If you’re over 65, you’ve undoubtedly heard a lot about your Medicare options. You get Medicare automatically if you’re 65 or older and receiving social security payments. You may have to sign up if you’re not getting social security.
To make the most of your Medicare coverage, you may decide to get Medicare supplements. What are Medicare supplements? There are two primary kinds, and both have their benefits and drawbacks.
Let’s take a look at who needs Medicare supplements and how they can help.
Understanding Original Medicare
If you don’t select any supplements, you’ll have Original Medicare. This coverage has two parts. Part A is for hospital and inpatient care, and Part B functions like typical health insurance for visiting the doctor.
When you use Part B, you will have a deductible and then pay 20%. Part B also has a monthly premium, where Part A does not.
With healthcare costs climbing rapidly, many seniors are concerned about paying 20% of their medical expenses. As a result, they often opt for a Medicare supplement to help lower their costs.
What do Medicare supplements do? It depends on which option you choose.
What Are Medicare Supplements?
If you want help paying for your Medicare plan costs, a supplement can be a great option.
The first thing to consider is Medicare Part C, known as Medigap. This additional policy is sold by private insurance companies but does not replace Original Medicare. Some Medigap policies have additional coverage, like health insurance if you travel outside the U.S.
The purpose of Medigap is to help you afford your deductibles, coinsurance, and copayments. However, as the South Florida Medicare Specialists explain, you will still have to pay your Part B monthly premium, and you’ll have a monthly cost for Medigap as well.
Your second option is called Medicare Advantage. These all-inclusive plans replace your Original Medicare and have their own networks of doctors, along with additional coverage for items like vision, dental, and more.
If you choose a Medicare Advantage plan, you may have an additional premium on top of your Part B plan. However, some are available at no extra cost.
There are still deductibles and copayments with a Medicare Advantage plan, but it gives you additional benefits that aren’t covered by Original Medicare. You do have to use the doctor network of the insurer, however.
Like Medigap, Medicare Advantage plans are sold by private insurance companies. If you choose to get a supplement plan, shop around to get the coverages you need at the right price. Click here to learn about shakeology vs arbonne.
Do I Need a Medicare Supplement Plan?
Only you know whether a Medicare supplement is right for you. Now you know the answer to “What are Medicare supplements,” so you’re starting off on the right foot.
Original Medicare gives you national coverage, and you don’t have to deal with a limited network. For a little more per month, you can get Medigap, which helps cover your deductibles and copayments.
If you want additional coverage beyond Original Medicare and don’t mind using a specific medical network, you can look for Medicare Advantage plans. Some are available at no extra costs and come with a variety of additional benefits.
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