About a year ago, I could tell that there were some issues with our medical insurance. It seemed like whenever we went to the doctor, we were left wondering why the bill was so high, which really made me worry about the situation. I started focusing more carefully on what to do about the situation, and within a few short weeks, I was going through our policies to see where the problem was. I found out that my claims were being processed improperly, so working with my insurance company made things better. This blog is here to help anyone who has ever had to resolve medical insurance problems.
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Resolving Medical Insurance Problems
Enrolled In Medicare? Questions You May Have About Supplement Plans
Wendy Bryant
If you've just turned 65, then you may qualify for Medicare coverage. If you are already receiving Social Security or Railroad Retirement Board benefits, you may already be automatically enrolled. While Medicare can cover a lot of your health needs, it may not cover everything. To fill in these "gaps," you can look at Medicare supplement plans or a Medigap policy. Read on to address questions you might have about these supplement plans.
What costs do supplement plans cover?
Some people may still have copayments, coinsurnace, and deductibles that need to be paid. If you get a supplemental Medicare plan, it can cover some of these out-of-pocket costs. Some plans even cover costs of medical care if you are traveling outside of the U.S.
Are these plans worth the extra monthly premiums?
For many people, these supplemental plans are worth it since it's quite a financial risk to not have backup insurance. One hospital stay could cost you tens of thousands of dollars. Supplemental plans are especially useful for people who don't receive employer-sponsored benefits.
Who qualifies for these plans?
There are four basic parts of Medicare:
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Part A, which provides hospital coverage
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Part B, which provides outpatient medical coverage
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Part C, which combines parts A and B in one plan
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Part D, which provides prescription drug coverage
In order to qualify for a Medicare supplement plan, you need both Part A and Part B Medicare.
Where can you find these plans?
Medicare supplemental plans are sold by private insurance companies. You can find different plans on your state's health exchange or you can find more information on the government's Medicare website.
What is open enrollment and how is it beneficial to these plans?
After you turn 65, you have a six-month open enrollment period, meaning that health insurance companies must sell you a policy at the best available rate regardless of previous conditions. It's important to take advantage of open enrollment since health insurers can use medical underwriting later on—meaning, they could deny you certain policies based on pre-existing health conditions.
How much do Medicare supplement plans cost?
The cost will depend on the state you live on and which insurance provider you go with. Business Insider says that the national average for one of the most popular supplemental plans—Medigap Plan F—is about $143 a month.
Contact a medical insurance provider in your area for more information on Medicare supplement plans.
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