Not many people are aware of the fact that one needs a Medigap policy in addition to medical insurance. Since medical insurance does not pay for skilled nursing care and foreign health emergencies, it is recommended to buy a Medigap plan. Choosing the right Medicare supplement plan is important as it gets difficult to switch your plan in the future. Moreover, choosing the wrong Medicare supplement plan might result in you losing money.
Among the available standard Medicare supplement plans like plan A. plan B, etc., Medicare Part D plan finder is the most popular choice.
Medicare Plan D or Medicare Part D Plans
Medicare Plan D is the top choice in Medicare supplement plans among senior citizens. It provides the most coverage in terms of hospital bills and the doctor’s services. It’s found to be more cost-effective than other Medigap policies as well.
It is often called Medicare Part D Plans. Both the terms imply the same meaning; there is no need to confuse them with medical insurance Part A and Part B.
Medicare Plan D covers the following expenses:
- Complete Part A copayment and hospital bills (up to an extra 365 days after Medicare benefits are exhausted).
- Complete Part B (outpatient care) copayment.
- First three pints of blood.
- 100% of Part A hospital care coinsurance.
- Full expenditure of skilled nursing facility care coinsurance.
- Complete Part A deductibles.
- The excess charge covered under part B: Excess charge is the difference between what a doctor can legally charge you for treatment and what is covered by your original Medicare.
- 80% of your foreign health emergency bills.
You should buy Medicare Part D Plans if:
- You love traveling and are planning on international travel after retirement: as opposed to several other Medicare plans, Medicare Part D Plans provides up to 80% coverage on foreign travel exchange if you are ever in need of medical attention in a foreign country.
- If you are undergoing a long specialized treatment: Some people believe that their Medicare Advantage plan covers all the healthcare expenses, but this is not true. Even with your Medicare advantage plan, you’d be charged a fee for every treatment. While if you decide to buy a Medicare Plan D, you will benefit in the long run. Your supplement plan’s monthly premium would amount to much less than the treatment fee you would be paying with your Medicare advantage plan.
- If you prefer choosing your place of treatment: Since the Medigap policies work outside the healthcare network, there are fewer restrictions on doctor or hospital choice. You have greater autonomy in choosing your physician with a Medicare supplement plan.
Although private companies provide most of the Medicare plans, the plans are government regulated. It means that the company cannot modify what would be covered by a particular Medicare supplement policy. It is pre-decided by the government in the interest of the citizens. An insurance company can only change the cost of the Medicare policies it provides. Therefore, it is advisable to compare the plan prices of multiple companies before buying a Medicare plan.