If you are reaching the age of retirement, you may be nervous about actually taking the leap and retiring because you fear that you won't have healthcare coverage. However, thanks to Medicare, you can put your worries about healthcare after you retire at ease. If you are aged 65 or over, you will receive medical coverage via the federal government's health insurance program – Medicare.
However, while Medicare is certainly beneficial and it definitely covers a great deal of medical costs, it may not cover all of your medical expenses when you retire.
In order to help you make appropriate plans for your medical care after you retire, here's a look at some pertinent information regarding Medicare.
What Does Medicare Cover?
Medicare coverage is broken up into different parts, and each part covers different elements of medical care and services.
- Part A – This part of Medicare covers hospital insurance, including mandatory hospital care, care in skilled nursing facilities, home health care and hospice care.
- Part B – This part provides medical insurance coverage, such as doctor visits, preventative care, outpatient care and medical supplies.
- Part C – This part enables private insurance companies to provide Medicare coverage. Referred to as Medicare Advantage plans, these private plans include HMOs and PPOs. These plans are required to provide the same benefits as Original Medicare; however, the private insurance companies can set their own rules regarding coverage and costs.
- Part D – This part incorporates prescription drug coverage, allowing you to receive medications that are deemed necessary.
Medicare Supplement Insurance
While Medicare does provide a great deal of medical coverage, it doesn't cover all medical expenses, including copayments, deductibles and coinsurance. You will have to pay out of pocket for these expenses. If you don't wish to pay for these expenses, you can add Medicare Supplement Insurance to your Original Medicare coverage.
This coverage is offered by a private health insurance company and it must adhere to federal and state laws. If you want to have the ability to select a doctor of your choice that accepts Medicare, or you want to ensure that the costs that Original Medicare doesn't cover will be covered, than a Medicare Supplement plan is something that you will want to consider. If you are interested in adding this policy to your Medicare coverage, there are some important things that you should know, including:
- You have to be covered by Parts A and B of Original Medicare.
- You will have to pay a monthly premium to the private insurance company that is providing your Medicare Supplement plan.
- You will be the only one covered by the policy; if your spouse wishes to have a supplemental plan, he or she will have to purchase a separate policy.
With the combined coverage of Original Medicare and a Medicare Supplement plan, healthcare coverage won't be a concern when you retire. Contact an insurance provider, like Senior Care Insurance Services, with any questions.