subject: How To Use Medicare Supplement Insurance To Build Your Happy Ending [print this page] How To Use Medicare Supplement Insurance To Build Your Happy Ending
The future has a way of seeking up on us. Already about one in four families are providing care for a member in their fifties or older, according to a survey from AARP and the National Alliance for Caregiving.One way to maintain your independence longer is to prepare for failing health. Supplementing Medicare's coverage not only protects your assets and savings, but also improves your access to quality health care. That can lead to a happier, more fulfilling retirement.Save With Medigap Insurance To Get More Out Of RetirementUnfortunately, medical bills often become the "straw that broke the camel's back." When you approach age 65, it's time to compare your health to Medicare's coverage. While Medicare's co-pay charges to see doctors may seem insignificant when your health is good, relying on Original Medicare alone can be overwhelmingly expensive when your health deteriorates. Your best chance to get low premiums for Medicare Supplemental insurance (or Medigap plans) and Part B Medicare comes when you turn 65. For three months before the month you become 65 until three months after that month, you'll have a chance to join plans during a special open enrollment period. Medicare Part A is usually free if you or your spouse paid into Medicare through payroll withholdings, but Medicare Part B is optional and has a monthly premium. If you choose not to enroll during the seven-month open enrollment window, you'll probably have to pay higher premiums if you enroll later. That's not applicable if you join Part B late because you're covered through a group health plan at age 65. To be safe, discuss your situation with the Social Security Administration before you decline Part B.During that seven-month open enrollment window, you also have a guaranteed right to purchase a plan that will pay for medical care not covered by Medicare. That guaranteed right means your application cannot be denied even if you have severe medical problems. Once you give up your right to get a Medicare Supplement plan, you may have to fund all the health care costs not covered by Medicare.Beyond open enrollment, an insurer can still sell you Medigap insurance in spite of pre-existing health problems. However, you'll probably have to pay higher monthly premiums for the protection.Medigap Plans Are An Important Step To Simplify RetirementLike other types of insurance, such as accident and long-term care (for nursing home and home health care), Medicare Advantage plans and Medicare Supplement insurance plans can save you a lot of money over the years. Those savings translate into a richer and more rewarding retirement.Should you need major medical care, like hospitalization, your savings can appear to evaporate quickly. Medicare has a $1,132 deductible before it covers inpatient hospital services. After you meet the deductible, Medicare pays for 100-percent of hospital bills for 60 days. If you need extended care, you'll have a co-insurance payment - a part of the hospital charges for each day.After you've been released from hospital or skilled nursing facility care for 60 consecutive days, a second deductible period will be in force. You'll have to spend another $1,132 before Medicare will cover hospital care even within the same year.Because Medigap plans automatically pay their share of Medicare-covered expenses, you can keep your health care providers who are already working with Medicare. Medigap insurance doesn't restrict you to a provider network or require a referral to see a specialist. Medicare Advantage plans typically have such requirements, though. Advantage plans are not standardized like Medigap plans, so it's important to understand individual plan rules before you enroll. That includes finding out which prescription drugs are covered.
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