All of us have to face the reality that sooner or later our health could deteriorate. Even after you have Medicare, it’s coverage is not complete enough to secure your future if you need to see a doctor often or you have to stay in the hospital. Medicare contains gaps in coverage for both doctor and hospital expenses.
It leaves you to pay for 20 percent of your doctor bills and requires you to pay for a lot of hospital care. In 2012, you need to spend $1,156 to meet the Part A deductible before Medicare covers hospital bills. Once that deductible is met, Medicare will cover the first 60 days in the hospital of each benefit period. It’s not an annual deductible like the Part B deductible on doctor care is. If you need more than 60 days of hospital care, you are charged $289 a day for days 61 to 90, and then $578 a day for days 91-150. You’re on your own after 150 days.
By supplementing Medicare’s coverage, you can make your retirement more secure. Having Medicare Supplement Insurance not only protects your assets and savings, but also gives you access to quality health care services because you won’t have out-of-pocket costs. For example, with Medicare Supplement Insurance plans (Medigap plans), you won’t have to pay for 20 percent of your doctor bills. The situation is similar when you need hospital care. If you have a Medigap plan, you can get reimbursement for the deductible and help with the co-insurance charges should you need hospital care beyond 60 days.
Keep in mind that you are guaranteed acceptance when you apply for Medigap policies at the time you initially become eligible for Medicare, which could mean substantial savings if your health is not perfect. During this open enrollment, your right to purchase a Medigap plan is guaranteed regardless of any pre-existing health problems you may have. You cannot be charged higher than standard rates, either, during this period. Here on our website, you can find more information about Medicare Supplement Insurance Plans and Medicare Advantage Plans.
Jim McFadden has over 11 years of executive-level experience in the health insurance industry, is a youth baseball, softball and football coach, and has one of the worst fantasy football records in the world.