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| Medicare Insurance |
Medicare supplemental insurance is designed to provide additional coverage above and beyond regular Medicare parts A & B for eligible persons aged 65 and over or persons with disabilities under the age of 65.
You can get good coverage with Medicare Parts A and B. Part A will cover 80% of all hospital expenses after the $1132 deductible is met. Deductions must be made for each admission, meaning that each time you are admitted to hospital, you will have to pay another deduction 'per benefit period' which in most cases means you will have to meet the deduction each time you stay in the hospital.
Outpatient medical services will be covered under Part B. Outpatient medical care will cover a number of things including laboratories, surgery, emergency room visits, primary care and specialist visits, and virtually any other medical service that does not require a night in the hospital.
It works like Part A where you have a deductible ($162 in 2021) and then Medicare pays for 80% of most services. Part B's deductible, however, is an annual deductible and only needs to be met once per calendar year. Medicare also has something called overcharging which allows doctors to charge up to 15% over Medicare rates.
What is Medicare Supplemental Insurance?
This coverage is called medicare supplement insurance because it supplements your medicare insurance and is purchased through a private insurer 'Medigap' or 'Gap insurance'. So these plans can cover all, or some, of the deductions, coin guarantees, and regular Medicare excess costs.
Why should I buy additional Medicare insurance?
While it's not necessary to purchase this type of insurance, it can be an invaluable policy in helping protect your assets and also providing a significant amount of peace and mind, so you don't end up running into huge medical bills. Statistically, many bankruptcies are caused by someone accumulating a large amount of debt from medical expenses. Medigap insurance will play a big role in enabling you to avoid such situations.
Who should you buy medical supplement packs from?
One of the most important aspects of AARP Medicare supplements is that they are all regulated by the federal government. So, once you have identified which plan is best for you, you can shop the market to see who can offer the best price.
Just go with the insurance company that offers the lowest rates on the plan you want, every company out there can be trusted. An insurance agent may be able to tell you exactly which insurance company has the lowest rates for the plan you want and which will have the lowest premium increase.
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