As owner of KK and B Financial Services for Seniors, Brad Liebe and his team offer advice to retirees and pre-retirees in Florida, Wisconsin, and California. Brad Liebe draws on an in-depth knowledge of Medicare and Medicare Supplement Insurance.
Medicare Parts A and B cover a diverse set of medical costs including inpatient care, outpatient visits, and durable medical equipment. Both require an annual deductible, which the patient must pay out-of-pocket before Medicare pays. In addition, Medicare subscribers must pay a percentage of approved costs as coinsurance or copayments.
Medicare Supplement Insurance, also known as Medigap, can help with these costs. A Medicare supplement policy can cover coinsurance and hospital costs, which Medicare Part A charges for each day that a patient is admitted. Supplement policies also cover the required Part B coinsurance or copayment, usually 20 percent of covered care.
In addition to these basic benefits, all Medigap policies cover three pints of blood transfusions and coinsurance for hospice or respite care. Some policies include additional coverage, such as Part A and Part B deductible coverage, skilled nursing coinsurance or copayment, and emergency coverage for foreign travel.
All policies are available through private insurers and do not cover prescription drugs. For drug coverage, a subscriber must sign up for Medicare Part D.
