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Medicare Supplement Ins: The Medicare Maze
Are you having a difficult time navigating your way around the Medicare maze? Do all the letters referring to the different plans make you crazy because you don’t know what they mean? Changes have been happening in the Medicare system and now it is easier than ever to determine what coverage you have and what coverage you will need to help you through your retirement years. The two main parts to traditional Medicare is Part A and Part B. Once you reach retirement age, which is 65 you are automatically enrolled in these two plans. Once you have been enrolled you are then eligible to enroll in a Medicare supplement insurance plan to help defray your health care costs.
Medicare Part A is designed to cover hospitalizations, emergency services and nursing care facilities just to name a few. Medicare Part B is designed to help cover the cost of doctor fees, outpatient services and medical equipment. Medicare Part B requires a monthly premium payment, in addition there is a deducible that you have to meet and co-payments are required. Medicare will cover 80% of procedures and services that are approved leaving you with the remaining 20% and should you have a severe medical condition that require a lot of care your portion could et very expensive. That is not very good news if you are on a fixed income. A Medicare supplement insurance plan is designed to help offset you out of pocket requirements. As was stated above, once you are enrolled in both Medicare Part A and B you can enroll in a supplement insurance plan and regardless of your health you have guaranteed coverage as long as you enroll during the open enrollment phase. This phase begins on the first day of the month that you turn 65 and you have 6 months to complete the process. Should you miss the open enrollment for a supplement plan you are then required to go through the medical underwriting process and will loose your guaranteed coverage and quite possibly not be insurable.
Those three plans are three of the most important plans for your well-being. A medicare supplement plan could save you hundreds if not thousands of dollars on your medical care for only a few dollars a day. It is easy to navigate your way through the Medical maze, just call you insurance agent today to get the process started.
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