Health insurance as you age:
Health is an exquisite blessing which we accept wholeheartedly, but we also need to accept ill health in the autumn of our lives. The declining years bring copious physical and mental vicissitudes. The US health insurance system comprehends it and offers a variety of coverage plans. Most of the US citizens who belong to the age group of 65 and above, bank on Medicare to cover the cost of health care to a certain degree. The Medicare does not offer a comprehensive coverage plan, so the Medicare beneficiaries opt for the supplemental Medigap plans to widen the scope of the coverage. These plans are not only for the elderly people, but the people with certain disabilities are also eligible for these plans.
What is Medicare?
As mentioned above, Medicare is a national health insurance program that addresses the needs of people who are above 65 or have certain qualifying disabilities. The Medicare coverage is not much comprehensive. It can only be availed in a couple of ways. The first one is original Medicare consisting of Part A and Part B or Part C. Part A is the hospital insurance while Part B is medical insurance. Part C is a standalone plan which is used as a substitute for original Medicare, Part C is also known as Medicare advantage. It is administered by Medicare-approved private insurance companies like AzMedcare that operates in Phoenix, Arizona. In some cases, the users of original Medicare and Medicare advantage can get prescription drug coverage after purchasing Part D. Besides buying part D, they can also go for the Medicare supplemental insurance or Medigap. The users have to choose among Part D and Medigap as these are mutually exclusive.
What is Medigap?
Medigap coverage plans exist at the portfolio level and support the original Medicare coverage. Medigaps are the private health insurance policies just to supplement the original Medicare plans. Both Medicare original and Medigap plans pay their share and cover the medical costs individually. The Medigap plans cover the costs that are left out by original Medicare. The cost which is not covered in the Medicare plan is known as the coverage gap and as the name depicts, Medigap fills this gap. Similarly, Medicare does not cover the amount exceeding Medicare-Approved amount and the purchase cost for the Medigap policy.
AZMEDICARE; Arizona Medigap policy provider, makes Standardized Medigap policies available for the people of Phoenix. These standardized Medigap policies are aligned with the Arizona Medgap polices. These policies are labeled by letters A, B. C. D. F, G, K, L, M and N. These are called as standardized policies because all the services providers offer the same coverage plans that meet a certain set standard. It should also be noted that all these plans have same benefits but their cost varies from one company to another. Well, the selection of the Medigap plan is entirely based on your needs. You can chose the plan which best suits your requirements. The Medigap policies are renewable and the insurance provider cannot cancel your policy unless you are not willing to pay the premium amount.
Benefits of Medigap policy:
First and the most valuable benefit of Medigap policy is hospitalization. Along with the Part A coinsurance, it gives additional 365 days coverage for hospitalization. Secondly, it bears the medical expenses that are not borne by the Medicare Part B coinsurance. It also covers the copayments for outpatient services. Medigap policies also cover three pints of blood yearly, if the patents needs blood transfusion. Palliation of chronically ill, terminally ill or seriously ill patient’s pain is quite costly, so the Medigap care provides Hospice care coverage as well.
When to buy Medigap policy in Arizona?
It is better to buy the Medigap policy in the open enrolment period. This period automatically starts when you enters the first day of the month when you turn 65. This period is comprised of six months. You must be previously enrolled in Medicare Part B. if you enroll outside the OEP period, the premium rates would be affected. You may also be required to take a physical review of your health information. The price and conditions out of OEP period differ from OEP.
How to choose the best level of Medigap policy?
Living in Arizona, you have the option of choosing among 10 standardized Medigap offers. You have also the option to choose the best insurance provider among 50 companies. These providers don’t sell all the Medigap plans, but their offer must include plan A. In addition to plan A, Plan C or Plan F can be added. Plan F, a highly deductible plan as you have to pay the deductible amount of $2,180 before the policy starts paying you. On the other hand for the Plans K and L Medigap plan pays 100% of the covered services for the rest of the year.Plan N pays 100% of the Part B coinsurance (except up to $20 copay for some doctor visits and up to $50 copay for ER treatments that don’t require inpatient admission).
This might seem a bit complex but you need to thoroughly read ins and outs of each and every plan. You can also check the discounts offered by the company as AZMEDICARE offers discounts for women, non-smokers, or married people, yearly payment discounts, multiple policy discounts etc. Your medical policy should be tightly aligned with medical needs along with your financial abilities. AZMEDICARE provides medicare supplement insurance plans in Arizona and stresses that you should choose a plan, considering the currents needs and the related concerns in the future. For you ease, AZMEDICARE provides 6 types of medicare advantage plans. Health maintenance organization plans, preferred provider organization plans, private fee for services plans, special needs plans, point of services plans and medical savings account are these types. You can choose what suits you the best. ADMEDICARE will also suggest the best option if you seek assistance in any of the stages of Medicare advantage plans.