Advice on Health Insurance Plans for Seniors
Finding the Answers to Your Insurance Questions
Health insurance plans for seniors can sometimes be confusing for those who need them because most Americans have long believed that their medical costs would be covered by Medicare once they reach the age of 65. Medicare does cover some medical costs, but sadly, seniors will find out all too soon that Medicare doesn't offer as comprehensive coverage as one might hope.
In order to fully protect your savings from being depleted by expensive medical costs after retirement, you are going to have to purchase a Medigap health insurance supplemental plan to cover the gaps left behind by Medicare.
Understanding Medicare
Medicare is comprised of two primary components - Medicare Part A and Medicare Part B. Part A is provided by the government and it covers expenses related to inpatient hospital stays, hospice care and some in-home health care treatments. Seniors do have a deductible and co-pays for some services in Part A. Part B is medical insurance for seniors that covers about 80% of your doctor visits, lab tests, outpatient hospital care, ambulance services and select other services and supplies. Seniors are responsible for paying about 20% of their costs with Part B and there is an annual deductible.
Incidentally, neither Part A nor Part B provides coverage for pharmaceuticals and prescriptions. In order to have your prescriptions covered by Medicare, you need to include Medicare Part D, or Medicare's Prescription Drug Plan (PDP). In order to be eligible for this plan, you have to already have Part A and Part B. Depending on your prescription drug plan; you may have a deductible, a co-pay or both.
Medigap Eligibility
For seniors who want to have the most effective health coverage through their golden years, a Medigap insurance policy should be considered. This type of supplemental insurance plan covers those things that Medicare refuses to pay for. In order to be eligible for Medigap insurance, you have to already have Medicare Parts A and B.
Types of Medigap Insurance Plans for Retirees
Medigap insurance policies are standardized, so regardless of the provider, you're going to have the same coverage depending upon which type of policy you choose. Medigap policies are available in several different forms which are lettered A through N, with more comprehensive coverage provided as the letters move up the alphabet.
What is Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, is a senior health care insurance plan that is sold by a private provider that receives subsidies from the government to provide coverage for the member. Medicare Advantage covers everything Parts A and B cover as well as certain prescription costs and hearing- and vision-related costs. Unlike traditional Medicare, this type of plan is available with a range of different benefit options which can raise or lower the premiums depending on the needs of the member.
How Do I Know Which Insurance Plan is Right for Me?
Schnitzer-Slate Insurance can help you determine which health insurance plans for seniors fits your lifestyle the best. We have a team of experienced agents who can answer all of your questions and concerns so you can feel confident that you're choosing the right insurance policy for your needs.
If you want to learn more about our supplemental Medigap health care plans for seniors, or any of our other health, dental or life insurance plans, just visit our website at http://healthplannc.com/ or call us at 910-392-7020. We'll be more than happy to assist you in finding a quality supplemental insurance plan so you won't have to worry about your future medical needs not being covered by Medicare.
Finding the Answers to Your Insurance Questions
Health insurance plans for seniors can sometimes be confusing for those who need them because most Americans have long believed that their medical costs would be covered by Medicare once they reach the age of 65. Medicare does cover some medical costs, but sadly, seniors will find out all too soon that Medicare doesn't offer as comprehensive coverage as one might hope.
In order to fully protect your savings from being depleted by expensive medical costs after retirement, you are going to have to purchase a Medigap health insurance supplemental plan to cover the gaps left behind by Medicare.
Understanding Medicare
Medicare is comprised of two primary components - Medicare Part A and Medicare Part B. Part A is provided by the government and it covers expenses related to inpatient hospital stays, hospice care and some in-home health care treatments. Seniors do have a deductible and co-pays for some services in Part A. Part B is medical insurance for seniors that covers about 80% of your doctor visits, lab tests, outpatient hospital care, ambulance services and select other services and supplies. Seniors are responsible for paying about 20% of their costs with Part B and there is an annual deductible.
Incidentally, neither Part A nor Part B provides coverage for pharmaceuticals and prescriptions. In order to have your prescriptions covered by Medicare, you need to include Medicare Part D, or Medicare's Prescription Drug Plan (PDP). In order to be eligible for this plan, you have to already have Part A and Part B. Depending on your prescription drug plan; you may have a deductible, a co-pay or both.
Medigap Eligibility
For seniors who want to have the most effective health coverage through their golden years, a Medigap insurance policy should be considered. This type of supplemental insurance plan covers those things that Medicare refuses to pay for. In order to be eligible for Medigap insurance, you have to already have Medicare Parts A and B.
Types of Medigap Insurance Plans for Retirees
Medigap insurance policies are standardized, so regardless of the provider, you're going to have the same coverage depending upon which type of policy you choose. Medigap policies are available in several different forms which are lettered A through N, with more comprehensive coverage provided as the letters move up the alphabet.
What is Medicare Advantage?
Medicare Advantage, also known as Medicare Part C, is a senior health care insurance plan that is sold by a private provider that receives subsidies from the government to provide coverage for the member. Medicare Advantage covers everything Parts A and B cover as well as certain prescription costs and hearing- and vision-related costs. Unlike traditional Medicare, this type of plan is available with a range of different benefit options which can raise or lower the premiums depending on the needs of the member.
How Do I Know Which Insurance Plan is Right for Me?
Schnitzer-Slate Insurance can help you determine which health insurance plans for seniors fits your lifestyle the best. We have a team of experienced agents who can answer all of your questions and concerns so you can feel confident that you're choosing the right insurance policy for your needs.
If you want to learn more about our supplemental Medigap health care plans for seniors, or any of our other health, dental or life insurance plans, just visit our website at http://healthplannc.com/ or call us at 910-392-7020. We'll be more than happy to assist you in finding a quality supplemental insurance plan so you won't have to worry about your future medical needs not being covered by Medicare.