Medicare Supplement Insurance, also known as Medigap, is a type of health insurance policy that helps cover the out-of-pocket costs that Medicare doesn’t cover. These policies are sold by private insurance companies and are designed to work alongside Original Medicare to help pay for things like copayments, coinsurance, and deductibles.
Medicare is a Federal health insurance program that was established in 1965 to provide affordable health coverage for Americans who are 65 years of age or older, as well as some younger people with certain disabilities and medical conditions. Medicare is funded through payroll taxes, premiums, and government funding, and it covers a wide range of healthcare services, including hospital care, physician services, prescription drugs, and more.
Medicare Supplement Insurance, sold by private insurance companies, helps pay some of the out-of-pocket healthcare costs that Original Medicare (Parts A & B) don’t pay. The plans, categorized by letters A-N, are standardized meaning they include the same basic benefits regardless of where you buy them.
The Annual Enrollment Period is actually an opportunity – not a burden. This is the only time of year, outside of special exceptions, when you’re permitted to switch your Medicare Advantage or Part D drug plan.
Understanding prescription drug coverage can be one of the most challenging parts of Medicare. Each plan offers different levels of coverage and involves varying deductibles, premiums and copayments. Yet, the basic concept behind all Medicare Part D prescription drug plans is the same.
Most people talk about retirement as a shiny, sunny chapter of your life in which you no longer have to clock into work, answer to a boss, or spend 40 hours a week working for The Man. For many retirees, however, retirement turns out to be less pleasant than they expected.
The Part B monthly premium will be $164.90 next year, a decline of $5.20 or about 3%, according to the Federal Centers for Medicare and Medicaid Services. Medicare Part B covers numerous items, including doctor visits and outpatient services like lab tests and diagnostic screening.
There are many options for supplemental insurance to Medicare. You might be wondering How much can a Medigap plan save me? Indeed, the answer to this question depends on a variety of factors. One of the most important factors is how much you would be spending on out-of-pocket health care costs without a Medigap plan.
The term “Original Medicare” refers to Medicare Part A and Part B. Part A helps cover the cost of hospital-related care, including inpatient services, lab tests and surgery. Part B is the medical insurance component of Medicare, which helps cover doctor visits, outpatient care and certain preventive services. The federal government administers both Part A and Part B.
Spending more time indoors? It doesn’t have to be boring. Engaging in interesting pastimes is important for everyone but finding indoor activities for older adults that enrich and enliven well-being is especially important. Keeping your mind occupied and your spirits high will repay you in lots of ways.
