If you’ve always had health insurance covered by your employer, you may not have ever put much thought into selecting a plan — simply going with the least expensive option, or the option with the lowest deductible. This “set it and forget it” method can sometimes backfire — when you’re beginning to contemplate retirement, looking into your various private insurance options and the Medicare program can seem overwhelming.
Fortunately, many companies now offer Medicare supplement plans that can help provide you with broad coverage with little hassle. Read on to learn more about the situations in which you might want to purchase a Medicare supplement:
What is a Medicare Part D supplement?
Although the Medicare program is federal, it is administered by the states, so policies may vary a bit in each area. However, there are four types of insurance coverage offered — Medicare Part A (hospital coverage, for hospital stays or skilled nursing care), Medicare Part B (medical coverage, like doctor visits and testing), Medicare Part C (Advantage Plans, offered by private insurance companies to complement Parts A and/or B coverage), and Medicare Part D (Medigap supplements).
The Part D or Medigap coverage is offered through private insurance companies, and is designed to help cover the gaps in Medicare Parts A and B plans. For example, these plans often don’t cover copays — so if you have frequent doctor visits, purchasing a Part D plan can dramatically reduce your total medical expenses.
When should you purchase a Part D supplement?
In order to receive coverage under a Part D supplement, you must be covered by both Medicare Parts A and B. If you’re covered under a Part C plan, your coverage won’t kick in until you’ve left the Part C plan and enrolled in Parts A and B. You’ll also need separate policies for all adults covered under Parts A and B — you and your spouse or partner can’t share this gap coverage.
In general, purchasing a Part D supplement is a good idea if you or your spouse regularly travel outside the country, where your Parts A and B coverage aren’t in effect, or if you visit the doctor regularly enough that the co-pays or total deductible begins to become a financial strain. Your insurance provider should be able to help you calculate whether a Part D plan would make sense based on your past (and upcoming) medical spending.
To learn more, contact a company like Brown & Brown of Prescott with any questions you have.
Fortunately, many companies now offer Medicare supplement plans that can help provide you with broad coverage with little hassle. Read on to learn more about the situations in which you might want to purchase a Medicare supplement:
What is a Medicare Part D supplement?
Although the Medicare program is federal, it is administered by the states, so policies may vary a bit in each area. However, there are four types of insurance coverage offered — Medicare Part A (hospital coverage, for hospital stays or skilled nursing care), Medicare Part B (medical coverage, like doctor visits and testing), Medicare Part C (Advantage Plans, offered by private insurance companies to complement Parts A and/or B coverage), and Medicare Part D (Medigap supplements).
The Part D or Medigap coverage is offered through private insurance companies, and is designed to help cover the gaps in Medicare Parts A and B plans. For example, these plans often don’t cover copays — so if you have frequent doctor visits, purchasing a Part D plan can dramatically reduce your total medical expenses.
When should you purchase a Part D supplement?
In order to receive coverage under a Part D supplement, you must be covered by both Medicare Parts A and B. If you’re covered under a Part C plan, your coverage won’t kick in until you’ve left the Part C plan and enrolled in Parts A and B. You’ll also need separate policies for all adults covered under Parts A and B — you and your spouse or partner can’t share this gap coverage.
In general, purchasing a Part D supplement is a good idea if you or your spouse regularly travel outside the country, where your Parts A and B coverage aren’t in effect, or if you visit the doctor regularly enough that the co-pays or total deductible begins to become a financial strain. Your insurance provider should be able to help you calculate whether a Part D plan would make sense based on your past (and upcoming) medical spending.
To learn more, contact a company like Brown & Brown of Prescott with any questions you have.
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