There is no universal option in choosing supplementary Medicare coverage. Moreover, there are crucial factors to consider in choosing the right one for your needs. Insurance companies are forbidden to offer and sell you multiple coverage options, so you must likewise decide depending on your budget. With that in mind, here are four tips that will help you decide on the right Medicare supplemental coverage for you:
Know Your Coverage
Are you aware of your current Medicare coverage options? There are currently four:
- Part A covers hospitalization.
- Part B includes visits to the doctor and diagnostics.
- Part C is a combination of Parts A (hospital and hospice care) and B.
- Part D carries prescription drugs.
Part C is also called Medicare Advantage. It includes other benefits such as vision, dental, hearing, and other health programs. You can get both Medicare Supplement and Medicare Advantage, but the former won’t cover the latter’s deductibles or coinsurance. If you’ve signed up for Medicare’s Part A and B separately, you may choose to drop them and retain Medicare Advantage to lower the cost. For more information, you can drop by websites that offer Medicare insurance plans such as www.bluewaveinsurance.com.
Secure Your Budget
The price is almost always the deal-breaker. Medicare plans have a monthly premium you’ll have to pay, and you have to ensure this certain amount won’t hurt your budget. Insurance providers that offer Medicare won’t have the same pricing, though.
There are three age-related guidelines insurance companies are using:
- Some premiums stay the same from the age of enrollment.
- Members, no matter the age, will pay the same premium price.
- The premium pricing depends on your current age and goes higher as you grow older.
Consider Medigap Insurance
Medicare has supplementary insurance called Medigap for extra benefits that the former doesn’t cover. Medigap insurance is only available for those who already have Medicare Supplement Parts A and B. Medigap may be used by one person only. This is also the case between spouses who need to purchase separate Medigap insurance.
Any private insurance company offers Medigap, and it likewise provides co-payments, deductibles, and travel insurance. Those who are planning to get Medigap must do so six months after the first month of the retirement age, or at 65 years old. It applies only to those with Medicare Part B. You must also remember that you have to get Medigap within six months after signing up for Part B.
Assess And Update Annually
Medicare Part D helps with the coverage of prescription drugs. Like Part C, it is optional, but if you sign up later after your eligibility has expired, you’ll have to pay a penalty fee to sign up again.
If you were able to get the coverage, it would be wise to assess your medication and see if you can drop this coverage. You may not need it if you’re not retaining expensive medicines anymore. Through this, you can save money on prescriptions.
Conclusion
Medicare coverage can serve you well if you’re aware of the benefits. Medicare Parts A and B are the original coverage people pay for. If you have extra cash and if you need prescription medicine, you can add Part D to your existing coverage. It would also help if you take the time to make assessments as to the coverage you can drop to save on premium costs.
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Doctor’s offices HATE Medicare Advantage because it requires so much extra paperwork. I refuse Medicare Advantage because traditional Medicare is really the Cadillac of health plans. With Medicare Advantage someone has to pay for all the millions of dollars of commercials we are bombarded with on TV. That’s you, the Medicare Advantage buyer. Also with Medicare Advantage you have to clear so many types of care through the company before you get the treatment. With regular Medicare if the doctor says you need a certain treatment she / he writes the prescription and you get the treatment. You don’t have to fight over the phone with some agency to get authorization for treatment. I don’t need free home delivery of meals, free gym membership, free eyeglasses, $50. a month to spend at the drug store for fun, free rides to the doctor, all of which are used to suck you in to Medicare advantage.
That’s great info to know, Karen. And I agree; I don’t need all of those extras either.
Medicare Advantage is a “managed health plan” (unlike traditional Medicare) which means you can’t always get all the treatment you want / need because it is an insurance company business and insurance companies must take in more money than they spend in order to stay in business, unlike the Federal Government. Medicare Advantage works a lot like thinking Socialism or Communism will make everyone’s standard of living higher while in real life the opposite is true. Insurance company run Medicare Advantage must take in more money than they spend on actual treatment, free lunch, free rides to the doctor, free eyeglasses, free money to waste at the drug store each month, free everything which they flog to make you sign up. Spending on this “free” stuff then limits the amount of money the insurance company can / will spend on your TREATMENT. You don’t get the useless “free” frills with traditional Medicare but you get the treatment you need when you need it. I stick with traditional Medicare, a Medigap Policy and the Walmart Human Drug plan which is $17. a month. I get the best care on the rare occasions I need anything. I don’t get sucked in by the siren’s cries of “FFREE, FREE, FREE.” Nothing in life is free, it all costs money and or effort. Even picking up that “free” $20 bill lying on the ground requires you to bend down and then straighten up! NOTHING IS TOTALLY FREE.