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.
Before taking out a supplemental policy each person must have Medicare Part A and Part B. A premium is charged monthly for the Part B. It is customary to have it taken out of the monthly Social Security check each month for convenience sake.
In addition to paying for Part B, any premium for a supplemental policy must be paid to the company selling that policy. It can also be taken out of the monthly check for convenience. This supplemental policy will pay part or all of the twenty percent not covered by Medicare.
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.
Before taking out a supplemental policy each person must have Medicare Part A and Part B. A premium is charged monthly for the Part B. It is customary to have it taken out of the monthly Social Security check each month for convenience sake.
In addition to paying for Part B, any premium for a supplemental policy must be paid to the company selling that policy. It can also be taken out of the monthly check for convenience. This supplemental policy will pay part or all of the twenty percent not covered by Medicare.
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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