Once you turn 65, you will receive free medical insurance in the form of Medicare. You become automatically enrolled in the policy, but it does not cover all of your medical expenses. It is simply meant to help you out with the increasing medical bills that the elderly tend to face.
If you want all your medical bills covered, you will have to pay for a premium on a supplementary insurance policy. This could be Medigap, Medicaid, and any number of other supplementary insurance policies.
The most commonly-used policies are the Medigap ones, which are all labeled after letters of the alphabet. Each of them comes with different forms of coverage, so you will want to pick a plan that provides you with the coverage you need.
If you want full coverage, then you will need Medicare Plan F. This covers deductibles, excess charges, hospitalization up to 365 days, three pints of blood a year, foreign medical care and much more. You will have no co-payments to make or deductibles to pay with Plan F.
But the tradeoff for full coverage is an increased premium over the other policies. If you want lower premiums but most of the coverage provided by plan F, you can opt for the high-deductible Plan F. this increases your out-of-pocket costs, but lowers your premiums. Or you could choose Plan G which is becoming one of the most popular Medicare Supplement plans.
Plan F is best for people who have serious health issues and who are in and out of the hospital frequently. If you think you will make numerous doctor visits and require emergency room care, then you may do well with Plan F.
Medicare supplement plans can help you pay for costs that Medicare itself cannot cover. Many people, especially those with serious illnesses, find themselves with medical bills that are too much for them to take care of by themselves, even with the help that Medicare provides.
That’s where Medicare supplement plans come in, providing the extra coverage you need to pay for medical expenses. The Medicare supplement plans 2014 subscribers will have to pick from are the same ones that have been available for a few years now. If you are wondering Medicare Supplement plans 2014 are not changing in benefits.
Plan F is still the full-coverage plan that gets most of the attention. It’s great for people who want to have all their expense taken care of and not have to worry about out of pocket costs. Plan F also comes with a high-deductible version for people who want lower premiums.
Plan G provides much the same coverage as F, except for a single deductible you will have to pay. The other plans don’t provide as much coverage, but they are suitable for people with varying medical needs and expenses.
For those who only need a little bit of coverage beyond Medicare, plans K and L offer the least coverage of Medicare supplement plans. They will only pay portions of copayments, deductibles and various expenses. If you don’t have to visit the doctor very often or require only infrequent medical care, their low rates could be just what you need.
Plans A, B, C and N are more middle-of-the-road plans that kind of pick and choose what they cover and what they don’t. You can decide which plan is right for you based on your medical conditions and what you are able to pay for. With a little research, you should be able to find the plan that works well for you.