If you turn 65 and are eligible for Medicare, you should consider getting one of the Medicare insurance plans that you can get. Very few people become medicare eligible and decide that Medicare Parts A and B are sufficient coverage. In Medicare there are just too many holes not to consider buying a Medigap policy or joining a Medicare Advantage plan.You may want to check out Insurance SoluTNS-Medicare Health Plans for more.
Anyone who’s come close to the age of Medicare knows you’re practically inundated with mailed stuff. Medicare sends the most important piece of information. This impartial information will give you an overview of your options. Publications like Medicare and You and Choosing a Medigap Policy: A Guide to People with Medicare’s Health Insurance includes must-have information but many people find reading dry and boring.
When you’re about to turn 65, insurance companies will almost kill you with the literature. Just look at all four brochures of color in your mailbox. You always get a high-level summary but not what you really want, plain terminology and a cost concept.
Comparing Insurance Policies for Medicare
Most people don’t realize the two separate types of health coverage are a Medigap program and a Medicare Advantage Program.
A Medigap (Medicare supplement) policy is the traditional kind of plan that has been around since 1965. It’s called Medigap, since Medicare covers the holes left. Medicare Part A requires you to pay a deductible hospital and co-pay for extended stays and Part B requires you to pay 20 per cent of all covered outpatient fees. A Medigap policy will fill those gaps to varying degrees.
Medigap insurance is offered as one of several standard plans. Plans from one company to the next would be similar. Once you are eligible for Medicare for the first time, you have an open enrollment period that will last six months from the first day of the month you are eligible. An insurance provider can’t deny you the right to purchase any product they sell during this period, no matter what pre-existing medical conditions you might have.
If the Medigap program is affordable, then now is the best time to purchase. Compare prices with different firms, understanding the coverage would be the same regardless of which company you look at. Standardization makes it easy to compare the Medigap insurance plans.
You will also need to purchase a stand-alone Part D drug plan if you choose a Medigap policy, because it is not included in this type of Medicare plan.
Advantage plans aren’t supplements to Medicare. So instead, you are collecting your coverage from an insurance provider that is licensed and contracted to manage the Medicare through CMS (the Medicare and Medicaid Centers). The theory behind this is that a private insurance provider is financially more effective than the federal government, and will be able to extend the allocated funds and provide you with more benefits.
Advantage policies do not cover the holes but instead provide you with co-payments, co-insurance and deductibles that will monitor premiums and reduce the out-of-pocket expenditures in contrast with Medicare. Advantage plans also often include coverage of Part D drugs, as well as many other benefits not included in Medicare, such as dental, vision , and hearing. Many people opt for an Advantage plan because it often has lower monthly premiums or no premiums at all.