Does Medicare Cover Enough Of Your Costs?
Anyone relying on Medicare as their primary form of health insurance is likely to come across situations that Medicare alone won't sufficiently cover. While many factors are at play here, choosing a supplemental insurance plan shouldn't be overly complicated. By taking an earnest accounting of both your overall health and your healthcare expenses, you'll have a better idea of just what kinds of coverage, and how much of them, you'll need.
Your Age and Your Health
Like traditional medical insurance, Medicare supplements operate on a variable premium plan which can raise or lower your monthly rates from one year to the next based on several factors. The most noteworthy of these is the age of the insured individual, as insurance companies use this to gauge your general health and the likelihood that you'll use their coverage. If you're currently on Medicare, the sooner you can secure a supplemental plan the better your rates are likely to be.
Some providers take a more in-depth look at your situation, using more relevant information to determine your monthly premium. If you generally seek little in the way of medical care, you can often find low cost supplemental plans that will help cover additional costs if they arise. This may include more extensive exams, blood tests, screenings, or necessary treatments for a newly diagnosed condition.
How Much is Enough?
Only you can decide just how much additional coverage you'll need from a supplemental plan, but it's a good idea to start by evaluating your most recent year's medical expenses. Look closely at plans that would have covered services and treatments that regular Medicare didn't, or which offer sufficient annual maximums to make up for other short falls in your existing coverage. Be aware though, in order to take advantage of any supplemental coverage you'll need to already be receiving both Part A and B of regular Medicare.
Be aware that many supplemental plans can help cover costs and claims against your regular Medicare policy. This can help save you time that would've otherwise been spent filing claims and waiting for reimbursement through Medicare Part B, and some plans even offer a similar service for Part A claims too.
Once you become eligible for Medicare coverage, shopping for additional insurance takes on a whole new level of importance. If you're on a fixed income from a retirement account, or rely on Social Security, getting the best deal on health care possible can make all the difference in the world.
For more information about obtaining supplemental insurance, contact a professional such as Brown & Brown of Prescott.