Medicare is a governmental health insurance program that provides coverage for people aged 65 or older. It also provides medical insurance for some disabled people under the age of 65. Even if you have medical coverage with your employer, you may still want to consider Medicare because it will cover services your employer’s plan doesn’t offer and won’t impose limits on the care you receive.
One potential issue with Medicare is that it doesn’t cover 100% of your medical costs. This is why many people purchase Medicare Supplement Plans to go along with it. These plans can help cover out-of-pocket expenses such as deductibles and co-insurance, which would otherwise come directly from your bank account. Here are some things to know before selecting a plan for yourself.
How Do I Know If I Need A Medicare Supplement Plan?
The answer to this question will depend on the coverage your current plan provides. If you have a health care plan through work, then check with your employer to see what kind of coverage they offer and how much it covers. Of course, your employer’s insurance can only go so far––if there are gaps in coverage, you’ll need a Medicare supplement plan to fill them.
The Plans Available To You
The Medicare Supplement Plan, or “Medigap” as they are often called, is only available to people who have signed up for and enrolled in Medicare. There is a range of plans available and some may be more appropriate than others depending on your circumstances.
- Catastrophic Coverage
- A plan with coinsurance
- A plan with co-payment
- A plan with an annual deductible
Once you’ve determined which type of coverage best suits your needs, the next step will be to identify which Medigap insurance company offers that particular type of plan.
The type of Medicare supplement plan you choose will depend on your needs. You can choose a plan which covers all of your medical expenses, or one that only covers the gaps in Original Medicare. After you know how to enroll in a Medicare supplement plan, you’ll be ready to make the decision on which one is right for you.
Plans With Prescription Drug Coverage
One of the benefits of Medicare is prescription drug coverage. So, if you don’t have a plan that includes prescription drug coverage, you may want to consider Medicare Supplement Plans. A typical Medicare supplement plan will cover up to 80% of your out-of-pocket costs for all or some drugs and provide additional protection against rising co-payments.
Plans Without Prescription Drug Coverage
Many Medicare supplement plans don’t include prescription drug coverage. This is because Medicare Part D, which is the government-sponsored prescription plan, already covers this. However, if you’re in a situation where your employer plan doesn’t cover prescriptions and you’ve been receiving them through Medicare Part D, you may not want to switch to a plan without prescription drug coverage.
Medicare Supplement Plans are insurance policies that help cover some of the expenses that Original Medicare (Part A and Part B) does not pay. Depending on your circumstances, you may not need a supplement. If you do, you will want to find a plan that best suits your needs and budget.