When someone turns 65 more than likely they will end up researching Medicare and Medicare supplement plans. Medicare is controlled through both the state and federal government and is available in three parts. Not everybody get all three. Medicare supplement plans, also known as Medigap plans, are available to help cover what Medicare leaves for you to pay out of your own pocket. When looking at Medicare supplement plans remember that when it comes to Medigap getting an F is good.
Medicare Part A is essentially hospital insurance that covers you when you find yourself admitted to a hospital for treatment. Part A does cover some other cost however the basic gist of it is that you need to be admitted to a hospital. Everyone that receives Medicare will receive Part A. There is a $1,156 deductable (2012) attached to Part A which means that the initial $1,156 on your bill belongs to you. If you’re unlucky enough to become admitted into a hospital a few months later you get to pay the $1,156 deductible all over again.
Medicare Part B is considered doctors insurance because it helps to cover your outpatient bills. Not everyone gets Part B. If you have Medicare Part B you will pay a monthly premium out of your Social Security check for $99.90 (2012). There will be a yearly deductible of $140 that you will have to pay first before Medicare pays any part of the bill. With Medicare Part B you will also pay 20% of all your doctor bills and then any excess charges. Under Medicare doctors may charge you an additional 15% on top of what Medicare pays this is called an excess charge.
Medicare Part D covers prescriptions. Part D can vary wildly by area, coverage, and medications covered. It is advisable to examine and purchase Part D right on the Medicare web-page. You will want to make certain that any prescriptions you’re currently taking are covered by the plan you chose. Even if you are not currently taking any prescriptions It is advisable to get at least some minimum coverage via Part D when you turn 65. Wal-Mart or a similar plan is often a good option.
Medicare supplement plan F
So when you are considering Medicare supplement plans one might ask how’s getting an F great? Medicare supplement plans provide basically ten different amounts of coverage. They utilize the letters A through N skipping E,H,I, and J. The Medicare supplement plan with the most coverage is plan F. Medicare supplement plan F is one of the most popular and it is also guaranteed issue when a person is turning 65. Guaranteed issue means that for most people the insurance company can’t turn you down for insurance, you are not required to take a physical, and there is almost no medical underwriting.
Here’s what Medicare supplement plan F covers: All of Medicare Part A hospital cost up to an additional year after your Medicare benefits are used up, all of Medicare Part B cost and co-payments, the first three pints of blood that Medicare does not cover, Part A hospice care both co-insurance and co-payments, skilled nursing facility co-insurance cost, Medicare Part B excess charges, and plan F also covers some foreign travel emergency cost. As you can see, when it comes to Medicare supplement plans, getting an F is good!
Click here to get quotes for Medicare supplement plan F, G, and N or other plans you may be interested in.
Click here to learn more about Medicare supplement plan F, Medigap, and Medicare in general.