Nowadays, the cost of medical, pharmaceutical and insurance are getting very expensive. By the time you reach the age of 65 and above especially when you are planning to retire at this age, handling the costs for these medical related needs may not be that convenient. In order to address this, the government is advising the senior citizens to enrol in a Medicare Supplement known as Medigap policy.
Medicare is a medical program run by the federal government. If you are covered by Medicare, your medical expenses of with regards to doctor's visit, hospital stays, medicines and other medical treatment. But before you can avail of this, you must be first fit the qualification. If you are an American citizen or at least 5 years residence in the US whose age is 65 or above, you are qualified to avail of this type of insurance. Also, younger people might also be eligible for this type of insurance if one has a qualifying disability such as Lou Gehirg's disease or a permanent kidney failure.
This type of insurance is divided into several parts which have different coverage. Part A which is the Hospital Coverage covers inpatient hospital care, skilled nursing facilities, hospice care, some home health care. Once you turn 65, you are automatically enrolled in this coverage and you won't have to pay for this. Part B which is the Medical Coverage helps cover reasonable and necessary medical services that are no longer covered by Part A. Such services include doctor's services, physical and occupational therapist services, laboratory and X-ray services, ambulance services, outpatient hospital care, home health care, blood and medical supplies, durable medical equipment as well as wheelchairs and hospital beds. Part C which is the Medicare Advantage covers Medicare health maintenance organization, preferred provider organizations, private fee for service plans, Medicare medical savings account plan and Medicare special needs plans.
To avail this, you need to have Part A and Part B since this includes extra benefits such as prescription drug coverage as well as lower cost of services than Parts A and B. Note that you still need to pay your monthly premium and most likely with extra monthly premium. Moreover, you may require referrals and recommendation from doctors and specialist to avail this. Lastly Part D which is Prescription Drug Coverage covers brand name as well as generic prescription drugs from participating pharmacies. Everyone with Medicare can be eligible for this part regardless of income, health or prescription expenses.
However, there are a lot of things you need to consider before availing Medicare. After all, there are a lot of providers out there who offer Medicare. The only thing left to do is to make sure that the insurance company whom you will purchase this has the reputation and credibility. Moreover, make sure that the policy will best fit for you.
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