People tend to lose the charm and lustre with the growing age. But as soon as they turn 65, the seniors look forward to something exciting once again. It is the Medicare supplement plans that entitle them to enroll as soon as they turn 65. Medicare supplement plans or Medigap is a government entitled plan that opens up for the senior citizens. Though these plans are offered by a various private insurance provider as well, the government charges are subsequently lesser.
Components of Medicare
If you have reached the milestone and are ready to enroll in the Medicare supplement plans, then it is necessary to explore the various components of Medicare.
The Medicare programs are divided into the following components;
- Part A
If you have paid for the Social Security continuously for 10 years, then you need not pay any premium to enroll in Part A. the Part A covers the hospital expenses and stay, skilled nurses’ expenses and all the hospice care expenses.
- Part B
Unlike the Part A, you need to pay the premiums under Part B. Part B covers the expenses incurred in a laboratory test, X-rays, physician service, hospital equipment, patient services etc.
- Part C
Part C is also known as Medicare Advantage. This insurance is usually covered by private insurance companies. under Part C you get all the coverage for Part A and Part B including foreign travel expenses due to medical emergencies. The insurer has to pay the premiums on Part C along with Part B premium, which makes the policy quite expensive.
- Part D
Part D is optional Medicare Supplement Plans 2018 which cover the expenses of prescription drugs. Usually, this is not a separate plan and is considered along with the Medicare advantage itself.
How to know the maze?
The Medicare plans are a big maze that is quite confusing for the insurer. With so many plans on offer, you might get confused about choosing the right plan. insurance companies usually declare that they can provide plans that cover all types of facilities. However, you must decide o it wisely. In order to avoid the maze, you must identify what benefits you want. You must be aware of your needs and then jot them out on a paper. Later, study the various plans and understand which suits you the best. Many people are in the misconception that whatever the agents provide, it is the best policy for them. However, while choosing the Medicare supplement plans you must be wise and identify your need first.