Time is an enemy to all and its effects on the body are both unavoidable. As we get older, our bodies become frail and our immunities weaken. This means that the number of ailments and diseases that afflict us increase in number as we age. This increases the need for a medical insurance policy. However, this is not the case. For many senior citizens, an insurance policy is viewed as a cumbersome investment that is a waste of money or simply something unaffordable. The reality of the matter is that insurance policies are affordable and can be attained at competitive prices.
The Gift of Medicare
One such policy is Medicare. This is a medical insurance policy available to seniors in every state. Though affordable, Medicare is not a comprehensive cover. This means that it covers most, but not all of your medical and hospital expenses. Medicare plans include:
Medicare Part A – This is the basic hospital insurance cover. It generally covers medical costs that you incur while you receive care in the hospital. It also extends to skilled care from nurses, home care and in some instances hospice care. Medicare Part B – This works similar to basic medical covers. It takes care of the doctor’s fees, medical equipment requirements, outpatient care received, physical therapy, occupational therapy, and most health-related expenditures. However, this leaves you incurring a monthly premium and an annual deductible. Medicare Part C – This is a plan that allows you combine Part A and Part B plans and other benefits like coverage for prescription drugs. It is commonly called a Medicare Advantage Plan. You can also opt for the prescription plan which is standalone, the Medicare Part D.
Gaps In Medicare Insurance Policies And How To Take care Of Them
However, Medicare plans do not cater for the nitty gritty expenses like annual checkups. This may not be that expensive, but for people with chronic illnesses, such expenses tend to stack up. This has left people demanding for a little more coverage to help cover the holes left by Medicare Insurance Plans. There are some senior citizen health insurance policies that are specifically made to cover these gaps. Such policies are usually referred to as Medigap Insurance Policies, the common ones being Medicare Supplementary Plans. A Mutual of Omaha Medicare Supplement Plan help to cover the expenses left behind by your Original Medicare policy. However, they are tied to the policies and as such, you cannot get a Medicare Supplementary Plan unless you are enrolled in an Original Medicare Plan like Medicare Part A or Medicare Part B. These policies are quite beneficial, but you need to know exactly what gaps you are trying to fill before you opt for a Medigap Policy. For this information, you can talk to your insurance provider so that you properly understand the uncovered expenses in your current plan. This will enable you to settle for a policy that complements your current Medicare coverage plan. It is the only way to ensure that you get the most out of you Medigap and don’t end up having to spend out-of-pocket to fully cover your medical treatment and care.