Are you starting medicare, as you can imagine there are many choices for you when it comes to coverage. With the large influx of people starting Medicare everyday, most are looking for a way to cover the gaps that are in Medicare like deductibles and co-insurance. It is easy to get overwhelmed with the choices that are in the market, we have found that Medicare Supplemental Ins plans have allowed people to cover these gaps in a cost effective way.
Medicare Part A- This is the portion of Medicare that you automatically receive from working 10 years or more at a job in the United States. Medicare Part A covers the hospital portion of any medically necessary situation. Medicare Part A has some large gaps in it however, as of 2011 there is a $1132 deductible associated with Medicare Part A, this deductible is a per benefit period deductible meaning that it needs to be paid for every separate accident or illness that may occur. If you have an accident or illness that you are going back into the hospital for within 60 day of the first occurrence of the accident or illness you will not have to pay the deductible twice, only if you are going outside of that 60 day window. I know that this may sound confusing but think of it like this the great majority of the time that you go into the hospital you will be responsible for a $1132 (2011) deductible. You will also be responsible for co-insurance or co-pays to the hospital that Medicare does not cover. This is one of the main reasons why we see so many people that are starting Medicare choose to have a Medigap type of plan. There is also another large gap in Medicare, this is Medicare Part B.
Medicare Part B- This is portion of Medicare has a cost associated with it, this cost has many factors, however we find the average cost is around $115.00 per month, having a Medigap plans will not pay this amount. Part B of Medicare is for your doctors and preventative care services. Medicare Part B has a $162 (2011) deductible. Unlike Part A of Medicare this is an annual deductible meaning that once the $162 deductible is paid all that you are responsible for is the 20% of expenses that are not covered by Part B of Medicare. Many people that are currently on medicare have chosen to have a Medicare plan to cover the above gaps.
Now its time to talk about these Supplements to Medicare. Things you need to remember about Medicare Supplement Plans are simple. They cover gaps that Medicare does not. However remember that there are many different plans, all of these plans cover different portions of the gaps in Medicare. Even the most affordable Medicare Supplement Plans will cover the Part A & B coverage gaps. If you spend a little bit more you will be able to cover the Part A deductible of $1132 per benefit period, and the Part B deductible of $162 annually. Covering these gaps can make a huge difference in out of pocket costs for Medical expenses. One of the most popular choices for a Medigap plan would be a Plan F. Having a Plan F will increase your coverage amounts to paying for additional nursing care, foreign travel and excess Part B charges. Having a Medicare Plan will drastically reduce your out of pocket expenses for medical care, also budgeting can be easier because you know that the amount of your monthly premium will typically be the limit of your costs.
I would imagine you see the benefit of having a Medicare Supplement Plan. It has certainly helped people maintain a budget and low out of pocket expenses. We definitely recommend them.
Want to find out more about, medicare supplement plans MedicareQuote4U.com for the knowledge you need about medicare and how to pay less for what you need.
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