What is Medicare? What do you know about Medicare supplements? This might be something new to you, or even confusing. But no need to worry; you are not alone. A lot of people are not aware of which Medicare supplement to choose, or whether to choose Plan A or B, or even, how to get the best supplement plan at a considerable price.
Here is a walkthrough about choosing the best Medicare supplements plan guide brought to you by GoMedigap.
What is Medicare Supplement?
Medicare Supplement is also known as Medigap. If you have medical insurance, then you might have come across Medigap. A Medicare Supplement Insurance is a type of medical plan that helps you take care of some health costs wherewith your original medical insurance could not.
Some of the gaps which Medigap helps pay include:
- Copayments at a doctors’ office
- Coinsurance at skilled facilities
- Out of pocket hospital bills
The Different Options
There are 10 different types of Medicare Supplements plans. All of them are labelled by a letter of the alphabet. There are four parts of a Medicare: Part A, Part B, Part C, and Part F. However, there are two crucial plans which you must have, so that you can apply for Medigap.
Medicare Parts A and B are the most crucial plans. They are offered in all fifty US states. These two plans are part of the Original Medicare Insurance.
Medicare Part A (Hospital) covers any Medicare received at a hospital, a skilled nursing facility, hospice care, or at home. One is eligible for Part A if:
- You are over the age of 65
- You have worked for 49 quarters: this means you will automatically get enrolled in the Medicare Part A insurance
- You are disabled and live with disability benefits
- You are retired and receiving retirement benefits
- You are suffering from certain diseases, such as end-stage renal disease or amyotrophic lateral sclerosis
Moreover, if you have lived in the US for more than five years, then you are definitely eligible for Medicare Part A.
The enrollment for Medicare Plan A usually begins on January 1st. It ends on March 31st. You will receive your Medicare card the month before the cover begins.
Medicare Part A coverage
There are a lot of benefits that come with Medicare part A Insurance. It will cover things that are critical for your health. This includes services which are part of your inpatient treatment. Some of them include medications, nursing services, private room services, and meals. However, it does not cover private room services, unless they are medically necessary.
There are services and supplies offered by the Medicare part A insurance, such as:
- Mental health care
- Long term care services
- Participation in a clinical research study
- Inpatient rehabilitation services
- Critical access to hospitals
Medicare Part B
Medical Part B is also part of the Original medical coverage. It is used to cover medical supplies and services necessary to treat your health condition.
If you have enrolled for Medicare Part A, then you are automatically eligible for Medicare Part B. Here is a look at some of the requirements for one to qualify for Medicare Part B.
- Must be 65 years or above
- Must be a US citizen or have lived in the US for more than five years
- You are living with a disability
- Must be receiving Social Security or Railroad Retirement Board
Medicare Part B coverage
- Outpatient services
- Preventive services such as flu, hepatitis shots, cardiovascular screenings, cancer, and diabetes screenings
- Ambulance services
- Medical equipment
When to enroll for Medicare Part B
Medicare Part B is not necessary. About 10% of beneficiaries of Medicare opt not to take it at all. It usually comes in a monthly premium.
It is good to note that, if you delay enrolling in your Part B, then your premium will rise. This will especially occur when you were eligible for Part B, and did not sign up. Then your premium could be 10% higher in a 12 month period.
Part B premium usually changes from year to year, and it depends on the amount you have enrolled for. However, if you receive Social Security benefits, then it will be deducted automatically. But, if you do not, then you will be sent a bill every three months.
It is good to note that Plan C and Plan F are part of Medicare. Plan F covers the most comprehensive arrays of benefits. On the other hand, Plan C covers what Plan F covers, though without the charges.
A Medicare Supplement Plan is a good choice, since it will help any individual pay their medical expenses.
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