Medicare Supplement Plan B – Medigap Plan B

Medicare Supplement Plan B is only one of ten different supplement plans available to Medicare recipients and is different from the regular Medicare Plan B, which is not a supplement plan. These are completely different insurance plans.

The Original Medicare Plan B is the doctor portion of your coverage and the Plan B supplemental policy for covering the gaps. You can get Medicare Part B supplemental plans if you have the Original Medicare Part A and Medicare Part B insurance coverage.

Medicare Supplement Plan B Benefits and Coverage

Plan B supplemental coverage will be best suited for beneficiaries who:

  • Are in generally good health
  • Do not require regular trips to the hospital
  • Have no need for hospice care in the near future

Suppose you are suffering from any medical conditions which will require regular medical attention. In that case, you might consider a supplement plan which can help cover any future or unforeseen medical expenses.

Of the ten different Medicare Supplemental Plans, Plan B has some of the least benefits offered.

When to Buy Medicare Supplement Plan B Insurance

Eligibility for a Medicare Supplemental Plan generally requires an individual must have the traditional Medicare coverage. Therefore, the best time to purchase your policy is during the OEP (Open Enrollment Period). Medigap OEP dates will begin the 1st day of the month you turn 65 or older. You must also be enrolled in Medicare Part B.

You will have six months to find your insurance company, figure out what your monthly premiums will be, then sign up.

This is the period in which carriers cannot refuse to sell an individual a policy for any preexisting health conditions or charge additional fees for any health conditions a person might have when joining the plan.

If you apply after six months, insurance companies can deny your application for coverage or charge more based on your existing health condition or medical history.

Medicare Supplemental Plan B Regulations & Guidelines

For the sale of these plans, insurance companies must follow individual states’ Medicare Supplement regulations and guidelines. This will mean that depending on the state you live in, a Medicare Supplemental Plan B might not be available to you. Ensure you check your state’s labeling for supplemental insurance coverage to find the details for figuring out what coverage you need. 

Use the chart below to compare Medigap Plan B to the other options available.

 

Medigap Benefits Medigap Plans
A B C D F* G* K L M N
Part A coinsurance and hospital costs up to an additional 365 days after Medicare benefits are used up Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
Part B coinsurance or copayment Yes Yes Yes Yes Yes Yes 50% 75% Yes Yes***
Blood (first 3 pints) Yes Yes Yes Yes Yes Yes 50% 75% Yes Yes
Part A hospice care coinsurance or copayment Yes Yes Yes Yes Yes Yes 50% 75% Yes Yes
Skilled nursing facility care coinsurance No No Yes Yes Yes Yes 50% 75% Yes Yes
Part A deductible No Yes Yes Yes Yes Yes 50% 75% 50% Yes
Part B deductible No No Yes No Yes No No No No No
Part B excess charge No No No No Yes Yes No No No No
Foreign travel exchange (up to plan limits) No No 80% 80% 80% 80% No No 80% 80%
Out-of-pocket limit** N/A N/A N/A N/A N/A N/A $5,880 in 2020 ($6,220 in 2021) $2,940 in 2020 ($3,110 in 2021) N/A N/A

(source)