Medicare Supplements & Medigap Comparisons
If you’re looking to get Medicare Supplements & Medigap Comparisons you came to the right place!
Before turning 65, conducting Medicare Supplements & Medigap Comparisons can be very helpful. Working your way through the Medicare maze of coverage’s, deductibles and premiums takes some time. But with a little bit of study dedicated to learning and understanding what is available to you when you turn 65, you will be able to tailor your Medicare coverage to suit your health needs at premiums that you can afford. Here is a basic Medicare supplements comparison and Medigap comparisons:
When you reach the age of 65, you will automatically be enrolled in Medicare Part A. This is basic inpatient hospitalization coverage. It also covers all hospital blood transfusions except for the first three pints. Part A also covers home health care, hospice care and the costs of a skilled nursing facility after being in the hospital.
Medicare Part B is optional, but you are advised to seriously consider it because you will be penalized if you decide to get it later. For every year that you delay in signing up for Part B coverage, you are penalized 10 percent of the monthly premium cost. Your monthly premium is calculated according to your income. If you make $85,000 or under in adjusted gross income as an individual or $170,000 or under as a couple filing jointly, your monthly premium will be $99.40. If you made more than the previous salaries, your monthly premium could be 40 percent higher. If you waited three years before picking up Part B, your penalty would be $99.40 x 0.3 and would equal $29.82. This amount would be added onto your monthly premium for as long as you were enrolled in Part B.
Part C is also called “Medicare Advantage.” This is supposed to be at least the equivalent of Parts A and B. Part C is obtained from a private insurer, and these plans vary on what they cover. Medicare administers and regulates all Part C insurance carriers. If you already have a Medigap policy and decide to pick up Part C coverage, you will need to drop the Medigap because it will not pay out if you have Part C Medicare Advantage.
Medicare Part D is coverage for prescription drugs. You also purchase Part D from a private insurer. Depending upon the insurance company, you may have an annual deductible. It should not be more than $500. Some Part D policies have no deductible. After you have paid your deductible, if any, your plan will pay some or all of your prescription drug costs until your annual costs equal $2,830. Then you will have to pay 100 percent of your drug costs. If your total costs reach $4,550 during the same year, Part D will then pay 95 percent of your prescription drug costs.
Medigap is another supplemental insurance policy. It serves the same function as Part C, which is to fill in some of the medical costs that are not covered under Parts A and B. Your best bet is to compare what is covered in Part C with a Medigap supplemental policy. Then decide the types of policies that you feel you are going to need. Some Medigap insurers claim that you will have 100 percent coverage if you enroll in their Medigap plan in addition to Parts A, B and D.
The most prudent measure is a careful comparison of Medicare and Medigap coverage’s, their premiums and deductibles. Also look at your income, your savings and calculate the expense of those coverage’s that will keep you from having to pay large out-of-pocket costs for services that are uninsured.