As we age, an individual will be concerned with their health needs and the need for insurance to cover them. When we reach the age of 65, we can join Medicare. Medicare covers 80% of our medical treatments, hospitalizations and various tests our health practitioner may require. Currently Medicare Part A only covers 80% of those needs. This will depend on if you also have Medicare Part B coverage. Without the benefit of Medicare A and Medicare Plan B, the added 20% costs will be the responsibility of the individual, which can be considerable and difficult to pay as an individual ages. Getting a Medicare supplement plan is definitely something to consider. Many Medicare supplement plans are available and are called Medigap plans. These plans are regulated by the Medicare rules and regulations.
As of now, there are 12 Medicare Supplement plans available called Medigap. The plans are known as letters A-L and offer many different costs according to the benefits in the plan and what is needed by the individual. Each plan offers an individual a wide array of services that should be looked at carefully before deciding what plan they might chose for their needs. There also is another option known as Medicare Select. These plans can be more affordable, but have many restrictions that may not be desirable. They can restrict what medical practitioners an individual may need to see and the tests that may be needed will have to be approved before an individual can access them.
Insurance companies all carry the same plans and do not change between each company, but the costs of the premiums will vary depending upon where the insurer resides. The time to consider purchasing a Medigap plan is within six months of joining Medicare A and Medicare B. If you were too wait too long, the premiums for you will increase considerably at one, three or five years. This may cause a problem of being able to pay the premiums in later years. The amount of the premiums will depend on the age at which you join. Those living in the same area will be paying the same amount and not according to age. It should be noted that every January, Medicare can change its benefit profile as the times change and benefits will go accordingly. Medicare Supplement Plans 2018 may also increase depending on Medicare rules and regulations. You will be notified prior to the increase.