If you are 65 years old, you are entitled to Medicare Part A & Medicare Part B. This also means that you are eligible for Medicare Supplementary or Medigap insurance. Medicare Part A covers you for hospital care; however, you would still be responsible for such things as the Part A deductible. Medicare Part B covers you for doctor visits and tests. However, Medicare Part A & Part B covers only about 80% of your total medical costs. Medicare supplement plans are designed to cover what Part A and Part B do not cover.
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Medicare in combination with the right supplement plan is actually a great cover and often you have better coverage than what you had with your employer or family plan. In fact, with the right plan, you can actually be paid for any deductibles, co-insurance and co. Seniors find it easier to budget for a monthly premium because they do not have to worry about unexpected treatment costs throughout the year.
There are currently 11 different Medicare supplement plans. These plans have a different letter to identify each plan, such as Plan F, G, and C. Seniors often find it very confusing to figure out which plan works best for them.
Medicare typically covers 80%, and the recipient must take over the remaining twenty percent alone. Medigap Supplementary Insurance Plan N would be one of the many Medigap plans that cover these additional costs. In addition, Plan N covers Part A annual deductible.
That’s why it’s so important to find a large independent agent specializing in Medicare Supplemental Insurance. A good agent will be able to show you all the plans of the big insurance companies. You will also spend the time analyzing what your current health benefits are and those needs with the plan that best suits you.
There are many benefits to a Medicare supplement plan such as:
- No Network – You can go to any doctor or hospital you like. If you accept Medicare, you accept the supplement plan.
- Benefits will not change and you can keep the plan for life.
- Cover in other states.
- International Travel Emergency Insurance (available on some plans)
- Limit the burden of high maximum costs.
So, with a Medicare supplement, you can see more doctors and feel comfortable that most, if not all, medical bills are paid. You may not have the dental and facial discounts and you have to buy a part D separately, but you can be sure that medical bills are not responsible for losing your budget or savings.
There’s really no reason to worry about your Medicare options. Find a quality agent who specializes in Medicare Supplemental Insurance and that professional not only save you a lot of time but also money. It’s also important to check your benefits with an expert every year or two to make sure you get the best coverage for the money. Plans and prices often change, so having a relationship with a Medicare Supplemental Specialist to turn to will be a big deal.