Talking With Insurance Companies

If you are thinking about signing up for Medicare or if you've just gotten Medicare, you may be wondering about additional help. Medicare is great insurance, but it can also be expensive. Luckily, Medicare supplement plans are available to help cover some of the costs. If you would like to know more, keep reading.

1. What Does Medicare Include?

If you qualify for Medicare, you get your insurance through the federal government, but it is broken into parts. Part A includes inpatient care, such as hospital or hospice stays. Part B includes your outpatient care, such as doctor visits.

Typically, you'll need to pay a premium for Part B, but many people don't need to pay a premium for Part A. Part A and Part B together are Original Medicare. You can also choose to add Part D, which covers prescription medications.

Part C is also known as Medicare Advantage, and it can include more services like vision and dental. However, there can be different rules and costs with Medicare Advantage, and you'll have to choose in-network providers. Alternatively, most providers accept Original Medicare.

2. What Are Medicare Supplement Plans?

Medicare supplement plans are also known as Medigap because they help fill in the gaps that Medicare does not cover. These plans help cover some of the out-of-pocket expenses associated with Medicare. Medicare patients often have high co-pays, co-insurance costs, and deductibles. This can make getting treatment expensive.

Some Medigap plans also have additional coverage, such as medical care even when you are traveling outside of the US. There are multiple Medigap policies, and each has different types of coverage, but they all help pay some or all of the out-of-pocket expenses you'll face with Medicare. Some plans also have an out-of-pocket limit to prevent patients from having to pay a fortune for care.  

You will need to pay a premium for Medigap plans, but you should recoup that money by not having to pay co-insurance, deductibles, or co-pays. The cost largely depends on the type of plan and where you live.

If you have Medicare, you should consider a Medigap policy to help balance the out-of-pocket expenses. By paying a low monthly premium, you can be sure that your medical coverage is safe and secure for when you need it. Instead of worrying about how to pay your medical bills, enjoy your retirement. If you would like to know more, contact a Medigap provider in your area today, and ask about the various plans.