As we age, we will need to consider our medical insurance needs, At 65, we are able to join Medicare, which will indeed help us. Medicare only covers 80% of hospitalizations, medical tests that our medical practitioner may require, medical equipment and other needs. Also the amount of coverage will depend on the fact that you have Medicare Part B with Medicare Part A.
Even having Medicare Part B, there is still 20% expenses that are not covered. These costs can be considerable as an individual advances in age and may be difficult to pay. As we get older, these medical tests may be needed, so we need to consider all options in getting our medical insurance coverage.
There are available 12 insurance plans sold by all insurance companies called Medigap plans. These plans are lettered from A-L and each has many benefits to fit the needs of each individual being insured. One should look carefully to determine what fits their own medical problems and pick that plan accordingly.
There also are plans called Medicare Select. These plans have limits and one should look carefully if these meet ones needs. They have restrictions on what medical practitioner you may decide upon. Also any tests that the medical practitioner requires may have to be approved before being administered and waiting for these approvals may not be desirable.
The benefits of each Medigap plans are the same from each insurance company. For example, if you purchase Plan A, it will be the same from company to company. The difference will be the premium and will be determined by the area in which one resides.
One should consider purchasing a Medicare Supplement Plans 2018 within six months of joining Medicare Part B. Any existing conditions should not be a problem.
The premiums these Medigap plans have are determined by several conditions. The age at which on joins Medicare is 65 and the premium will be set for that age. If an individual waits 1, 3 or even 5 years, the premiums increase accordingly. The extra cost, if we wait, when as we are older may put a burden on our finances. So this is a consideration when joining a Medigap Plan.
Also come January first, Medicare benefits change according to Medicare rules and regulations. The Medigap plans will also change and premiums may increase because of this. Each individual will be notified in advance of any changes to their premiums.