Most people are generally aware that Medicare is available to individuals in the U.S. who are over the age of 65, but you may not know much about the program. If you have been wondering whether you should consider supplemental insurance like a Medigap policy, here are a few tips to help you decide as you navigate through your options for Medicare in Rockford, IL.
What is “Medicare”?
When people use the term Medicare in Rockford, IL they could mean a pretty wide variety of things. Usually “Medicare” refers to the basic coverage you get in Part A and Part B, and sometimes Part D.
- Part A: Covers inpatient care in hospitals, nursing facilities, hospice, and home health care. Most people are automatically enrolled in this coverage at age 65.
- Part B: Covers preventive care (doctors’ visits) and outpatient care, supplies and services to treat medical conditions.
- Part C: Also called a Medicare Advantage Plan, is a separate plan provided by private insurance that covers Part A and Part B services.
- Part D: Covers prescription drugs.
Getting a Medigap Policy
If you are eligible for Medicare, but the coverage provided does not give you everything you need for your own health care, you may want to purchase a Medigap policy, also known as Medicare Supplemental Insurance. These policies help pay for portions of Medicare that you pay out of pocket—coinsurance, copays, and deductibles—and can also provide additional benefits that do not come with traditional Medicare in Rockford, IL policies. They are sold by private insurance companies.
There are a wide variety of different Medigap policies, ranging from Medigap A to Medigap N, and they cover all kinds of things including Part A coinsurance and hospital costs, Part B coinsurance and co-payments, nursing facility coinsurance, deductibles for Part A and/or Part B, and even foreign travel emergency costs. Deciding whether to get one, and which one to purchase, will depend on your financial situation, your ability to pay the extra premiums, and your specific needs. For example, if you plan to do a lot of foreign travel in your retirement, it may benefit you to have a supplemental policy that covers these costs in the event of an emergency while you are out of the U.S.
When you are looking into the purchase of a Medigap policy, keep in mind that insurance companies are generally required to sell you only “standardized” policies that have specific benefits, so they are easy to compare from one company to another. These policies generally do not cover things like vision, dental, and long-term care.
When you are nearing retirement age, knowing the facts about Medicare in Rockford, IL and Medigap policies can assist in deciding what you need for your own personal health care.
