Benefits of Medigap Insurance
Medicare is a federally administered health insurance program, and is available for people that are sixty five years of age or older. When it comes to understanding Medicare plans there is a lot of information to absorb, and several steps to follow when beginning the application process. Here is a breakdown of the basic information to know, and some tips for getting the best coverage for yourself.
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There are four basic parts that create medicare coverage, and the place to start is with Part A. The first thing to know about part A is that there is no premium if you get retirement from social security or the Railroad Retirement Board, or if you have not filed for either of these options yet. You will also be eligible if you or your spouse worked for ten years in covered employment, or if you had covered government employment.
Part B helps cover necessary medical services including doctors visits, out patient hospital care as well as some preventative services. Some people have plan B automatically included in their plan, and if you decide to carry plan B coverage, you will pay a premium.
The next option available is known as Medicare Part C or a Medicare Advantage Plan (we’ve got a guide on that here). With this you can keep your A and B coverage, while providing additional benefits such as vision, health and wellness, hearing and dental programs. There will be a monthly premium for this plan, and you have the choice of using HMO’s, PPO’s, private fee for service and special needs plans. It is important to realize that when dealing with a private company, you can be charged different costs and there can be different rules for obtaining services.
The last plan available to you is Part D, and this provides medicare prescription drug coverage. You keep your A or B plans the same and add this coverage, then you pay a premium and a fixed payment amount is given to the companies offering the advantage plans. Than comes Medigap insurance which is supplement to what medicare provides.
When you begin your plan you will be administered a ” Welcome” exam, and will be given the tools and information you need to manage your health. After you have been with Plan B for longer than twelve months, you will receive a yearly exam to develop or update a preventative program based on your current health and risk factors. You will be covered every year to receive this exam at no charge, and you will also be covered for flu shots one time every flu season, as long as the provider accepts assignment for administering the shot.
It can be stressful to choose the right plan and deal with the issues that can come with having additional costs for prescription drugs. There are several different programs that can help make the health care and prescription drugs more affordable. The Original Medicare Program, Medicaid and Pharmaceutical Assistance programs are available to provide extra help with costly prescriptions as well as low income subsidies.
If you take the time to familiarize yourself with just a few of the terms and definitions used in medicare insurance, you will be provided with the understanding and confidence you need to choose the most appropriate and accurate coverage.