If you are about to turn 65, it is likely that you have already registered for Medicare, or at least read the information in the application form. The first question to ask is whether you have prescription insurance and a Medicare Part D supplement plan, or whether you need to enroll in a Medicare Advantage plan.
Let’s say you’ve signed up for Medicare. So the next question would be, what next? Medicare has been quite easy, especially since there is only one place to get it, that is, the federal government. However, after treatment with Medicare, you have completed only a third of the trip. Medicare guarantees 80% of your medical and hospital expenses, but there are two other health insurance plans you need.
Insurance plans for the Medicare supplement:
The first of these is Medicare supplemental insurance, and it does so according to what the name stipulates. Complete your Medicare plan. This means, in a nutshell, that your Medicare supplement insurance pays the difference of what Medicare pays, which in most cases is 80% and pays the full amount of hospital and doctoral expenses.
So far, everything is very easy to understand, is not it? Medicare pays 80% and supplemental insurance pays the remaining 20% provided you choose the right plan. This is where large private insurers are needed and make it difficult to understand the average person. Each year they have several Medicare supplement plans to choose from, each of which assigns them a letter of the alphabet so that they can be differentiated. In 2010, for example, Medicare integration plans were made available from A to N, except for E, H, I, and J plans that are no longer available.
Medicare Part D drug plans:
Large private insurers offer various Part D plans to choose from. The difference here from one plan to another is the deductible amount, which can range from a deduction of zero to $ 300. The deductible, of course, is the total amount you need to spend on prescription drugs before getting your insurance. When your franchise declines, your monthly premium will increase. This means that with zero deductible you will pay the highest monthly premium.
There is also something called “back-up insurance” that you should understand, because after insurance starts at zero or $ 310, when the total costs of controlled drugs reach $ 2,700 a year, major insurers will stop paying. The total cost of drugs is $ 4350. In addition, these numbers are based on 2010 plans and therefore can be modified. My insurance agent pointed out that this will be very clear when considering the gap that an uninsured period should secure, as it is sometimes called.
What the big private insurers do not want you to know.
It is unlikely that large private insurance companies will inform you that the government expects each insurance company to provide exactly the same Medicare and Part D supplement plans in each particular state.
This means, in short, that Medicare supplement plans from A to N, for example, in Texas, must have exactly the same characteristics as any insurance company.