Illinois Medicare Supplemental Insurance – Know Your Options
When most seniors are getting ready to turn 65, it usually coincides with their upcoming retirement. A person is automatically enrolled in Medicare part A at that time, but suddenly he or she must receive a whole new education in Medicare, Illinois Medicare Supplement Insurance (Medigap insurance), Parts B through Part D. It is a good idea to start reading up on all the benefits available to retiring seniors.
Get to Know Medicare Parts A, B, C and Medicare Supplement Plan
Every person who has had taxes deducted from his or her paycheck has paid into the Medicare fund pool. On a typical paycheck, the worker would see something like “FICA-HI.” The “HI” stands for health insurance. The employer also pays into this Medicare health insurance fund. Seniors are advised to enroll in a Illinois Medicare Supplement Plan to cover what Medicare Parts A & B don’t.
Part A of Medicare is no charge and is basic hospitalization coverage. Part B, for outpatient services, is highly recommended but not required. If a person waits to enroll in Part B, once enrolled, there may be a penalty assessed on the monthly premium for every 12-month period not enrolled. This penalty will remain in effect the entire time that the retiree is enrolled in Part B.
Part C is designed to be the equivalent of Parts A and B. When enrolled in a Part C or better known as Medicare Advantage, these plans are designed to take place or Parts A and B. Some plans may pay a portion of prescription drug costs but not all of them. Part D is for prescription drug coverage. These plans are cheaper in cost but don’t cover as much as Medicare Supplemental insurance does.
Get to Know Some Medicare Supplement Plans in Illinois
Illinois Medicare Supplemental coverage is “Medigap.” Just like its name implies, it fills in some of the gaps in that Medicare Parts A and B don’t cover. A senior cannot have Illinois Medicare Supplement Part C at the same time as Medigap because you have to have only A and B to get a Illinois Medicare Supplement insurance plan.
Illinois Medicare Supplement insurance plans are lettered A through N. Each one of the Illinois Medicare supplemental plans cover different things. Depending on which plan you choose they can cover all or some of the deductibles, co-insurance, and co-payments left behind by regular Medicare A & B. The two more popular plans are plans F & G. Plan F Illinois Medicare Supplement insurance picks up all that is left behind from regular Medicare. Plan G Illinois Supplement plan picks everything thing that Medigap plan F does besides the Part B deductible.