All contribute to deteriorating the health of a person as they reach the age of retirement. Under these circumstances, Medicare and Medicare Supplement plans have emerged as a boon.
Medicare: An edge for Americans
Research on Medicare Supplement Plans for 2019 is simple and can save many older adults money.
Funded by the payroll taxes, premiums and general revenues; Medicare is a national health insurance program initiated by the U.S. federal government. It provides health insurance for people aged 65 and above. As per a report, in 2015, more than 55 million people including 46 million senior citizens and 9 million younger people were covered under this plan taking in count the Medicare Supplement plans too.
When turning 65 or planning to retire, people are quite new to Medicare. So one needs to have a fair knowledge of all the rules and regulations so as to make several important decisions about their health coverage. Most importantly, the process of Medicare insurance should not be delayed which may lead to penalty and gap in health coverage.
In spite of the Medicare facility, people are keen to buy Medicare Supplement plans. So better get a firsthand knowledge of coverage under different parts of Medicare to make a wise decision!
Medicare is divided into different parts depending upon their specific coverage:
As such, Medicare Part-A is hospital insurance which covers patient’s hospital stay, nursing, and hospital care, custodial care etc. when formally admitted in a hospital recognized by Medicare.
Medicare Part-B is a medical insurance which covers outpatient services viz. doctor care, medicinal aid, prevention, and diagnosis aid etc. As well as some providers’ services while an inpatient at a hospital.
Part-C or Medicare Advantage plan with the combined benefits of Part-A, Part-B and many more. It comes with most of the benefits that one seeks in Medicare Supplement plans. Notably, an insure must be enrolled in Part-A and Part-B before opting for the advantage from the Medicare Advantage plan!
Part-D is prescription drug coverage. People opting for Part-A or Part-B insurance plan needs to pay an extra monthly premium if opting for Part-D. However, this is not the case if one is registered with the Part-C insurance plan.
In lieu of all these, if you want some extra coverage of your health costs you can definitely buy Medicare Supplement plans or Medigap policy from some private insurance company which is recognized by Medicare.