Medicare Supplement Insurance in Peoria & Surprise AZ

Medicare Supplement Plans

As we discussed on the Medicare Basics page, Original Medicare (Part A and Part B) can leave you with some out-of-pocket expenses which depending on your medical condition and treatment plan can really add up! Medicare Supplement, or “Medigap” adds additional coverage options to your existing Medicare plan and is administered through a private insurance company. It helps you pay for things like deductibles, copays, and other qualified healthcare expenses both out of state as well as at your local medical facility in Surprise or Peoria, AZ. It can be used with any provider that accepts Medicare but does have a monthly premium. Think of it like this, if your provider accepts Original Medicare, then they more than likely will also take your Medicare Supplement.

Medicare Supplement Plan Company Peoria & Surprise AZ
So why should you consider taking out a Medicare Supplement plan? Simple, to reduce your risk and out of pocket healthcare expenses. Consider this, the average person on dialysis will spend anywhere from $53,000 to $72,000 depending on their treatment plan. That means that the average person on Original Medicare would be responsible for paying $10,600 to $14,400 in coinsurance for their drugs. Another example would be a little easier to put into perspective. Suppose you fell and broke your arm. According to Cost Helper Health, the non-surgical cost to diagnose and treat a broken arm is $2,500. Suppose that this was the Medicare allowable rate for the physician to charge, Medicare would cover $2,000, and you would be responsible for $500. Again, you can see how things can add up quickly. Choosing the right Medicare Supplemental insurance helps to eliminate these additional costs.

This chart shows basic information about the different benefits that Medigap policies cover. If a percentage appears, the Medigap plan covers that percentage of the benefit, and you must pay the rest. Coverage and costs for 2019 are as follows:

Medicare Supplement Insurance (Medigap) Plans

Medicare Supplement Insurance Provider Peoria AZ
*Plan F may also be offered through different Medicare Supplemental insurance companies in other states as a high-deductible option. Choosing this option in Medical Supplemental plans means the individual pays up to the yearly deductible amount before the play covers any costs covered by Medicare.
**For Plans K and L, the Medicare Supplement pays 100% of covered services for the year after the individual has paid the annual Part B deductible and the respective annual out-of-pocket limit.
***Plan N covers 100% of coinsurance for Part B with the exceptions for up to $20 office visits and $50 for outpatient emergency room medical services.
The Turning 65 Advisor can help walk you through the complexities of Medicare and Medicare Supplemental Insurance and help you minimize your out of pocket exposure! If you live in or nearby Peoria or Surprise, AZ, give us a call today to go through your options.