Persons covered by Medicare Parts A and Part B should not depend solely on Medicare. Medicare has deductibles and only pays 80% of the approved expenses after the deductible. A big, catastrophic medical expense could mean that you have to pay a high medical fee. There are two ways to limit these huge, potential losses. Let us examine each in detail:
Medicare supplements – also known as “Medigap coverage” – these plans cover most of the costs or gaps that Medicare has not paid. The government standardized the Medicare supplement plans years ago so that benefits from one insurance company to another are the same. There are currently 10 plans available with the letters A-J. The most common plan is F and is offered by virtually all Medicare insurance companies.
Not all insurance companies offer all 10 plans. Plan F covers both the Part A and B deductibles and the 20% gap left by Medicare. For the individual who wants to cover all doctor visits, hospital fees and other medically necessary tests and expenses, a Medigap plan would be the best choice. Many insurers offer plans which are based on age, and medical underwriting must be approved for a plan, unless you apply during a guarantee issue period or an open enrollment period.
It is important to know that if you apply for coverage within 6 months of your 65th birthday, underwriting is not required. Registration is part B of Medicare, whichever is later. In situations where other insurance is lost through no fault of the insured person, there are special guaranteed enrollment times. Individuals in need of more medical attention seem to be better satisfied with a supplementary plan, although these plans provide no or insufficient coverage for routine dental, visual, auditory or preventive care.
Medicare Advantage Plans – Although part of Medicare (Part C), these plans are very different from the original Medicare products linked to a plan. Initially, no claims will be filed directly with Medicare. Medicare Advantage Plans are private service fees that are directly related to the insurance company. An advantage plan is responsible for processing all your medical claims. These insurers are subsidized by Medicare as they pay for your medical costs. Find a Humana plan at https://www.medicareadvantage2019.org/humana-medicare-advantage-plans-2019
There are some advantages and disadvantages associated with these types of plans. One advantage is the low premiums. Most plans cost much less than a conventional Medicare plan – some even have a $ 0 premium. No medical insurance is required to purchase one of these plans. Although the plans must cover all of the medial procedures that are usually covered by Medicare, most plans offer some additional benefits for dental, visual and hearing screening as well as for checkups.
These additional benefits vary greatly from one insurer to another. A major disadvantage of these plans is the cost of incidental and ancillary costs available to the insured. Although expenses are limited to a maximum, these expenditures can be substantial if they are not fully covered by a conventional supplementary plan