Don’t Fall Behind: Medicare 2020-2021
Medicare supplements 2021 are insurance policies that help pay for healthcare services not covered by Medicare. These policies can be a great way to ensure you have access to the care you need, but they come with a hefty price tag.
Every Medicare supplement plan has a different set of benefits. It is important to know what your needs are in order to make the best decision for you and your family. Here are some things to consider:
What will this policy cover? What services does it not cover? Will I need extra protection beyond my medical insurance from copayments, coinsurance and deductibles on healthcare services covered by my medical coverage? Am I eligible for any other plans that may be lower cost or more comprehensive than a Medicare Supplement Plan F at $310 per month plus up-front costs? Do I qualify for any help with premiums, co-payments or prescription drug coverage through Medicaid or other government programs such as VA Benefits Programs, SSI/SSA benefits.
Medicare supplements 2021 currently does not have a prescription drug plan; however there is a chance that they may cover the cost of prescriptions in the future if you elect to pay for this coverage separately from your monthly premium. Prescription drugs are usually covered by medical insurance plans and some health savings accounts (HSA).
What if my Medicare Supplement appeal gets denied?
If your Medicare Supplement appeal gets denied, it means that you will have to pay the full amount for each of these services. In order to illustrate how this might work financially: if you had a policy with $0 deductible and 20% coinsurance up to $3000 in benefits (i.e., no out-of-pocket), then without coverage you would owe 100 percent ($310) while with coverage, after meeting the annual deductible, your share is limited as follows:
$1000/$2000 – 100% = 50%, or $155;
$3000/$4000 – 100% = 50%; or $301.50 per month on top of what you’re already paying for premiums and other costs associated with healthcare plan.