Although Medicare can seem complicated at first glance, working with a good insurance broker will help you understand it. Medicare is a healthcare program for those over the age of 65. And others who apply for it due to a social security disability. Medicare covers a portion of the medical expenses, but not all of them. Let's start with "Part A" of Medicare. That's where you'll find your hospitalization facilities. There is no longer a premium because it has been deducted from your salary for the entirety of your working life. Here's where things get complicated: first, there's an outpatient deductible. It was $1216 in 2014. That is for procedures that are performed in a hospital. It also protects your stay in the hospital for the first 60 days.
You will be charged an extra $304 a day if you are in the hospital for 60-90 days. If you stay longer than that, you will be charged $608 a day. As you can see, this can quickly add up in terms of costs. You can see how this might be perplexing. This is a procedure that both skilled nursing facilities and blood can use. These figures fluctuate from year to year.
Outpatient facilities are covered by Part B for 80% of the cost. It also has a $147 deductible. You're left with $147 plus 20% outpatient costs. That takes us to the reason you need best Medicare Supplements plans. A supplement fills the "gaps" in Original Medicare. The Part A expenses, including the deductible, will be covered by a supplement, depending on the product you choose. Part B premiums are still covered; however, specific supplement policies, such as Plan N, do not cover the premium or leave you with a co-pay for doctor visits.
The other thing to remember about supplements is that they are all the same. Meaning, regardless of which carrier you get it from, Plan F is Plan F. Regardless of which carrier you get Plan G from, it's always Plan G. As a result, the premium drives many Medicare Supplement purchases. The great thing about Medicare and Medicare Supplement 2021 is that you don't have to think about your doctor is in the network. It's straightforward. If the doctor approves Medicare patients, the supplement is accepted as well. Some physicians refuse to treat Medicare patients. If they refuse to consider Medicare, they would also refuse to accept the supplement. It makes no difference where you get your supplement from.
The Medicare Advantage program is the next piece of the puzzle. These programs have now taken the place of traditional Medicare. Medicare still covers you, so private insurance companies administer it. In some instances, there is a low to no premium on these. However, the out-of-pocket price is often higher. Often, these plans are network-based, which means you must visit a specific group of physicians. County-specific plans are also available. It may be only accessible in your county, not the next one over. You will have to give up your Advantage plan if you switch to a different state or county. Some Advantage policies include a prescription drug or Part D package. Section D of a supplement must be purchased separately.
Every year, open enrollment for Medicare Advantage and Part D plans occurs. Except for End-Stage Renal Disease, there is no underwriting. You can change your Supplement at any time, but you must be medically eligible after your initial enrollment. Finally, if you have Original Medicare, you should consider purchasing a supplement to cover the holes in your coverage. There's only one supplement you'll need. A successful Medicare Insurance Broker would be able to advise you about which choice is best for you. If you have Medicare Advantage, you are not eligible for a Medicare Supplement.