If you’ve reached the age of 65 and Medicare kicks in, it’s time to start planning for Medicare. Here is a summary of what you need to know about Medicare and Medigap Insurance Plans. Updated for August 1991. For the most current information, check with the Medicare website.
First of all, what is Medicare? Medicare is an insurance program for senior citizens. This program pays a monthly benefit that is about 7 percent of your wages. This payment is based on how much your taxes are. Medicare Supplement Insurance Plan I is the plan that covers about half of the cost of Medicare. Part A and Part B are also Medicare supplements, with Part A covering medical coverage and Part B the Medicare portion of prescription drugs.
Now, if you don’t already have Medicare Part A or B, you’ll need Medicare supplement insurance plans. To find the right plan, you’ll need to shop around. The rules are pretty simple here. The more quotes you get, the better you can compare prices and benefits.
In addition to a Medicare Supplement Insurance Plan, you can also join Medicare Part A and Part B. What makes Medicare Part A so popular is that it covers many of the same benefits as the original Medicare program, while at a lower cost. Medicare Part A policies sold by private insurance companies are standardized, but the benefit scope and price are different from plan to plan. To find the best Medicare policies sold by private companies, it’s wise to do some research online.
Some of the Medicare benefits included in a Part A policy include hospital visits, outpatient care, durable medical equipment, and hearing aids. Some Part B policies sold by private insurers also cover some of the Medicare benefits. These plans cover the same medications that Medicare does, plus some additional services, which are not covered in Medicare benefits.
Finding the best Medicare supplement plan G for you requires some patience, a bit of surfing on the internet, and lots of questions asked and received. If you’ve already looked into purchasing supplemental insurance coverage, such as Medicare Advantage Plans, you know how confusing the enrollment process can be.
You also know how important it is that you select the right Medicare supplement plan because, without it, you could end up with high out-of-pocket costs. You also understand how important it is that you ask all your questions before you buy. When it comes to Medigap insurance, that all starts with you.