Last updated on: October 28, 2022
Medigap insurance, also known in Kentucky as Medicare Supplement insurance, is a type of insurance plan you get to supplement, or fill in the gaps, of Original Medicare (Parts A and B).
In Kentucky Medicare only covers about 80% of your health care related costs. The other 20% is up to you to pay out-of-pocket. 20% may not sound like a lot, but when you add up deductibles, copays, and coinsurance, especially if you suffer from poor health, you can potentially be faced with thousands of dollars in medical bills. The average Kentucky Medicare beneficiary who only has Original Medicare will pay $7,620 every single year in out-of-pocket heathcare expenses. That’s why Medigap insurance can be great options for coverage! These plans pay what Parts A and B don’t cover. When you have Medigap insurance, your Original Medicare pays its share, and then your supplemental plan pays the rest.
Here are 7 costs that can be extremely expensive if you live in Kentucky and do not have a Medicare Supplement Plan!
1. The Part A Deductible in Kentucky
Did you know that the Part A deductible for a hospital stay in Kentucky – the amount you have to pay before your Medicare insurance will kick in – is $1,408 in 2020 for each benefit period? Benefit periods are only 60 days. So if you are admitted as a patient in March, and stay for a week, and then are readmitted in June, you have to pay the deductible again. This can lead to a very expensive year if you have falls or illnesses that require repeat hospitalization. Medigap insurance takes care of this deductible.
2. Kentucky Hospital Stay Copays
Copayments for inpatient hospital stays are another expensive item that Medicare Supplement plans help cover. In 2020, a copayment for an inpatient hospital stay in Kentucky is $352 every day after day 60, and $704 each day for every day after 91, and up to $4000 for each day after that. You may not think that you’ll ever be in the hospital longer than 60 days, but unfortunately health is not guaranteed, and an accident or illness could sideline you and leave you financially devastated. Medigap insurance covers this copay, and an additional 365 days of coverage.
3. Skilled Kentucky Nursing Facility Copays
In 2020, the copay for a skilled nursing facility is $176 each day after 21 (up until day 100). Many adults over 65 will enter a skilled nursing facility in Kentucky due to injury or sickness, and may need to stay there for weeks at a time to rehab from surgery or to recover from an illness. However, paying nearly $200 a day is a big financial burden for anyone; supplemental insurance can help cover this cost.
4. Part B Excess Charges in Kentucky
Did you know that in Kentucky, your doctor or service provider may charge more than your Medicare Plan covers? Kentucky Medicare insurance only covers the “Medicare-approved amount”. If it is legally permissible, your provider can charge more, and you’ll have to pay these “excess charges” out-of-pocket. Medigap insurance helps to protect you from these costs.
5. Blood (First 3 Pints)
Medicare covers blood transfusions after you pay the first three pints. One pint of blood can be anywhere from $200-300 depending on location and type, so if you do not have Medigap insurance, you could pay as much or more than $900 for your blood transfusion. With a Medigap Plan, the first three pints are covered.
6. Preventative Care Coinsurance in Kentucky
In Kentucky, Medicare Part B covers a yearly preventative exam, but it only covers certain services. If your doctor recommends that you get preventative services more often than once a year, or they may recommend/perform services that are not covered. If this is the case, you may need to pay some or all of the costs on your own. A Medigap Plan can cover these out-of-pocket costs.
7. Foreign Travel Care
If you do not have Medicare Supplement insurance, you do not have healthcare coverage when you’re traveling abroad, except in specific & rare cases. Obviously, if you suffer your health emergency when you’re on your dream retirement vacation, not only will it throw off your trip but it could also bankrupt you; foreign health care can be more expensive than you may imagine when you are paying it entirely out-of-pocket. If you have a heart attack and have to be airlifted, for example, it can be thousands of dollars. Medigap Plans D, G, M, and N provide foreign travel emergency coverage when you travel internationally from your home in Kentucky.
To find the right Kentucky Medigap insurance for your budget and health needs, get a free quote online from EnrollMedicare.com!
Categories: Medicare Articles