Medicare Supplement Insurance Programs
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Before choosing their policies, senior citizens need to understand the terms and conditions of their health insurance options. After paying social security taxes for 10 years, they qualify for Medicare when they reach the age of 65. Standard Medicare consists of Parts A and B, which cover hospitalization expenses and general medical bills (i.e. visits to your doctor). However, the problem begins when you need to decide between Medicare Parts C and D, and when to take supplemental insurance known as Medigap.
Additional Medical Insurance Options
Medicare Parts C and D, also called Medicare Advantage, serve as an extension of standard Medicare even though they are run by private insurance companies. These plans are still regulated by the government in the same manner as Parts A and B.
Most seniors need to take part D and C together because it covers the cost of prescription drug coverage. Even that is not enough at times and, to get more coverage, they need to consider a supplemental insurance program called Medigap.
Choosing Medicare Plan Part D
Be very careful when choosing the Part D or Medicare Advantage as the additional cost of taking most of these plans can be significantly higher. Higher-income consumers taking Plan D may have to pay more.
There are only a few plans that cost marginally more than original Medicare. Medicare Plans Part C and D are much like the private insurance bought by individuals, as all the plans under them come with different copays, premiums, coinsurance and out-of-pocket limits.
Medigap
Medicare Supplement Insurance, or Medigap, is also available to cover or help in covering certain out-of-pocket, deductible and coinsurance costs. However, the Medigap option is not cost-effective compared to Medicare Advantage in every case. Medigap is further sub-divided into 10 different plans, starting from A through N in alphabetical order. Of these, Plan F is most popular.
The benefits of Medigap Plans can include hospitalization with semi-private room and general nursing, free blood transmission (for the first three pints), deductible Part A expenses, coinsurance with skilled nursing facility, Part B deductible, foreign travel benefit and Part B excess. All of these benefits are available within Part F, but not in the other plans.
If you are looking for a medical insurance company in Dallas, Texas that can help you explain the details before you decide on a plan, contact us today to speak with one of our qualified insurance representatives. We can provide you with a variety of medical insurance quotes and match them with the best plan based on your unique needs.
