As Baby Boomers have begun to enter the qualifying age for Medicare the need to understand what healthcare benefits are offered and what is not covered is increasingly important. What is equally essential is making certain that those family members that will be assisting you as you make your healthcare selection, be fully engaged in how your healthcare services will be provided.
Although you, your spouse or both may qualify for Medicare coverage you should be aware that it does not provide total coverage for your health care and prescription needs. In fact, Medicare can seem a bit complicated in the beginning as you navigate between the varying benefit programs that make up the Medicare Insurance program.
The bottom line is that Medicare’s insurance does not fully cover Part A for hospital care and all related services. Nor does it fully cover Part B which consists of outpatient health care, preventative medical services, doctor visits and even certain necessary medical equipment you may need. This can be expensive.
This is why you will need to select a Medicare Supplement Plan which is known as a Medigap Plan. The goal is to bridge the coverage gap and accompanying costs which can be considerable depending upon the needed medical care or service.
Where to Start
Depending on your medical issues or projected coverage, you can select from an array of coverage options offered by the Medicare Supplement Plans. These options can Range from Plan A which is the least expensive and offers less additional coverage to Plan L which cost increasingly more, has a higher deductible and offers more coverage.
When to Apply
One of the most crucial elements of your decision to choose a specific Medicare Supplement Plan will be based on when you apply for it. It is important to understand your medical needs and your ability to cover possible medical emergencies before you qualify for Medicare coverage. When you have made your plan selection you are granted a 30 day period to have “free-look” beginning the day the policy is issued. If you are not satisfied you can return the policy for a complete refund.
Once you have settled on your Medicare Supplement Plan, after the 30-day free look period you cannot change it if you are dissatisfied until the next open enrollment period begins.
Assess Coverage Needed
The best way to approach what you can afford to pay and balance that with the medical care you might need in terms of purchasing a Medicare Supplement Plan is to compare apples to apples. The following are several concise measurements you will need to weigh in evaluating your Medical Supplement Plan selection:
• Monthly cost of premiums
• Healthcare facility and doctor service restrictions
• Prescription drug coverage cost measured with your annual medication usage
• Examine plan costs based upon typical use of healthcare and hospitalization services.
What is the Advantage?
With the ever-changing medical coverage issues due to the new Affordable Care Act, it is incredibly important for those who are 65 or will soon be eligible, to examine their Medicare Supplement Plan options now, rather than later. This is why you should consult your current medical provider as well as your physician and begin planning what type of supplement plan coverage is necessary as well as affordable.
Be mindful that not every insurance company will offer all ten Medicare Supplement Plans so shop carefully. Make certain that your doctor or healthcare providers and hospitals of choice are included in your plan also.
Take the time to learn everything you need to ensure you pick the right Medicare Supplement Plan for you.