Medigap Do you Need it?
April 3rd, 2010 | Published in Medicare Information
If you have Medicare, it’s time to consider your options. Part A which covers part of your hospitalization costs. Part B, if you subscribe to part B, a portion of your costs for health care from your doctor. You may be enrolled in Part D as well. That would be your prescription coverage. That leaves a missing letter, C. That is your potential Medigap coverage.
All of the parts have co-pays. Finding out what they all are will be made available to you when you receive the printed materials from Medicare. It is time to strongly consider a Medigap policy. Your decision should be made according to your financial capabilities and your health conditions.
The terms of Medigap are set by state and federal laws. The basic plans are all the same. The only difference is the premiums paid. Additional benefits can be added, of course there will be extra costs. There are 3 states that have different criteria for the basic plan. Massachusetts, Wisconsin and Minnesota. All others have the same requirements.
Initially you need to consider your personal health. Are you in generally good health? Do you have any chronic conditions that have the potential of increasing in severity? What can you afford to pay? If you choose not to participate and get ill, will it mean financial devastation for you? Ask yourself all of these questions and then move forward.
Some states offer financial assistance for the various Medicare plans or offer Medicaid to supplement. This information can be found through your Department of Human Resources. Medicare consultants will assist you in choosing the type of plans that are necessary to take care of your needs as well. Further information is available on the internet at the Medicare site. It will lead you to the companies that are licensed in your state.
There are 12 plans to consider. They are lettered A-L. K and L are the most basic programs and will pay 50% of your co-pays until you reach a certain out of pocket cost and then pay 100% As different benefits are added, the price goes up. If long term care is a possibility for you or a loved one, you may want to look at some of the benefits associated with skilled nursing facilities, nursing home care, and at home treatments for certain conditions.
There are several companies that offer Medigap that also offer Part D prescription drug plans. The choice for Part D should depend on your medicines. Check with either a Medicare consultant or the Medicare website before choosing your plan. It should not be done just because it is an addition to your part C or Medigap plan. Companies vary when it comes to covering medications.
Do not make your decision hastily. Read, listen and learn all of your possibilities before you choose any of the plans. Keep in mind that financial devastation often results from excessive medical bills. These golden years will be a lot more relaxing if you realize that you are covered for the possibilities of serious medical conditions or extended hospitalization.