You have worked hard all of your life. You have taken care of your family, your home, and have been a dedicated employee in Louisville, KY for many years. It is time now to slow things down a bit and take care of yourself for a change.
The truth is, getting older can sometimes bring on unwanted stress. The three big stress points are your health, financial situation, and overall well-being. As you approach the young age of 65, the first big point to understand is the importance of managing your health. Your health can have a domino effect on all the other aspects of your life.
Everyone has heard of Medicare, but fewer people know the benefits of adding Medicare Supplements to their Original Medicare Part A and Part B. We are about to dive into the basics of what Medicare Supplements are and discuss the increasing importance of adding it to your Original Medicare Part A and Part B.
What is Medicare Supplement Insurance?
Medicare Supplements, also referred to as Medigap Plans, fill in the gap of what Original Medicare Part A and Part B does not cover. Original Medicare does not pay for 100% of your medical needs and what Medigap Plans do is they essentially pick up the rest of the slack from your Medicare coverage.
Original Medicare only covers about 80% of medical bills and adding Medicare Supplements can pick up the remaining 20% of the cost. There are ten standardized plans and each one covers a different portion or percentage of your Original Medicare copayments, coinsurance, and deductibles. The ten Medicare Supplements are:
While they are named with letters, they are in no way related to the letter names given to Original Medicare Part A and Part B, Medicare Advantage Part C, and Prescription Drug Coverage Part D.
Medicare Supplements are sold from a variety of private insurance companies. The companies that Braden Insurance Agency in Louisville, KY sells plans from include:
- United Healthcare
- Many more
Regardless of which company you purchase from, the Medicare Supplements are the same. The only difference lies in the price of the monthly premium. So it is important to compare plans and their premiums against other companies, so you are getting the right plan for you at a price that won’t hurt your pocketbook. Your best bet is to compare plans with your licensed independent Medicare agent.
Don’t have an agent yet? Call Braden Insurance Agency today and schedule a free, unbiased consultation with one of our friendly independent agents to discuss Medicare Supplement Insurance.
Why is Medigap Insurance so Important?
Everyone knows how important their health care is to their overall quality of life. But with the ever increasing costs of living expenses, including medical care, many elders are having to choose between medical care and groceries. And sadly, this choice can diminish their quality of life or even their life-span. This reality is not only nation-wide, but this problem exists for many aging citizens right here in Louisville, KY.
Medigap Insurance Plans are available to all Medicare eligible recipients to help decrease or even eliminate the out-of-pocket expenses left over from Original Medicare. They often increase the quality of health care because it gives you the option to see the specialist you need, receive the outpatient care necessary, or participate in preventative treatments that might otherwise not be covered by Original Medicare and you may be unable to pay out-of-pocket for.
Those enrolled in a Medicare Health Maintenance Organization (HMO) or other Medicare Advantage plan are not eligible to also enroll in Medigap Plans. But for those relying on Original Medicare alone, a Medigap policy provides peace of mind knowing that they are covered, regardless of what the future holds. Medicare Supplements provide a safety net so you and your loved ones can be sure you are getting all the care you need, without having to live on rice and beans during the process.
Medicare Supplement Insurance: How to Get Started
First things first. Before any of this process gets going, the first thing that has to be eligible is for you to be turning 65. The next step, once you reach 65, is to enroll in Original Medicare Part A. Part B can wait until you are no longer employed and covered under their health insurance. Once you officially retire, you can enroll in Original Medicare Part B, as well as any of the Medicare Supplements.
Open Enrollment for Medigap Plans last six months and starts on the first day of the month you turn 65. During this enrollment period, you can not be charged higher premiums or be denied coverage due to any pre-existing health condition. Once this enrollment period is over, you can still enroll in Medicare Supplements but could potentially be denied coverage or charged a higher premium than if you had enrolled during the enrollment period.
What Do Medigap Plans Cover?
The main aspects that Medicare Supplements cover are Original Medicare copayments, coinsurance, and deductibles. In addition, they provide an additional 365 days of hospital stays after the Original Medicare benefits are used up.
This means that any of these Medicare Supplements will pay for all or some percentage of your Original Medicare copayments, coinsurance, and deductibles, eliminating the need for any out-of-pocket payments. In addition, there are certain Medicare Supplements that can be purchased that can assist with or completely cover the costs associated with at-home help for recovery, physical assistance, and in-home visits, or preventative care.
Our guide to Medicare Supplement Insurance takes a more in-depth look into each Medigap policy and spells out what each one covers specifically.
Supplement Plans: Let the Good Times Roll
We have to face the facts that retirement and aging are expensive and many are not adequately prepared. When individuals and couples and not prepared for their increased health care costs, their health care suffers and in turn, they do not receive the care they need. With Medicare Supplements, this does not have to be the case.
When you enroll in one of the Medicare Supplements, you are securing your financial situation, so you can focus on what matters most to you.
For more information or to enroll in one the Medicare Supplements, call on the independent agents at Braden Insurance Agency in Louisville, KY to help you get started. Our free, unbiased consultations will ensure you get all of your questions answered so you can rest easy knowing your health and quality of life is protected.