live Question and Answer Sessions during the How to Get the Most from Medicare teleseminar. You can register for the teleseminar here on our website.
Medigap Advisors also provides confidential consultations to compare coverage options from different insurance companies by calling 1-866-323-1441 between 9 AM and 11 PM Eastern.