All over America people turning 65 are faced with the same incidents almost every day. And this is not about anything else but the number of companies that try convincing each of them to sign up for their senior health insurance plans. Far from removing the doubts of these individuals, the private insurers contribute further to their misery and confusion. If youíre 65 and reading this, you ought to have a few points in mind the next time an insurance company calls you or mails you to let you know of its Medicare options. You need to be absolutely conversant about your own health requirements and financial situation. And next comes remembering these vital points-
- Know what Medicare is all about - This is a point that eludes a major part of the elderly section of the American society. Going for the first clarification, Medicare does not offer benefits for free. Some part of what you earn throughout your working years goes towards acquiring Medicare benefits. These benefits, to be precise, are those that Medicare Part A contains. This section of Medicare covers hospital services and other benefits. Like in all other plans, you need to pay deductibles and co- payments on Medicare Part A too. Premiums usually rise as the years pass. Medicare Part is supposed to be that coverage that applies to doctor visits. More explicitly though, Medicare B covers whatever Medicare A doesnít. Deductibles and co- payments apply just the way they do for Part A. Premiums too rise with time. Medicare Part B becomes compulsory only when an individual does not have any other creditable coverage. Thereís also a penalty attached to Part B if you fail to enroll when the time is right.
- Take practical decisions - A major problem with people is that they use emotions to judge health care options, rather than take a practical approach. Forget annual out- of- pocket maximums if you have hopes of having Medicare coverage. Yes, Medicare does definitely rise up to your expectations, paying a major part of your health expenses. But that does not mean it can safeguard you from all eventualities. Your level of expenditure will rise if you happen to get ill and sick you will get at this stage of life. This means you need to something extra to protect you against eventualities. Millions of elderly enroll for Medicare Supplement plans and Medicare Advantage plans. Supplement plans are ones that cover Ďareasí not touched by Medicare and Advantage are plans are just another way in which you can receive your Medicare benefits. The open enrollment period for supplemental coverage is longer than for Advantage plans (while it is 6 months before and after your date of birth for the first, it is just three months for the latter).
- Donít let the language confuse you - Over the passage of time Medicare options have been able to do a lot for people except for removing their doubts regarding the language. While the original Medicare has Part A and Part B, there is yet another independent plan known to offer mainly prescription drug benefits Supplemental coverage has 11 plans signified by letters from A to L. All private insurers do not offer all the plans but the characteristic of a plan does not change across companies. So if company X is offering Plan G and so is company Y, you can be sure of receiving the same benefits from the two. The only difference lies in the premium. Do not forget that Supplement plans and Advantage plans are not the same.