Those looking into using Medigap to cover some of their medical expenses should know a few things about what they are getting into. Medigap can be a great way to take care of the expenses that your other insurance won’t cover.
First off, you should know that Medicare won’t cover the cost of your Medigap. Medigap will take the information directly from Part B of your Medicare coverage to determine how much it covers. You may also opt to have Medigap cover your part A of Medicare if you choose a plan that will do that for you.
This way the insurance company will pay the doctors directly, but some hospitals and doctors are exempted from this practice. To find out if Medicare and Medigap will pay your doctor or hospital directly, you should ask your doctors if they participate in Medicare.
Different insurance companies will charge varying prices for the same policy. If you want to know how much the Medigap you are going with will cost, then you should consult various insurance companies. Get a rate from more than one of them before making your decision, so you can be sure you are getting a competitive rate.
Depending on the plan you go with and the coverage you desire, you will pay different amounts for different plans. The more expensive plans provide more coverage, so you should determine how much coverage you need before simply choosing the cheapest plan. In the long run, a plan with more coverage can be more beneficial to you.
There is no one fixed cost for Medicare supplement plans 2017. You should shop around to see what rates different insurance companies are charging, but also do not forget about open enrollment. This 6-month period after you turn 65 brings great rate discounts.
It has recently been reported that Congress once again has missed an opportunity to fix something in this country. What a surprise right? Seems they have no problem missing any of their vacations or bragging rights when it comes to no term limits, however when there comes a time to actually fix doctor’s pay for treating Medicare patients (The largest growing sector of any particular age bracket in history) they seem to have dropped the ball.
Many medical groups were in hopes that both the Senate and the House would be able to acquire the proper legislation to help fix the doctor pay and make this a permanent feature. Instead it’s just more of the same which is just a slight temporary fix rather than a solution.
Hundreds of thousands of doctors around the country treat people on both Medicare Part A and Part B. Many of these patients also have Medigap Plans 2017 which pay for deductibles and co-pays. It appears that this recent non-change might cost those doctors in excess of $27,000 in a cut.
Unfortunately people are becoming increasingly less confident about the reliability of Medicare for both doctors and patients and this bill only gives them more ammunition for their case. Many hospitals are also not happy as their patients might be losing more and more benefits due to various cuts because unfortunately the fix in the bill takes money from Medicare payments to hospitals. These facilities are currently expending nearly $10.5 billion dollars over the next 10 years for patient care. Stay healthy and out of the hospital is the motto these days!
With Obamacare looming in the background there needs to absolutely be more scrutiny when it comes to the cuts doctors receive. This combined with the massive growth in baby boomers makes for an evil storm-a-brewin’ if something is not done soon.
When the time comes for retirement, the benefits from employer’s end and seniors need to find a way to cover any and all medical expenses. Often this includes a spouse. Aside from wondering where their budget will come from each month (hopefully you’ve prepared!), one doesn’t need mounting medical bills on top of that to add worry.
Medicare To the Rescue
As confused as people tend to be upon reaching age 65, one thing they do know is that they qualify for Medicare. Some might even have some experience with perhaps if they helped their parents to obtain coverage. Basically when you turn 65 if you are collecting a Social security check you are automatically enrolled in Part and Part B Medicare. Part A is free as you paid for it your working life through payroll deductions. Part B however, does have a monthly premium that is determined by your income, however most people pay the lower amount premium which close to 100 dollars per month.
Why do I have to pay for Part B?
Part B does in fact pay 80 percent of your medical bills, and they could have never estimated how much all of your future medical bill would have cost while you were working, therefore there is a monthly premium. Therefore you are responsible for paying the remaining 20 percent of your bills.
How can I pay, that seems high?
Fortunately for you there is something called Medigap insurance which many seniors enroll in to help pay the additional expenses. These are things like copayments, deductibles, and the 20 percent coinsurance. An important thing to remember is to check all of the Medicare Supplement plans 2017 when looking for a plan. This is because every company has the same coverage however their monthly premiums really do differ quite a bit. You don’t want to pay anymore than you should for this coverage.
Am I finally set after all that?
Well not exactly, you might want to enroll in a Part D drug plan as well. These plans have monthly premiums that you must pay, then you pay copayments for your drugs each month. By using Medicare’s drug plan finder tool which can be found here, you can enter your drugs and it will show you which plans can save you the most money.