Cover the Gaps with Medicare Supplements
 

THE CHALLENGE

Medicare has gaps in its coverage. To help correct that, the federal government, the armed services and private industry make available supplementary health care insurance for Medicare, either as a continuation of the health insurance programs in force before reaching age 65, or through readily available Medigap (so-called because it covers the "gaps" in Medicare coverage) health insurance policies available from most insurance carriers.

If you are age 65 and have provided your own health care insurance, did not previously have health insurance, or your retirement does not include a company- or organization-sponsored health insurance plan, you should investigate purchasing a supplemental health care policy from a private insurance company.

A Medicare supplement insurance policy helps pay some of the expenses not covered by Medicare. What’s more:

·         Your out-of-pocket health care costs are reduced

·         You choose your own doctors, hospitals and other health care providers

·         Your benefits increase along with Medicare’s deductibles and co-payments

IS A MEDICARE SUPPLEMENT POLICY FOR ME?

Original Medicare pays for many health care services and supplies, but it doesn’t pay all of your health care costs. You must pay these gaps in Medicare coverage, which are often deductibles, coinsurance and co-payments.

For a monthly premium, a Medicare supplement insurance policy helps you pay all or some of these costs, depending on the policy you choose. 

A Medicare supplement insurance policy is for people on Medicare who want:

·         Help paying for some health care costs

·         To keep their own doctors and hospitals and choose their specialists and other health care providers

·         To budget for the premium and not worry about high out-of-pocket expenses

·         First-dollar coverage – don’t have to pay deductibles or co-payments every time they see a doctor  

·         Their benefits to increase along with Medicare’s deductibles and co-payments

·         To be covered everywhere in the U.S.

·         Their providers to file the claims so they don’t have to hassle with paperwork

·         Guaranteed renewable insurance so they can keep their policy as long as they pay their premiums on time

There are 12 federally standardized Medicare supplement insurance plans (Plans A-L).  Insurance companies must offer Plan A and may offer any other plans.

Most Medicare supplement insurance policies pay these basic benefits: 

·         Medicare Part A hospital deductible ($1,068 in 2009), coinsurance plus coverage for 365 additional days after Medicare benefits end

·         Medicare Part B coinsurance (generally 20% of Medicare approved expenses)

·         First three pints of blood each year

Additional benefits, depending on the plan you choose, pay you for:

·         Medicare Part B deductible ($135 in 2009)

·         Medicare Part B excess charges

·         At-home recovery visits

·         Foreign travel emergency care
 

How to Select the Right Plan for You
As we age, our health care expenses generally increase and we see the doctor more frequently.

Ask yourself whether you could budget for any of these Medicare Part B costs and choose a Medicare supplement insurance policy according to your needs:    

·         Medicare Part B calendar-year deductible, $135 in 2009

·         At-home recovery visits for assistance for activities of daily living for your recovery from an illness, injury or surgery

·         Charges for excess benefits – Your bill for Medicare Part B services and supplies may exceed the Medicare-eligible expense, leaving you to pay the difference on your own. A Medicare supplement policy can help you pay the difference. 

·         Emergency care received outside the U.S.

In most cases, benefits are paid directly to your providers.

With companies offering the same standardized insurance plans, your Medicare supplement choice comes down to price and a company’s service, reputation and experience with Medicare supplement insurance policies.
 

Call 877-302-3800 to find out which company best fits your needs and budget.