Are you sure you know all about Michigan Medicare supplemental insurance plans? One of the foremost reasons why state residents still end up paying huge amounts of money for out-of-pocket costs and deductibles is because they are not fully aware of the different plans and coverage available with Medicare.
In Michigan, the Department of Insurance allows insurance companies to provide Medicare supplement plans that can help pay some of the healthcare costs that Original Medicare doesn’t cover. Medicare supplement insurance policies are also called Medigap policies because they cover the gaps in the coverage that are not covered by a standard Medicare Policy.
Medicare beneficiaries in Michigan who are enrolled in Original Medicare (Part A & B) may find that the plans do not cover all of their health costs. However, Medicare recipients in Michigan may choose to opt in a Medicare supplement plans, which may cover costs such as copayments, deductibles, coinsurance, and other expenses.
These plans, however, can’t be used to pay for Medicare Advantage (Medicare Part C) expenses. These plans are identified by alphabet letters (A, B, C, D, F, G, K, L, M, and N), with plans of the same letter providing the same benefits. Three states, Minnesota, Wisconsin, and Massachusetts, offer different types of standardized Medigap plans.
If you are below 65 years, your choices of Medicare supplement policies are generally limited to a Medicare supplement Plan A or C. There are a limited number of health carriers that offer Plans A and C to persons below 65 years. Companies that offer Plans A and C seniors below 65 years are allowed to charge those individuals more for the coverage.
- Plan A includes only the essential core benefits.
- Plan B covers the basic core benefits and the Medicare Part A deductible.
- Plan C covers the core benefits, the Medicare Part A deductible, proficient nursing facility care, Medicare Part B deductible, and medically required emergency care in a foreign country.
- Plan D includes the basic core benefits, the Medicare Part A deductible, proficient nursing facility care and medically required emergency care in a foreign country.
- Plan F includes the core benefits, the Medicare Part A deductible, proficient nursing facility care, Medicare Part B deductible, 100% of the Medicare Part B excess charges, and medically necessary emergency care in a foreign country.
- Plan F allows a high-deductible version in which beneficiaries pay a predetermined deductible amount before the plan begins coverage. This amount may change from year to year.
- Plan G includes the basic benefits, the Medicare Part A deductible, proficient nursing facility care, and 100% of the Medicare Part B excess charges.
- Plan K includes the core benefits. Plan K only provides 50% of the cost sharing for Medicare Part A covered hospice expenses and the first three pints of blood. It also only pays 50% of the Part B coinsurance after you meet your annual deductible.
- Plan L includes the core benefits. Plan L only provides 75% of the cost sharing for Medicare Part A covered hospice expenses and the first three pints of blood.
- Plan M includes the core benefits, 50% of the Medicare Part A deductible, skilled nursing facility care and medically necessary emergency care in a foreign country.
- Plan N also includes the core benefits, 100% of the Medicare Part B coinsurance and up to $20 on emergency visits that do not result in an inpatient admission.
Medicare Supplement plans in Michigan that are denoted with the same letter do not vary in coverage or benefits, as explained above. However, each insurance company that offers Medicare Supplement plans can set their premiums, so costs may differ. This implies that a resident of Washtenaw County may pay more or less than a resident of Wayne County for the same Medicare Supplement plan. By keeping the changes in expenses in mind, it will be a nice idea to compare all Medicare Supplement plans in your county to choose a Medigap plan in Michigan that fits your requirements.
Learn more about Michigan Medicare Supplemental Insurance plans, rates and more at http://www.emedicare-supplemental-insurance.com/michigan-medicare-supplement-plans. Our Michigan Medicare Supplemental Insurance brokers will help you compare Medicare Supplemental Insurance rates and plans in Michigan. To talk to an expert in Michigan Medicare coverage toll free 888.404.5049 today