Understanding How Medicare Supplemental Insurance Can HelpAug 2008
Figuring out today's
Medicare benefits can be a bit daunting - with so many plans and alternatives to choose from, picking the coverage you need and knowing how much that will cost can be confusing to say the least.
So, what exactly does Medicare cover, and do you need
Medicare supplemental insurance?
Fox Business recently released an article designed to help consumers make these very decisions.
The first thing you can do to get a better understanding of Medicare benefits is to read the "Medicare & You 2008" handbook, which can be downloaded from the
Medicare web site. Be prepared - its 120 pages long, so leave yourself plenty of time to read it through.
The article then goes on to make this very clear: Medicare doesn't pay for everything. This is exactly why there are so many plans, and why Medicare supplemental health insurance is popular today. Sure, Medicare covers a large portion of your health care, but there will still be deductibles, co-pays, out-of-pocket costs, and more to deal with and understand. By taking your time to understand all of the Medicare plans you'll be better able to choose the one that covers your health care needs and still fits in your budget.
It's also important to remember that you might not be automatically signed-up for Medicare benefits once you turn 65. You'll be automatically enrolled if you're already collecting Social Security, disability for the last two years, or benefits from the Railroad Retirement Board.
But if not, you'll need to sign up three months before your 65th birthday. If you've missed that deadline don't despair - you can still sign up, but you'll have to jump through a few more hoops, and fill out more paperwork, to do so.
Facts on:
Medicare
Did you know...
44.8 million people rely on Medicare today?
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Finally, with Medicare Parts A and B, Medicare Advantage, Medicare Part D, and Medicare supplemental insurance (or Medigap) to figure out, it pays to take good notes on everything you read and take an active role in your health care process.
You never know what could happen in the future, but knowing that you're protected sure can help you to breathe a bit easier.
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