It starts when you are 64. It seems as if every day you are inundated with advertisements for medicare supplements. Many of us have heard of Medicare supplements but are not really sure what they are or how they work. However, Medicare supplemental insurance can help round out your Medicare coverage to make sure that all your health needs are protected. Who receives Medicare can obtain these plans.
How Medicare Supplement Insurance Works
Medicare Supplement Insurance is also known as “Medigap”. Medigap is insurance that will help fill the difference or “gap” in your Medicare. Your Medicare will not pay for all of the costs, leaving you with a bill you cannot afford. A Medicare supplement insurance can help pay for costs that regular medicare does not cover such as:
- Your copay or coinsurance
- Your deductibles
- Prescription drugs
- Long term care
There are four parts to Medicare. A, B, C, and D. Original Medicare is covered in A and B:
- Plan A covers inpatient or hospitalization
- Plan B covers outpatient or doctors visits
- Plan C or medicare advantage combines various parts of medicare
- Plan D is for prescription coverages.
If you choose to go with plan C, Medicare advantage (MA) or plan D, you will have to sign up with a private insurer and still have to enroll in parts of Medicare A and B and pay the B premium.
Peace Of Mind With Medicare Supplemental Insurance
Choosing Medicare Advantage over original Medicare through private health insurers allows you to choose options that you may need but do not have under part A and B. These include:
- Full prescription courage
- Vision care
- Hearing aids
- Dental care
- Adaptive equipment such as wheelchair ramps and transportation.
Types of Medicare Advantage Plans
It is important that when you are shopping for your Medicare advantage plan you recognize there are different types to choose from. Some of those include:
- Health Maintenance Organization (HMO): An HMO plan utilizes in-network providers and requires referrals for specialists.
- Preferred Provider Organization (PPO): PPO plans charge different rates based on if you go in-network or see a doctor that is not in the network.
- Private Fee-for-Service (PFFS): PFFS plans are special payment plans that offer provider flexibility.
- Special Needs Plans (SNP): SNPs help with the long-term medical costs if you have a chronic condition.
- Medical Savings Account (MSA): MSA plans are medical savings accounts paired with high deductible health plans.
As you can see choosing a Medicare Supplement is not an easy task and you want to make sure that you have the coverage you need.
Getting The Medicare Supplement You Need
There are a number of factors that will determine what you need, since each person’s health is unique to them So prior to meeting with a insurance agent, ask yourself the following questions:
- How much medication do you take monthly
- Will you need vision coverage
- Is dental coverage important
- Should I add hearing coverage
- What other health issues need to be addressed.
When you sit down with an insurance provider, review all your options and health care needs and let them help you. The independent agents at Asurea work with over 80 different insurance companies to get you the best price for the coverage you need. Since 1999, we have been helping seniors to get plans that will protect them. Let us help match you up with the plan you need. Read our website to learn more.