Points that seniors must know about Medicare supplement plans

Everybody knows about getting Medicare supplement plans on turning 65 years, but the fact is that most people do not know how it works.

 

Here is now a list of things that seniors do not know:

  1. Medicare is for everyone, not seniors alone. It is also for disabled people having renal disease in the end stages or ALS disease.
  2. Every year there is open enrollment period from 15 October to 7 December. In fact, during the period from January 1 to 14 February, you can switch to Original Medicare from Medicare Advantage.
  3. You are eligible newly on turning 65 and you have the time of seven months period to get enrolled during your birthday. There are different Medicare enrollment types.
  4. Parts A to D is available and it covers different things. The hospital stays are covered by Part A, while the medical expenses by Part B. These are considered as Original Medicare. However, there is the alternative Medicare Advantage program that is Part C and finally the prescription drug coverage is the Part D.
  5. Medicare Part A and B have deductible and 100% costs are not paid. Medicare pays the eligible costs to around 80 %. While the remaining 20% becomes your responsibility to pay. However, Medicare has no system of capping on the out of pocket costs annually.
  6. Some pay Part A premium, but mostly there is nothing to pay for hospital coverage of Part A. fortunately, if there are work credits earned, you are qualified for the benefits of Social Security and if so you have to pay per month up to $422 monthly premium in 2018.
  7. Part B premium is paid by everyone and you may have to pay more, if your earning is more. The Part B standard amount to be paid as premium is $134 each month for 2018. The premium will go higher, if you earned over $85,000 and are single or earned over $170,000 as a couple. For instance, earning between $107,000 and $133,500 means an individual will pay per month in 2018 $267.90.
  8. Considering a waiting period for Part B or D enrollment, means you will have to pay penalty as long as you live. In case you fail to sign up for medical coverage of Part B or Part D for the coverage of prescription drugs during eligibility period, you end up paying every month a penalty for the delay.

Visit https://www.medisupps.com/medicare-supplemental-insurance-2018/

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