Wednesday, May 23, 2012
Any time you are entering unfamiliar territory it can be confusing. This is never truer than when beginning the enrollment process for Medicare and Medicare SupplementalInsurance. Medigap plans can be confusing. It is important to find information on Medicare Supplemental Insurance where you can compare the plans available and the different rates charged for the coverage. Choosing the wrong Medigap policy can end up costing you more than financially. Imagine choosing not to have a procedure done because the aftercare or the procedure itself was not covered.
The most important factor to remember is that individuals turning sixty five must remember is that if they have paid into the Medicare system they are eligible to enroll in Medicare Part A and Medicare Part B. Each part of Medicare offers coverage benefits unique to the plan itself.
Medicare Part A is often referred to as hospital insurance. This plan refers to expenses incurred in a hospital setting such as; room and board, impatient care within a skilled nursing facility, hospice care and necessary home health care.
Medicare Part B is often referred to as physician services coverage. This plan refers to expenses incurred by the doctor such as; Medicare eligible doctor services, outpatient hospital services and durable medical equipment.
It is not clear as to why Medigap insurance is necessary is it. The above states Part A covers the hospital, Part B covers the doctor; what else is there? This is where Medicare Insurance coverage becomes tricky for many individuals new to the system. For instance Medicare Part A requires patients cover a deductible if admitted into the hospital. Current estimates state that deductible is near $1500. This deductible only covers care within a sixty day period. For instance, say you are readmitted on the sixty first day after you were released you are required to repay the $1500 deductible. It is not a deductible that is on an annual basis like many previous insurance plans provided by employers. Part B leaves a gap for it fails to cover the first twenty percent of all doctors’ bill and the annual deductible of around $160 which continues to rise every year.
It is evident that extra coverage is needed to fill in the gaps left by the standard Medicare Part A and B. This is where the different MedicareSupplemental Insurance plans come into play. It is important when looking into each plan that you are able to compare Medicare Supplemental Insurance plans and compare rates. Medigap, as it is commonly known, is offered for purchase through many different private insurance organizations. One thing you must remember is the coverage is equivalent no matter where it is purchased. If you are comparing rates and plans and choose Medicare Supplemental Insurance Plan f from BC/BS it is the same coverage as you will get with Bankers Fidelity. The difference lies within the rate charged for their services. You will need to determine if you are willing to pay extra for the same coverage in order to have a certain insurance provider.