Medigap Plan B is one of 10 standardized Medicare Supplement plans available in most states.
Medigap Plan B differs from Original Medicare Part B, though their names are similar.
Medigap Plan B Coverage
Medicare Supplement insurance plan B covers the following:
- Medicare Part A deductible
- Part A hospice care copayment
- Medicare Part B copayments
- First three pints of blood you receive as a hospital inpatient or outpatient
- Medicare Part A hospital expenses and coinsurance up to 365 additional days after your Medicare benefits are used
Medigap Plan B doesn’t cover:
- Medicare Part B deductible
- Medicare Part B excess charges
- Foreign travel emergency care
- Skilled Nursing Facility care coinsurance
Because Medigap Plan B policies are offered by private insurers, costs and availability may vary by location and company. But all companies must provide the same array of standardized Plan B benefits.
Medigap Plan B Costs
Private insurers dictate their own monthly premiums. Depending on many factors such as gender, age, location, and health status, insurance carriers may impose different premiums for the same plan. Companies can’t cancel your coverage unless you don’t pay the premium, you were dishonest on the application, or the insurer becomes bankrupt.
When to Enroll in Medigap Plan B
Perhaps the best time to enroll in a Medigap Plan B policy is during your Medigap Open Enrollment Period (OEP). This is a six-month period that starts on the first day of the month that you’re aged 65 or over, and enrolled in Medicare Part B. During your OEP, you usually have the right to enroll in the policy of your choice regardless of whether you have any prior health conditions. You just have to live within the Medigap plan’s service area and be enrolled in Medicare Parts A and B.
If you happen to miss your OEP and choose to apply later, you may face medical underwriting and be denied enrollment. But in some scenarios, you might have a guaranteed issue right to enroll in a plan outside of your OEP.
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