Basics one needs to know about Medicare Supplement Plans

What is Medicare Supplements Insurance?

A Medicare Supplement Insurance or Medigap Policies are the plans that the private organizations sell to bridge the gap between the extra health costs that incur and offered by the ‘Original Medicare’ coinsurance, copayments, premiums, and deductibles. Some Medicare Supplement Plans extend their coverage to the services that are not part of the Original Medicare; for instance, the medical care when traveling across borders. In simpler terms, when an individual has ‘Original Medicare’ and a Medigap Policy, then in times of need Original Medicare pays the approved amount and Medigap Policy pays its amount.

Although, the companies offer these plans at different costs, which require a thorough research before choosing one, by the consumer because in some cases the plan benefits are same despite varying costs. All Medicare Supplement Plans or Medigap plans  in 2019 offer varying amounts coverage depending on how much one can afford. All of these plans are the same across the board, no matter which insurance company one uses; the only difference is the cost that varies from company to company. However, there are similar benefit plans with a lower premium, but it limits one to a certain network of providers. It all depends on how much one can afford & how much coverage one wants.

How are Medicare Supplement Plans categorized?

The plans are classified by alphabets (A, B, C, D, F, G, K, L, M and, N) and each letter defines the same benefits associated with it. Prescription drug coverage is not part of these; hence, one has to take Medicare Prescription Drug Plan for medication coverage.

What aspects do these plans cover?

All Medicare Supplement Plans cover, the below-mentioned four benefits. It is pertinent to mention that different plans cover different sum. However, all the plans cover minimum 50% and some up to 100%.

  1. Medicare Part A Coinsurance
  2. Medicare Part A coinsurance or copayments
  3. Medicare Part B coinsurance or copayments
  4. Blood (first 3 pints used in a medical procedure)

While some other plans, cover at least 50% of the following five benefits;

  • Medicare Part A deductible
  • Medicare Part B Deductible
  • Medicare Part B excess charges
  • Skilled nursing facility care coinsurance
  • Foreign travel emergency medical care coverage (80%, up to limits of plan)

What aspects do these plans not cover?

They do not cover routine check-ups and services of eyes, dental, hearing aids, spectacles, long-term care, or private-duty nursing. Services of any additional health insurance policy can be availed in case of need.

 

 

 

A few mistakes that you can’t afford to make while buying the Medicare Advantage Plans

If you have to get the most extensive scopes and extent of coverages from your Medicare Advantage Plans, it is important that you pick the right plan. However, often people make the mistake of picking the inappropriate plans from an unreliable provider and ends up, making the worst experiences. Here are the mistakes that  you cannot afford to make while buying these plans.

 

Picking the plans that never complements and suit your probable medical needs

 

The biggest mistake that you can make is selecting a plan that never suit and support your probable medical needs. If you are picking such plans, it is needless to say that you will not get the  adequate support from the policy when you need it the most. For example, assume you are having existing troubles with the dental or vision health. In such instances, you should only pick those plans that cover these aspects. Else, there is hardly any difference between having and not having the plan.

 

You opt for a plan, tempted by its low or zero premium feature

 

There is no doubt that the premium payable on health insurance policies is rising at a massive pace. Hence, people look for those policies that comes within lower fees.  While looking for the  2018 Medicare Advantage Plans, you might explore such options that charges you a premium at significantly lower rates or even at zero premium. This might apparently seem to be a lucrative proposal, especially from the financial sides, however, such plans may not offer the right extent and scope of coverage. Therefore, having these policies hardly makes any sense, even if there are the enticing calls on the financial sides. Rather than opting for such plans, it makes sense to pay a fair extent of a premium for those plans that actually offers some significant protection.

 

Picking a plan from a provider that don’t cater to your area

 

Another blunder that you are likely to commit is that you pick a plan that is not covering the area of your residence. In such instances, even after paying for the policy, you will not get the benefits that you deserve as a policyholder.

 

Likewise, people often end up buying those plans that don’t come with a satisfactory star rating. It implies they are investing money in plans that have not performed well in the recent past, and thus, it is hard to expect that these plans will come efficient to support your probable needs.

Developing Close Relationships When Retired

People look forward to retirement because that’s when one can make a fresh start to a new part of life. For many people their salaried employment is the crucial aspect of their lives, so it is very difficult to adjust to retirement for them. They can go in depression and sometimes face a loss of self-esteem as well. However, these feelings are very normal as we are social beings and need to be involved with others to fully enjoy life. Developing and maintaining close personal and social relationships is an important part of life after retirement.

While in the work-force, most people spend more proportion of their time with work issues overlooking family and relatives. They should spend more time in developing close relationships with the family especially their partner. Retired people should visit relatives staying in different towns after leaving work as well. While working, we don’t get time to visit our friends who live far away but after retirement you have all the time to do this. Grab your bags and visit people in different cities who had always invited you but you never got a chance. This will help you develop good relations with those relatives and allow you to see new places as well.

Retirement is the right time when one can fully devote to cherish their family and personal relationships. As humans, we all have a fundamental need to share our lives, experiences and life journey with those close to us. In recent studies, Psychologists have recognized our desire to share ourselves as an important human need. This need is often fulfilled in the activities that we enjoy with our partner, friends and family and neighbors. Most seniors who are living alone don’t even consider dating but it can be a new start of a new life. Meeting new people of your age is highly recommended for seniors, you are never too old to find love. If you live on your own, relationships with your friends, children, neighbors are very important to maintain. Keeping involved in expressive activities with people and groups such as family, friends, church, community is vital to health and social life.

 

 

A constructive activity that retired people may wish to do is to volunteer in their community which can also help them develop some new friendships. There are so many possibilities of voluntary work undertaken by seniors and the value it adds to retirement living cannot be underestimated. The opportunities include joining others in re-vegetating local areas, working with local management committees, working as tutors, travel guides etc. There is a wide range of volunteering opportunities and something to suit all.

In addition, you can join different groups and meet new people of your age. Discuss topics which are of common interests. For example, ask your new friends how do they plan their retirement? What type of insurance they plan to invest in? If you know something that can benefit those people than inform them to show your sincerity towards them. Take care of your health together, go for a run or jog with your neighbor or a friend every day to stay active and do not forget to get an additional insurance such as Medicare supplement plans in 2019 to help you cover medical costs.

It is observed that people with satisfying personal relationships have less illnesses and good overall health compared to the ones who don’t have good relationships after retirement. In short, living a social life where there are more people closer to you, will provide ultimate satisfaction and also add years to your life.