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Medicare Supplement Plan B Rates & Benefits

Medicare Supplement Plan B is a cost-sharing plan that you can use to supplement your basic benefits through Medicare Part A and Medicare Part B. You can purchase this plan from multiple private insurance companies to save on health care costs that aren’t covered by the United States Medicare program. It’s smart to do a comparison of all of your options so that you can choose the best one for you. While doing that comparison, you’ll probably want to learn a little more about the costs, coverage, and benefits of Medicare Supplement Plan B. Once you learn a little more about the benefits that go along with this plan, you can compare it to other Medigap policy options so that you can find the best plan that offers the benefits that you need.

What is covered by Medicare Supplement Plan B?

When beneficiaries sign up for this health insurance plan and pay their Medicare Plan B rates, these beneficiaries will be able to enjoy these types of coverage without worrying about plan limits:

  • Medicare Part A deductible
  • Medicare Part A coinsurance for hospital costs for up to 365 days after Medicare Part A benefits have been exhausted
  • Medicare Part A hospice care coinsurance and copayments
  • Medicare Part B copayments
  • Medicare Part B coinsurance
  • First 3 pints of blood when needed for a medical procedure

What is not covered by Medicare Supplement Plan B?

Having coverage for things that Medicare Part A and Part B don’t cover — like the Medicare Part A deductible — is a good thing, but your coverage is not comprehensive with this plan. If you are wondering what is not included in your Medicare Plan B rates or plan, it’s best to be prepared for these additional out-of-pocket expenses:

  • Medicare Part B deductible
  • Medicare Part B excess charges
  • Skilled nursing facility care coinsurance
  • Foreign travel emergency care

In addition to the things listed above, you should also know that Medicare Supplement plans like Medigap Plan B do not include the Medicare Part B premium, either. In fact, none of the Medicare Supplement plans include this cost. Therefore, when determining how much of a monthly premium you can afford when shopping for Medicare Supplement plans, you should make sure that you leave enough room in your budget for the Medicare Part B premium.

Medicare Supplement Plan B Rates

Although more expensive than Medicare Supplement Plan A, Medicare Supplement Plan B rates are typically pretty affordable when compared to other Medicare Supplement plans. This does not mean that you shouldn’t compare Medigap Plan B rates from provider to provider, though. You may find that Medigap Plan B rates are much cheaper from one insurance agency than from another insurance company. Also, companies that offer the lowest rates on other Medicare Supplement plans might not offer the lowest rate on the plan that you are shopping for to enhance the federal Medicare program.

When choosing an insurance company for purchasing Medigap plans, you’ll want to know how Medicare Supplement Plan B rates are calculated. These are the three calculation methods that can be used for Medicare Supplement Plan B or any other Medicare Supplement plan:

  • Community-rated – All beneficiaries who sign up for Medicare Supplement Plan B through the same insurance company will pay the same rates for their health care plan. There are benefits to this rate-wise since the risk is spread out among lots of people. For some, benefits are cheaper with community-rated plans.
  • Issue age – Rates for beneficiaries for Medicare Plan B or whatever health care plan you sign up for will be calculated based off of your age when you sign up, and they will not go up because of age as you get older. This is often the best way to enjoy a lower premium over the long-term.
  • Attained age – Your rates for Medicare Plan B will start out low but will continue to go up as you get older. When you first compare rates, these plans might seem cheapest. However, the cost of your benefits will go up.

Our Best Rated Companies Offering Medicare Supplement Plan B

Here at My Medigap Plans, our licensed insurance agents work with beneficiaries to help them do a comparison of plans and choose a plan that is right for them. The best-rated companies offering Medicare Supplement Plan B, in our opinion, are these top providers:

If you’re wondering why we think these are some of the best Medicare Supplement Plan B providers in comparison to some of the other insurance companies, consider these main reasons:

  • Top financial strength and ratings
  • Long history in the health industry
  • Great tools and ease of access at all points of the process
  • Great customer service
  • Competitive rates and stability over time
  • Customer satisfaction

If you want Medicare Supplement plan quotes from the best Medicare Supplement Plan B providers, we can help. In addition to helping you look at quotes from these best Medicare Supplement Plan B providers, we can also tell you about your other options. We want to help you do a good comparison of plans and providers so that you can sign up for the rates, coverage, and benefits that are best for you.

Does Medigap Plan B cover Prescription Drugs?

Drug coverage is not included with Medicare Part A and Part B or Medicare Supplement Plan B. In fact, none of the Medicare Supplement plans include this coverage. This is because Supplements are designed to fill in the gaps of Original Medicare insurance, and there is no prescription drug plan included with Original Medicare Parts A and B.

This does not mean that you shouldn’t be looking into Medicare Supplement plans. However, in addition to looking at Medicare Supplement plans, you will need to purchase a separate stand-alone Medicare Part D drug plan if you want this coverage. You can buy your plan from the same company that you purchase Medigap Plan B from. If you find that one company offers better rates for Medigap Plan B and that another offers better rates for prescription drug coverage, you can purchase the two plans from separate companies.

When can you enroll in Medicare Supplement Plan B?

It’s best to sign up for Medigap Plan B or any other Medicare Supplement insurance plan during your Medigap Open Enrollment Period. This is the time when you’re first eligible for Medicare benefits.

The time when you’re first eligible for Medicare benefits is the best time to sign up for Medicare Supplement insurance Plan B because you can often get the best rates, even if you have health conditions. It’s also best because you don’t have to stress about getting turned down for coverage because of pre-existing health conditions.

Even if you do miss this time period, though, don’t assume you have to rely on your Medicare benefits alone. You might just have to shop around a little more, or you might have to pay a slightly higher monthly premium.

We know about all of the best Medicare Supplement insurance companies that offer health care plan options for seniors like you. Even if you have health conditions, we can help you look for a Supplement to use with Original Medicare. By helping you shop around for the best plans and companies, we can help you find an option that will work for you.

Medicare Supplement Plan B Review

Those who want more coverage than what Medicare Supplement Plan A offers but who want to keep their Supplemental coverage simple may want to consider Medigap Plan B. Medicare Supplement insurance Plan B is a simple cost-sharing plan that does help cover some things that Original Medicare insurance through the U.S. government doesn’t cover.

Of course, you should look at our Medicare Supplement plans comparison chart to look at the benefits offered by each plan. You may find that the benefits that come with Medigap Plan B are enough, or you might want a plan that offers more benefits, such as Medigap Plan N, Medigap Plan C or high deductible Medigap Plan F. We’ll help you compare Medigap plans so that you can find the one that is best for you.

We know that you want to sign up on health insurance so that you can save on medical expenses and medical services, such as doctor’s office visits and emergency room visits. We also know that it’s sometimes confusing and difficult to find a plan that covers the medical expenses that you want to be covered and that comes with affordable monthly premiums. One of our licensed insurance agents can help you compare your options and find the plan that is best for you, though, so don’t be afraid to call us so that we can help you compare plans today.

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