Medicare is a federal health insurance program created in 1965 for people who are age 65 or older -- and under certain circumstances, younger -- regardless of income, medical history or health status. Most people age 65 and over are entitled to Medicare Part A if they or their spouse are age 65 and have paid payroll taxes for 10 or more years. Medicare Parts A and B cover only 80% of hospital and medical charges, leaving the patient with the responsibility to pay 20% of the charges as well as some potentially expensive deductibles.
Without a Medicare Supplement Plan, you are financially responsible for everything that is not covered by Medicare. Many seniors wisely add a Medicare Supplement Plan, which will help pay their deductibles and coinsurance. By choosing the right Medicare Supplement plan, one can potentially eliminate their out-of-pocket financial responsibility. Simply pay a monthly premium and avoid all copays, charges for office visits, coinsurance or deductibles.
It is recommended that plans be reviewed periodically. Many times, switching plans or switching companies can result in significant savings and or more complete coverage. One of the biggest misconceptions of this type of health care is that Medicare supplement insurance companies that charge higher premiums offer higher benefits. This is not the case, as all plans of the same type are 100% identical in coverage and benefits. If you would like to discuss your coverage with a Medicare specialist, please contact our office.
This information is provided for informational purposes only and is general in nature. It is not a recommendation to buy or sell any investment or adopt any investment strategy.
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