Introduction into Medicare Supplements (Medicare Supplement Insurance Series)
Medigap policies are supplemental health insurance policies sold by private insurers, designed to fill some of the “gaps” in health coverage provided by Medicare. Although Medicare covers many health care costs, you still have to pay certain coinsurance and deductible amounts, as well as paying for services that Medicare does not cover.
Generally, you must be enrolled in the original Medicare Parts A and B before you need to purchase a Medigap insurance policy. Other types of health insurance coverage, such as Medicare Advantage, other Medicare health plans, Medicaid, or employer-provided health insurance, do not work with Medigap policies.
Choosing a Policy
There are two primary factors to consider when choosing a Medigap policy.
• Needed benefits: Carefully consider what benefits you are most likely to need; you may not need the most comprehensive plan.
• Cost: Once you have decided which benefits you will need, shop for the policy that provides those benefits at the lowest cost. Policy Costs Can Differ
• Discounts: Some insurers may offer discounts to certain classes of people, such as women, nonsmokers, or married couples.
• Medical underwriting: An insurance company may require you to fill out a detailed questionnaire on your health. The information you provide is used to determine whether or not a policy will be issued, or what premium to charge.
• Part A skilled nursing: Plans C-G, M and N — Pay 100% of the coinsurance amount (4.50 per day in 2012) for days 21-100 in a skilled nursing facility. Plans K and L — Pay the percentage shown of the coinsurance amount for days 21-100 in a skilled nursing facility.
• Part A deductible: Plans B-G, and N — Pay 100% of the Part A deductible (,156 in 2012) for the first 60 days of hospitalization. Plans K, L, and M — Pay the percentage shown of the Part A deductible for the first 60 days of hospitalization.
• Part A hospice: Plans A-G, M and N — Pay 100% of the Part A hospice copayment. Plans K and L — Pay the percentage shown of the Part A hospice copayment.
• Part B deductible: Plans C and F — Pay 100% of the annual Part B deductible (0.00 in 2012).
• Part B excess charges: Plans F and G — Pay 100% of the Part B excess charges
• Emergency foreign travel: Plans C-G, M and N — The insured pays a 0 deductible and then 20% of any remaining costs of emergency health care. This benefit is typically limited to a ,000 lifetime maximum and the first 60 days of each trip.
• Part B preventive care: All plans — Pay 100% of the coinsurance for preventive care.
Steve Savant is a national insurance columnist, financial color commentator and host of the daily Internet talk show, The Business Insurance Zone. Steve’s special guest is Sam Corey the Third, National Medicare Supplement Specialist.
Looking For Health Insurance Using Online Resources
As a young person I had this image of myself living the high life ‘Sex & The City Style'; you know, like Carrie Bradshaw and her entourage. I was going to live in a stunning apartment with thousands of friends. I would have my ‘Mr. Big’ and be the center of attention living my dream life. I would be a socialite and engage in extreme sports (a twist on the Bradshaw life), but I’d still look stunning while mountain biking. It turns out I watched too much television as a teenager because reality is far from the ‘Sex & The City’ world. When I left home for London, the world I chose to live was very different to what I thought it would be.
Although I longed for the life of a socialite in Camden, I lived in a shared house with friends in Hackney. Instead of being a fashion designer and professional writer, I am a would-be content writer making a few pounds here and there online. Now, I’m not complaining – I do love my life and am able to indulge in parties and extreme sports every couple of weekends. However, like so many things in my life, I haven’t considered responsibilities that should be looked at, like health insurance.
As a lover of extreme sports, I should have health insurance. In fact, it should be one of the first things on my proverbial list. My boyfriend is constantly bothering me about applying for insurance – health, home, even insurance on snow boards. Why would I want insurance on my snow boards? Anyway, he kept on stating that I may hurt myself and we wouldn’t have enough money to cover medical costs. Remember, I don’t have a well-paying job and he’s still studying.
As you may have gathered, I’m a bit of a care-free individual who doesn’t pay much attention to anything unless it has some immediate affect on me. So, when my best friend was injured on the slopes and sent to hospital, I became a little worried. He has insurance, thank God, but I wondered what would have happened if he didn’t…then I remembered I didn’t.
After that incident I took my health insurance seriously and began looking for quotes online. My friend helped me and told me about different websites that provided affordable policies based on your lifestyle and needs. Now I have something that suits my time, lifestyle and budget; and my boyfriend isn’t hassling me anymore.
An Overview of Medicare Supplemental Insurance in New York
As you get older it is natural to end up needing more medical care to stay in good health. There are many age-related medical conditions, and day-to-day wear and tear on your body can lead to you needing surgery. If you are over the age of 65 then you may qualify for Medicare insurance, which would make it easier for you to gain access to otherwise expensive medical treatment, surgery and other procedures.
Medicare in New York covers around 80% of the cost of most treatments, which means that you will still need to find the remaining 20% of the cost. Some treatments are prohibitively expensive, to the point that even 20% of the cost can be a lot of money for the average family. For those circumstances, there is another offering, called Medicare supplement insurance, which makes it easier to afford expensive courses of treatment.
Filling the Gaps with New York Medicare Supplemental Insurance
Medicare Supplemental Insurance in New York policies are also known as NY Medigap plans. These policies complete Medicare by offering financial support for expenses that Medicare itself do not cover. If you opt to take out both Medicare and Medigap, then you effectively have 100% coverage for expensive medical interventions, surgery and other treatments in your retirement. Medigap is not expensive, so most people can afford them without too many issues. If you are in a position where oyu can pay for NY Medigap then you should take it out, because it is much cheaper to have the insurance before you need it than it is to pay for medical care as and when the need arises. Supplemental coverage is easy to obtain. Just ask your insurance provider for details.
You can get NY Medicare supplements from almost any insurance company or broker. Just call around and ask for some quotes. There are plans available for married people, and these plans are often more affordable than a single person’s cover. Your insurance provider will be able to offer detailed personal advice that is tailored to your circumstances.