For those who are receiving Social Security disability benefits or those who are reaching retirement age, making sure you have adequate health insurance coverage is a paramount concern. Medicare is a government provided health insurance option that most people who qualify for Social Security benefits can choose. And, while this is an affordable insurance option for many, there are certain things that you should be aware of before signing up.
Medicare has different parts that are designed to pay for different coverages. For example, Medicare part A is the policy that provides coverage for hospital and emergency care costs. It is considered your catastrophic coverage. While it does cover 80% of your medical costs, it leaves you holding the bag for the other 20%. This coverage is free to anyone who receives Medicare coverage, meaning that in addition to the 20% coinsurance that you pay for this coverage, you do not have to pay a monthly premium.
Medicare Part B is the coverage that most people are more familiar with. This is the policy that covers routine doctor’s visits including sick and well care visits. Like Part A coverage, Medicare will pay 80% of the costs associated with this coverage, but you are responsible for the other 20%. In addition, you have to pay a monthly premium to have the coverage. The premium is low and considered more affordable than most other insurance options, but it can come as a surprise to some that aren’t expecting the premium. The premium is deducted from your monthly payment, so no payment on your part is required.
Medicare Part D coverage is your prescription drug coverage. Premiums for this coverage will vary, depending on your income. And what is covered will depend on the medications you are taking versus what is currently listed on the formulary as well as what the pharmacy charges for your prescriptions. You may be required to pay coinsurance at the time of getting your medications filled and you may not.
These costs may sound like a lot, but never fear. There are options that you can choose that will help you offset some of these costs. These insurance policies are known as Medicare supplemental insurance policies and cover the costs that Medicare does not in exchange for a premium every month. In most cases, the premium you pay monthly is less than coinsurance costs you are ultimately responsible for, especially if you have a lot of medications you take or see a lot of doctors. If you are interested in learning more about the benefits of Michigan Medicare Supplement Plans or to learn what they cover versus what you pay, you can visit the Medicare Supplemental Insurance Plans In Michigan website at http://emedicare-supplemental-insurance.com/michigan-medicare-supplement-plans. This website offers you everything you need to make a sound decision about your healthcare coverage.