It’s time to gain an in-depth understanding of your senior medical insurance coverage options. Otherwise, how will you be certain you’re choosing the plan that will cover what you need?
You don’t instinctively know what Medicare has to offer when you reach age 65, but educational resources can help you take on the next stage of life with confidence. Here is a short guide that will familiarize you with the ins and outs of senior medical insurance coverage.
Medicare Has Multiple Parts
Medicare can be confusing to new enrollees, especially when it comes to understanding the different parts. Traditional Medicare includes Part A, which covers hospitalization, Part B, which covers outpatient services. There is typically no monthly premium for Part A, but you will pay a premium for Part B.
Part C goes beyond traditional Medicare. Part C is a Medicare Advantage plan. This is health insurance that is provided through government-approved private companies and takes the place of traditional Medicare. While you still pay your Part B premium, you may also pay an additional premium for the added benefits offered by the Medicare Advantage plan depending on which plan you select. Medicare Advantage plans are required by law to cover all of the services offered by traditional Medicare, and most Advantage plans offer prescription drug coverage as well.
Medicare May Not Be Enough
If you decide to stick with traditional Medicare, you may find that the coverage is limited based on your healthcare needs and the co-pays and deductibles exceed your budget. Private insurance companies offer Medigap policies that will cap your out-of-pocket spending, stabilize your finances and provide the coverage you need.
Signing Up: Time It Right
If you are already collecting Social Security benefits, Medicare enrollment into Part A is automatic but you still have the option to enroll into Part B. The Initial Medicare enrollment period runs from three months before your 65th birthday, the month of your birthday, and until three months afterwards. Stay informed and on top of your senior medical insurance coverage to avoid paying more than you have to.
Find Affordable Solutions for Your Healthcare Needs
Whether you’re looking for a Medicare Advantage plan or a Medigap policy, you are trying to balance cost with coverage. How can you get the maximum coverage possible but stay within your budget? That’s where My Senior Health Plan comes in.
We can help you compare and contrast available plans and answer all of your questions about Medicare, supplemental insurance and more. Call us today for a free consultation and see how you can increase your senior medical insurance coverage and save money.