Bridge the "Gap"

Most people find the Medicare system complicated and difficult to understand. There is good reason for this as there are several plans within the Medicare system, each offering a different coverage for different situations.  Most people think the Medicare system will take care of all their medical needs without a cost, but that is not true.

One of the best ways to get the most of Medicare is to make sure any gaps in your plan will be supplemented so that the out of pocket expenses will be covered. The way to fill those gaps is to purchase a Medicare Supplement Insurance plan. This will help with deductibles, co-pays, and coinsurance payments. 
The Medicare Supplement Insurance is called Medigap insurance. Since Medicare is a government program, it has mandated a level of standardization that makes it easier to decide which supplemental coverage is best for your particular situation. The difficult thing to know as a consumer is that not all Medicare Supplement Insurance is the same. Some companies will offer a supplement that is significantly higher priced then other companies.
Often, figuring out who to turn to get the information on Medigap insurance is so overwhelming people tend to just throw their hands in the air and ignore the situation. That is not the best course of action. There is a great deal of information available both online and through printed materials. These printed materials will guide you through your options and choices.
One of the biggest issues with Medicare is related to the cost of prescription medications. With drug costs so high these days, the solution for saving money is to take a good hard look at the Part D Plan of your Medicare insurance. There are online tools that will show a national average retail costs for medications. These online tools will allow you the option to compare up to three (3) plans at a time and enroll in the best plan for you. 
When you start your investigation on which plan is best for you, be sure to have all your personal information available and a list of all your prescribed medications, the amount of deductibles you pay, your coinsurance if you have any, and the current premiums you pay. By having this information handy, you will be able to get a better idea of which Medicare Supplement Insurance plan will be best for you.

What is Medicare?

For many people, the time after retirement can be a time of financial struggle. Often one hears the term “fixed income,” referring to the very limited income the elderly have. And to add to the problems, people usually gain more health problems as they age. Since their income is limited, they often cannot afford private health insurance. And, if their company does not offer them health insurance after retirement, they may be forced to do without. This is where Medicare comes in. Medicare is a federally funded insurance program, created for people over 65 who are in need. Occasionally, younger people with certain disabilities are also eligible for the program.

      Medicare covers quite a bit of health issues, but, unlike regular health insurance Medicare has many large gaps in what it will and will not cover. For example, the Federal Insurance will cover illnesses of which a patient will recover (acute illness), but it does not cover such things as home care or nursing home care for people with long term illnesses. Medicare also has a prescription drug plan, but it does not cover all of the cost of prescriptions. Medicare is broken down into four different types or plans.

 

     Part A is a free of charge insurance plan which will pay for inpatient hospital services, Hospice care, and even a limited amount of home health care. But, the benefits of part A are limited to only those circumstances. Part B does include a small premium charge and will help to pay for doctor visits, outpatient care, physical therapy and occupational therapy. Part C actually allows other health insurance plans to offer a Medicare like program to people. It must include all of the coverage of parts A and B plus it may include further benefits like dental.  Because part C is set up differently, patients can only see certain doctors or hospitals. The health care providers must be in a patient’s network. Part D is a prescription drug plan, which works with independent providers to offer prescription benefits.

 

     Since Medicare does not cover all costs, many senior citizens choose to purchase a supplementary insurance called Medicare Gap Insurance or MediGap. This insurance is regulated by the government and helps to defray the costs of healthcare not covered by the Medicare plan.