Understanding the Intricacies of Medicare

Are you having a hard time understanding Medicare? If so, we suggest that you go to Medicare.gov and download or request a copy of the Medicare and You handbook.

There are a few different types of Medicare. You can choose to go with Original Medicare or you can go with a Medicare Advantage Plan. A Medicare advantage plan is a managed care type of plan with privatized insurance companies.

Medicare supplements are generally easier to understand. A Medicare supplement plan F is the most popular type of Medicare supplement. It will pay part B deductibles and your Medicare part A along with the 20 % coinsurance, If you get a Plan F.

Medicare advantage plans are generally restricted to a network or come in the form of HMO plans. Medicare supplements are nice because you can go to any doctor or hospital in the United States that accepts Medicare.

You have 6 months before your birthday, the month of, and sixth months after to get a Medicare supplement with no health questions asked, If you are turning 65.

If you are outside of that time, you will often have to answer medical questions and your acceptance is not guaranteed. Also, the rates for smokers are typically higher than the rates for non-smokers.

Some companies offer a gender neutral Medicare supplement rates. However, most companies will charge a high premium for males. You might also find that many companies offer a household discount for a wife and husband that have a Medicare supplement plan with the same company.

Some companies will also give you a discount off your Medigap plan for having your premiums drafted from your checking account. Last, but not least, make sure that you check around with a lot of different companies before your Medicare supplement is bought by you. Often, you will find cheaper rates with just a little research!

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