Senior Health Plan – Medicare and Medigap Explained
There are two key groups that can split the existing environment of the senior health plan: Medicare and Medigap. Any senior who is 65 or older is eligible for Medicare, but it does not, sadly, cover all health-related services that seniors will need. To cover these Medicare coverage gaps, Medicare Supplementary Insurance (also called Medigap) exists. Below are some important points that you can bear in mind while you are investigating senior health plans.Come watch and join us at The Benefits Group, Rochester Hills for here.
Four elements of Medicare are
Medicare Part A: Seniors become eligible for free Medicare Part A coverage when they turn 65, provided they pay sufficient Medicare taxes while employed. If you are eligible to receive Social Security payments, you would likely be eligible to receive premium-free Medicare Portion A coverage. Section A, however, offers coverage only for medical services, such as hospital inpatient treatment and skilled nursing facilities.
Medicare Part B: Medicare Part B includes doctor visits, hospital treatment and other general medical services, but a regular premium of $96.04 per month is expected. For seniors with above-average salaries, the monthly Part B premium is higher.
Medicare Part C: Part C of Medicare (also known as the Medicare Advantage Program) refers to more robust health policies that private insurance companies offer to seniors. The benefits of Part C include coverage offered in Parts A and B, as well as dental, vision and other advantages. Part C also requires coverage of Part D as well. In addition to the premium required for Part B coverage, certain Part C policies require the payment of a distinct premium.
Part D of Medicare: Part D of the fourth and final portion of Medicare lets seniors pay for their prescription drugs. Medicare seniors can enroll in Part D in one of two ways: by selecting a Part C plan that includes coverage for Part D, or by selecting a private insurer’s separate Medicare-approved plan.
Understand the proposals for Medigap
Medicare Supplementary Insurance policies (Medigap), like Medicare Part C, are sold by private insurance providers and have more extensive coverage than Sections A and B of Medicare. While Medigap premiums are usually higher than Part C Medicare Advantage premiums, the deductibles and copayments applicable to Medigap policies are sometimes lower.
Significant tip: Because both Medigap and Medicare Part C (Medicare Advantage) programs are designed to fill holes in health care coverage that exist after the introduction of regular Medicare Part A and Part B benefits, it is unnecessary and potentially expensive to purchase both.
Different proposals for Medigap, like the four sections of Medicare, are each defined by alphabetical letters. There are ten different proposals for Medigap: A through D, F, G, and K through N. Medigap policies sold by multiple insurers are very easy to compare since the advantages of all Medigap plans are standardized: all plans designated by the same letter have the same coverage and benefits. Often, their cost is the only distinction between the Medigap policies provided by various insurers.
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