CONSIDERING MEDICARE SUPPLEMENT PLAN PART II

CONSIDERING MEDICARE SUPPLEMENT PLAN IN 2019 PART II

 

What exactly should be considered for Medicare Supplement Plans 2019? The goal is to stay healthy and live longer, right? What does that mean in terms of a lifetime of medical costs? The better we are at living longer, the more we end up spending on health care. Regardless, you should always try to find out the specific limitations of the coverage that you currently have. From here you can make your decision as to whether supplemental insurance is necessary or not. If you are serious about designing your best possible retirement, planning for preventive care and preparing for major medical expenses are crucial. It’s not too different from buying auto or homeowner’s insurance. We all hope that we never need to use insurance, but we’re protected from crushing debt to be on the safe side.

What then can you expect from medicare? First, be aware that Medicare does not cover every medical service, and it does not pay for 100 percent of many services that it does cover. Part A deals with home health care, hospice, hospital and skilled nursing care. You have to meet a $1,100 deductible per illness before your Part A coverage will begin. After that, Part A pays will cover your hospitalization charges for the first 60 days, but it only pays for a portion of the daily cost starting on the 61st day. Part B handles doctor services, and other services that are not covered under Part A. After you have met the $155 annual deductible, Part B will pay 80 percent of Medicare’s pre-approved amount. You’re responsible for the other 20 percent, and for any amount your doctor charges that exceeds the pre-approved amount.

Medicare Supplement Insurance, also known as Medigap, offers you 10 different plans to cover the gaps in Medicare in ways that best fit your situation. That’s important so you can get the coverage you need without paying for benefits you don’t need. Nine Medigap plans will pay for that $1,100 Part A deductible and many also pay for the $155 Part B deductible. All Medigap plans will pay your coinsurance amount for hospital charges after the 60th day, and they also pay for the total Medicare reimbursement amount for an additional 365 days per lifetime.

Immediately following hospitalization, Part A will also pay for 20 days in a skilled nursing facility to help with rehab and getting your strength back.