Texas Supplemental Medicare Insurance
Medicare Supplemental Plans Made Easy
Texas Supplemental Medicare Insurance
Medicare beneficiaries who are enrolled in Original Medicare can also enroll in a Medicare Supplement insurance plan in Texas. These plans cover some of the out-of-pocket costs associated with Original Medicare. Private insurance companies approved by Medicare offer these plans, which can vary in coverage, cost and availability.
If you are enrolled in Medicare Part A and B (Original Medicare), Medigap plans can help fill the coverage gaps in Medicare Part A and Part B. Medigap plans are sold by private insurance companies and are designed to assist you with out-of-pocket costs (e.g., deductibles, copays, and coinsurance) not covered by Parts A and B.
Medicare Supplement Insurance, also called Medigap coverage, protects people who buy traditional Medicare against many of the additional costs a patient might pay. In return, Medigap charges a premium in addition to what the person already pays for Medicare Parts A (many people get this free), B, and D.
Then to make things even more confusing, the assorted options offered by Medigap are also sorted by letter. The choices are Plans A, B, C, D, F, G, K, L, M, and N. What these plans include is standardized by Medicare. The cost for them can vary, however, so it’s worth shopping around. Joseph Graves, insurance agent and founder of “I Hate Buying Insurance,” says many people enroll in Plan F, the most expensive choice, because it covers almost all the gaps. A person with Plan F coverage will have few or no out-of-pocket expenses, however, by the end of 2019, plan F will no longer be available to new Medicare enrollees.
Depending on the Medicare supplement plan you choose, the plan may provide a benefit for (Benefits and cost vary depending on the plan you choose.):
- Part A coinsurance (and most plans provide a benefit for the Part A deductible)
- Some of the out-of-pocket costs not paid by Part B (some plans also cover the Part B deductible)
- Cost of blood transfusions (first 3 pints)
- Cost of up to 365 extra hospital days after you’ve used up your Part A benefits
- Skilled nursing facility coinsurance or copayment
- Part A hospice/respite care coinsurance or copayment
You pay a monthly premium and some out-of-pocket costs.
Texas Medicare Supplements are standardized by the Federal Government. They are labeled A, B, C, D, F, G, K, L, M, and N. Each standardized Medigap policy must offer the same basic benefits no matter which insurance company sells it. Cost is usually the only difference between Medigap policies with the same letter sold by different insurance companies. Plan A pays the Medicare hospital and physician coinsurance, the first three pints of blood, and 365 days of hospitalization beyond Medicare. Plans B through N provide these benefits and add more benefits such as coverage for Medicare deductibles, excess charges and limited preventive care, and foreign travel. You can only have one Med Sup plan. No one should try to sell you an additional Medsup plan unless you decide you need to switch policies.
How to Choose a Medicare
Each company and county may offer a diverse selection of Medigap plans. Consider all the options available in your area to find the best plan type for your specific needs. Coverage levels vary between plan types. For example, a Plan G might charge a higher premium but cover more copayments and out-of-pocket expenses compared to another Medicare supplement insurance plan in Texas.
It is also important to compare costs of monthly premiums and out-of-pocket expenses between different companies since these can fluctuate. Get quotes from different companies in your area to see which plan will be the most affordable for you. If prescription drug coverage is a concern, consider enrolling in a stand-alone Medicare Part D prescription drug plan to work alongside your Original Medicare and Medicare Supplement insurance plan. Remember that you cannot have a Medicare Advantage plan at the same time you have a Medigap plan.