Medicare Supplement Plan B is similar to Plan A because it offers the same benefits, but should not be misinterpreted with Medicare Part B.
Coverage for Plan B
Medicare Supplement Plan B offers the same coverage as Plan A, meaning that the benefits will be 100% covered:
- Coinsurance payments (Medicare Part A) for inpatient hospital care up to an additional year after the Medicare benefits have been used up
- Copayment or coinsurance expenses for Medicare Part B
- First three pints of blood used in a medical procedure
- Hospice care coinsurance expenses or copayments for Part A
However, there is an additional benefit offered by Plan B that is not provided by Plan A:
- Medicare Part A deductible
What is not covered by Plan B?
Medicare Supplement Plan B is also similar in what it does not offer with Plan A, with the expectation that it does cover the Medicare Part A deductible. However, it does not cover the Medicare Part B deductible, excess charges involved with Part B, skilled nursing facility care coinsurance, and emergency costs for foreign travel.
Costs for Medicare Supplement Plan B
Because private companies sell Medicare Supplement Insurance, each company sets its monthly premium based on data they find within their area. This means your premium payment could be based off a variety of factors including:
- Status of health
There is a chance that your plan can be canceled at any time if, for some reason, you do not pay the premium payment, you were not honest when filling out your application, or the insurance company you are with becomes bankrupt or cannot pay their debt.
Enrollment period for Medicare Supplement Plan B
The best time to enroll in Medicare Supplement Plan B is during the six-month Open Enrollment Period (OEP). You must be enrolled in Medicare Part B and understand that enrollment begins the first day of the month that you turn 65. By enrolling within that period, you are guaranteed to be accepted by any plan you choose. However, if you decide not to enroll within that period, there is a chance that you can be denied, or you may be required to go through a medical underwriting process.