As most senior citizens discover at retirement age, the Medicare health care coverage has its limitations. Generally speaking, it covers approximately eighty percent of the cost of many health care procedures. There are copayments for doctor visits and deductibles for many necessary tests. As a Charlotte Insurance Broker can more fully explain, each company that offers the Medicare Supplemental policies has its own structure of payments and benefits.
Medicare has a Part A and a Part B. Each individual must carry both and Part B has a premium that must be paid monthly. It is a time saving convenience to have it deducted from the Social Security check each month rather than pay it by writing a check.
The premium for the additional coverage, the supplemental policy, is owed to whatever company provides that coverage. In many cases it can also be automatically deducted from the Social Security check. A supplemental policy is intended to pay for whatever Medicare does not cover. There may be exceptions.
However, what is covered and what is not can be decided by the company that is providing that additional insurance. The plan may be referred to as a Medicare Advantage Plan, which is like an HMO. Many include the Medicare Prescription Drug coverage in the HMO.
One requirement that may not be obvious to every senior is that you should not fail to carry prescription drug coverage. If you do, or if it is delayed more than 63 days, there will be a late enrollment penalty imposed on you when you enroll in a new Medicare drug plan.
Each person should shop around and investigate prices. Each plan may offer something beneficial to him that other policies do not. It all depends on whether you may need surgery. It also depends on the likelihood of you needing long-term care in a rehabilitation facility. There may be features such as home care in one policy but not another.
Medicare has a Part A and a Part B. Each individual must carry both and Part B has a premium that must be paid monthly. It is a time saving convenience to have it deducted from the Social Security check each month rather than pay it by writing a check.
The premium for the additional coverage, the supplemental policy, is owed to whatever company provides that coverage. In many cases it can also be automatically deducted from the Social Security check. A supplemental policy is intended to pay for whatever Medicare does not cover. There may be exceptions.
However, what is covered and what is not can be decided by the company that is providing that additional insurance. The plan may be referred to as a Medicare Advantage Plan, which is like an HMO. Many include the Medicare Prescription Drug coverage in the HMO.
One requirement that may not be obvious to every senior is that you should not fail to carry prescription drug coverage. If you do, or if it is delayed more than 63 days, there will be a late enrollment penalty imposed on you when you enroll in a new Medicare drug plan.
Each person should shop around and investigate prices. Each plan may offer something beneficial to him that other policies do not. It all depends on whether you may need surgery. It also depends on the likelihood of you needing long-term care in a rehabilitation facility. There may be features such as home care in one policy but not another.
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