5 More Things You Need To Know About Medicare
Yesterday I did the 5 Things you Need to know about Medicare so today I will follow up with 5 More Things You Need To Know About Medicare. Before just settling down with Medicare you need to make sure all your bases are covered. So here are 5 More Things You Need To Know About Medicare
1. Some Medicare Advantage plans are better than others.
Medicare Advantage plans are evaluated based on criteria such as customer satisfaction and quality of care. Plans receive between one and five stars, depending on their scores. Five-star plans have the highest scores, and you can switch into a five-star plan most of the year—not just during open enrollment. Learn how the plans in your area rank here .
2. You will probably need Medigap insurance.
You can rack up some hefty out-of-pocket costs with the deductibles and copayments required under original Medicare. For instance, a 10-day hospital stay could cost you more than $12,000. A supplemental insurance policy, called Medigap, helps pay for the unpaid balance of Medicare charges. These secondary insurance polices only reimburses for charges that Medicare (the primary coverage) approved, including deductibles, copayments and coinsurance. However, you can’t use a Medigap plan to pay for Medicare Advantage plan costs.
3. You should check to see whether your drugs are covered.
All prescription drug plans and Medicare Advantage plans have drug formularies, which list the medications they cover. The drugs are sorted into tiers based on their cost and effectiveness. The higher the tier, the higher your copayment. To learn whether your medication is covered—and how much it will cost—contact your prescription drug plan or Medicare Advantage company. Many plans post their formularies online.
4. You have protections and rights under Medicare.
These include the right to be treated with dignity and respect at all times, to be protected from discrimination, and to have your personal and health information kept private. You can also get emergency care when and where you need it, appeal payment or coverage decisions, and file complaints if you’re unhappy with the care you receive.
5. Medicare doesn’t cover long-term care.
70% of us will need long-term care at some point. This includes help with daily activities, like bathing and cooking, as well as some medical care. Neither Medicare nor most health insurance plans, including Medigap, cover this type of care. If you’re worried about costs, check into long-term care insurance. Most people who can’t afford long-term care eventually qualify for Medicaid, government health insurance for the poor.