Can A Medicare Supplement Plan in Massachusetts Save You Money?

Can A Medicare Supplement Plan in Massachusetts Save You Money?

Last updated on: November 08, 2022

Do Massachusetts Medicare Supplement Plans really save you money on healthcare expenses, even if you are already enrolled in Medicare? The answer is yes, and if you live in Massachusetts may be able to save more than you realize.

Millions of Americans over the age of 65 count on Medicare to pay their healthcare bills when they retire, but they aren’t aware that Original Medicare (Parts A & B) isn’t free. In reality, it only covers about 80% of approved healthcare costs. Or, perhaps they are aware, but they don’t realize how much paying 20% of their medical bills out-of-pocket could cost them.  

The truth is that relying solely on Medicare to cover healthcare bills can lead to severe medical debt. Original Medicare coverage is far from comprehensive. Copays, coinsurance, and deductibles are all left up to the beneficiary, along with the 20%. There are also benefit periods that require deductibles to be paid again if a cost is incurred outside of the benefit period; thus, deductibles may need to be paid several times in one year if there are multiple instances requiring healthcare. There is no cap to the amount a patient may have to pay annually.    

Medicare Supplement Plans, commonly referred to as “Medigap” Plans, help to fill these expensive coverage gaps in Original Medicare. There are 8 plan types (A, B, D, G, K, L, M, and N) designed to protect you from high medical bills. Without a Medigap Plan, you face a risk of paying thousands of dollars in a year if you have an illness or injury.    

Here are some healthcare items that Medicare Supplement plan types cover:    

Part A coinsurance/copay and hospital costs up to an additional 365 days after the Medicare benefits expire.    

In 2020, the copay per day for an inpatient hospital stay is $352 after the first 60 days and $704 after day 91. An accident, fall, or illness could leave you in the hospital for longer. All Medicare Supplement insurance plan types take care of this copay and also cover an additional year, should you need it.  

Skilled nursing facility care coinsurance/copay.

In 2020, the copay for a skilled nursing facility is $176 per day. Imagine paying nearly $200 per day for weeks while you recover from surgery or a fall. Medicare Supplement insurance (all types except K and L, which cover 50% and 75% respectively) covers this cost.  

Blood (first 3 pints).  

One pint of blood can be over $200, depending on the type and location. All Medigap plan types cover 100% of the first three pints except plans K and L, which cover 50% and 75% respectively.  

Foreign travel exchange plan.  

Plans D, G, M, and N cover you for foreign travel emergencies. If you are retired and want to travel, you need to have protection; international healthcare may be much more expensive than you realize, and should you need emergency service or an emergency procedure, you need Medigap insurance. Medicare doesn’t offer coverage outside the United States.

Medicare Supplement Plans can also cover Part B coinsurance/copays, the Part B excess charge, the Part A hospice care coinsurance/copays, and preventative care out-of-pocket costs.  

Medicare Supplement Plans have numerous other benefits, like the freedom to choose your own healthcare providers anywhere in the United States, but the largest pull for many who choose a Medigap Plan is the financial coverage and peace of mind this type of health insurance offers.

Original Medicare could leave you facing hundreds of thousands of dollars in medical expenses if you don’t have supplemental coverage. Medicare Supplement Plans can be the solution! To get an idea of how much money you as an individual could save by having a Medigap Plan, consider how much you generally pay for Part A and B copayments, coinsurance, and deductibles, as well as the difference between the monthly premium for a Medigap Plan and your average expected Medicare out-of-pocket monthly costs.

We can help you determine which Medicare Supplement insurance plan will save you the most money while providing the health coverage you need! We’ll match you with a plan that fits your unique health needs and budget. Stop worrying about healthcare expenses, and start saving with the right Medicare Supplement Plan! Contact us and answer a few basic questions to get a free quote today.


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