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Outpatient medical care is covered 80% by Medicare Part B after you first pay a small annual deductiblle. Many major illnesses and health conditions are provided for, but cancer in particular is an illness which most beneficiaries want to be sure they have properly insured themselves for. Most forms of cancer are covered by Medicare cancer benefits under Part B. Common forms of treatment though, such as chemotherapy and radiation, can get quite expensive when you are responsible for the other 20%. To minimize the risk of financial exposure, most beneficiaries enroll in a medigap plan to cover their part of any costs related to cancer treatment.

If you are undergoing treatment for cancer upon your entry into Medicare, you need not worry about your eligibility or any pre-existing limitations. Medicare allows you an open enrollment window during which you can apply for and obtain a medicare supplement without having to answer any health questions. This open enrollment window extends for 6 months beyond the effective date of your Medicare Part B. Because the policy is guaranteed to be issued, the open enrollment window is considered by many to the best time to apply for a medigap policy.

There are various different Medicare supplements available to you, but they were standardized by the federal government some years back to make it easier for you to compare plans. Each Medigap policy, labeled Plan A through Plan N, covers a certain set of the gaps in your original A & B. Since even Medigap Plan A covers the 20% of outpatient costs not covered by original Medicare, the coverage for common cancer treatments under a medicare supplement policy is excellent. Essentially, when choosing your plan, you just need to decide whether you are willing to do some cost-sharing to keep premiums low, or if you would prefer to have all the deductibles, co-insurance and copays covered.

Medicare Advantage plans are a second category of supplemental health insurance coverage that beneficiares can choose. Also referred to as Part C, Medicare Advantage plans offer lower monthly premiums in exchange for you taking on some share of the costs for your treatment in the form of copays and co-insurance. These private Medicare health plans often cover common cancer treatments at 80%. Though you would pay the other 20%, there is a protection feature built into each plan called an Out-of-Pocket Limit. In other words, if you spend up to the limit, the plan then kicks in and pays the rest of your medical expenses for the remainder of the year.

Cancer is one of the most common major diseases in the world today, so being sure that you understand your plan’s benefits for treatment is important. We are at higher risk for many health conditions as we get older, but cancer is an illness for which medical care is often astronomically expensive. For your own peace of mind, consulting a licensed insurance agent who works in the Medicare market is a great way to be sure you are evaluating all aspects of any supplemental coverage you consider. This agent can help you analyze which plan best matches your personal needs.

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