Supplemental insurance for Medicare are policies which are designed in such a manner that they take care of expenses which are usually not covered by Part A- Original Medicare hospital insurance and Part B- medical insurance coverage. You should know that the expenses which are not covered by Part A or Part B come out of your pocket.
You should also know that buying a supplemental insurance for Medicare does not guarantee that all the expenses not covered by Part A or Part B will be covered. There might still be expenses left that you might have to deal with. Prime examples of expenses not covered are vision care, dental care, long-term care, hearing aids, private duty nursing, and eyeglasses.
Private Insurance companies sell Medicare supplement insurance and you need to buy them without any support from Medicare. Visiting the official website of Medicare by the government to know all the benefits of this decision is a wise move.
How to Know If You Really Need It?
- Employer Health Insurance: When you have health insurance from an employer, the government or military retiree plans or any professional organization and you are employed when you reach 65 years of age, you might able to get the benefit of the group health insurance with your employer. If you are married to a person benefiting from group healthcare insurance then too you don’t need this added expense.
- Medicaid (Title 19): Medicaid covers almost all healthcare expenses which negate the need for any supplemental insurance.
- Other Options: When you have other options like union coverage, TRICARE, Medicare Advantage Plans or VA benefits then also you won’t need any supplemental policies.
- QMB Program: The Qualified Medicare Beneficiary was created to pay Medicare premiums and several other medial out of pocket costs for low-income Medicare recipients. So, if you have it, you don’t need to save up for an extra plan.
Why is Supplemental Insurance for Medicare Worth the Money?
Many people admit that they have different medical coverage options and still they opt for Medicare Supplement Insurance. Why? It’s because it takes care of the following types of costs.
Deductibles: Deductibles is the amount you need to pay for Medicare-approved expenses before Medicare starts to pay for it. Benefit period plays a key role in hospital deductibles for Medicare Part A. The benefit period will start on the day you visit a skilled nursing facility or a hospital. It will end if you don’t go to an SNF or a hospital for 60 days in succession. In case you visit an SNF or hospital when the benefit period has ended then a new benefit period will start. You need to pay the inpatient hospital deductible for each of the benefit periods. Deductibles for hospital or SNF bills under Medicare Part B are applied only one time for each calendar year.
Co-insurance: It is the percentage of a hospital or medical bills you need to pay after the deductibles have been met and Medicare its share. For instance, you might need to pay 15 percent of the Medicare-approved amount for a few services even after meeting the deductible.
When you make the decision of buying supplemental insurance for Medicare, you need to remember that it will not only take care of the aforementioned costs in most cases, it will also offer you different benefits. Though the expected benefits might vary from which service provider you choose, the basic benefits will remain the same no matter which service provider you pick.
The Basic Benefits
Some portion of medical expenses, hospitalization expenses, hospice and respite care expenses are paid by every service provider.
The Cost Factor
You need to do thorough research before buying supplemental insurance for Medicare in 2018. Pick one you like after ensuring that it covers most of the recurring medical expenses you have to pay constantly.
While looking for the right option, you should know that each policy has a community rating which means that each person who is more than 65 years of age and buys a policy during enrolment period will need to pay the same rate no matter which Medicare supplement insurance policy he or she picks and no matter who the service provider is. The age, gender, and health condition of a patient won’t matter much.
If a person is disabled, he or she may need to pay a higher rate than usual despite being over 65 years of age and buying a policy during an enrollment period. These rates will also increase over time no matter whether you are disabled or not. To avoid getting a sudden hike in rates as soon as you buy a policy, you should contact several insurance companies and compare the rate and coverage information they share. You can also have a look at how often they have increased the rates in the past and by how much.
How It Works
If you want to purchase a Medicare supplement insurance, you must already have Medicare Part A and Part B. One policy covers only one person, you cannot expect a policy bought by you to cover your spouse’s expenses as well. You will need to buy separate policies for each person. If you travel a lot, you should pick a policy that is accepted by most health care professionals working throughout the nation. If you hope to travel to a foreign country, look for a policy that offers additional benefits for people who often travel to foreign countries.
Best Time to Buy?
The best time to buy a Supplemental insurance for Medicare in 2018 is to do it during the enrollment period that begins on the first day of the month in which you are age 65 or more than that and you are enrolled in Medicare Part B. This period lasts for 6 months only so you better learn the art of researching policies quickly.