Having adequate and dependable health insurance coverage gives seniors peace of mind. Unfortunately, many seniors receiving benefits from Medicare are unaware of the out-of-pocket cost that they’re still responsible for. That’s where South Dakota Medicare Supplemental insurance comes into play.
South Dakota Medicare Supplement Plans
All Medicare plans are designed to meet the needs of Americans that are over the age of 65 or are medically disabled, such as those with end-stage renal disease or end-stage liver disease. However, Medicare by itself doesn’t provide full coverage. You’re still responsible for 20% of your medical costs, deductibles, copayments and coinsurance. South Dakota Medicare Supplement plans bridge the gap between Medicare and your out of pocket costs.
Things to Know About South Dakota Medicare Supplements
- South Dakota Medicare Supplements are only available to those covered by Medicare Part A and Part B
- There’s a monthly premium that must be paid
- Policies cannot be cancelled by the insurance provider as long as you continue to pay your premium
- Prescription drugs are not covered, you would enroll in one of the Medicare Part D prescription drug plans for coverage
- Each person must have their own policy
- Medigap and Medicare Advantage are not compatible
The Different Areas of Medicare:
- Medicare Hospital Coverage Part A
- Medicare Medical Insurance Part B
- Part C – Medicare Advantage
- Medicare Part D Prescription Drug Plans
SD Medicare Supplement Plans Breakdown
South Dakota Medicare Supplement plans consist of 10 different policies that are mandated by the government, lettered A-N. All policies must include the basic core benefits found in Plan A.
The plans listed below have lower out of pocket costs with moderate premiums.
- Plan A provides basic coverage for hospitalization, hospice care and medical expenses
- Plan B includes the same benefits as well as coverage for your Part A deductible
- Aside from the above listed benefits, Plan C offers additional coverage for your Part B deductible as well as coverage for skilled nursing care and emergency care needed outside of the United States
- Plan D actually offers one less benefit compared to Plan C. Plan D doesn’t cover your Medicare Part B deductible
- Plan F includes benefits for both Part A and Part B deductibles, 100% of any Part B excess charges, skilled nursing care coverage and emergency care outside of the U.S.
- Plan F also comes with a high-deductible option that will lower your premiums. It includes all the same benefits as the regular Plan F, the only difference is you must pay for your medical costs up the yearly deductible amount before your policy pays anything
- Then there’s Plan G, this plan has the same benefits listed in Plan F except it does not cover your Medicare Part B deductible
Plans K & L have higher out of pocket costs with lower premiums, but are subject to annual limits. These lower premium policies will include coverage for the basic benefits as well as medical costs. They also include coverage for the Part A deductible, skilled nursing care, hospital care and doctor’s services. These plans will pay a percentage of your cost and include and out-of-pocket maximum, which will limit the amount you have to pay each year.
Plan N has lower premiums and moderate out of pocket costs. This plan will include an office co-payment and an emergency room co-payment.