Do you understand Medicare? If you’re like most, the answer is no. Even licensed health insurance agents often don’t understand all of the ins and outs of Medicare, and this can be a very problematic thing for the individuals that need coverage. Medicare is the public health insurance that all elderly and disabled individuals have access to, but it doesn’t always cover the things that people expect it to. Knowing what Medicare covers, and what it doesn’t, is a good way to ensure that you or a loved one are getting the care that is needed, without any of the stressful extra expenses that you might incur.
For example, did you know that Medicare alone does not cover a long term stay in a nursing home? If you are banking on your Medicare Part A and Part B policies to take care of your senior care expenses, you are likely to be mistaken. Nursing home stays are typically covered under Medicaid, but this is only if the person looking for care has severely reduced their personal wealth. If your mom or dad (or you, if you are the one looking for care) has quite a bit of savings, then you will not qualify for Medicaid. In these instances, you might need to pay for senior care out of pocket, granted that there are no other policies covering this.
Also, Medicare Part A alone doesn’t cover the costs of medications. You will need to enlist in a Medicare Part D policy if you want to secure a more thorough prescription drug coverage plan. And, making things even more confusing, not all Part D policies are the same. Before you sign up for a policy, make sure that any medications you take are covered. Also, be sure that you are paying as little as you can in order to help reduce your own personal expenses.
There are Medi-Gap and Medicare supplements out there that may be of use to you, too. These vary a bit from company to company as these are supplied through private insurers to help add extra coverage to the Medicare policies that you can get from the government. These will vary in price depending on which policy and which company you decide to go through. Shop around with a few trusted insurance companies in order to get yourself the best deal and the best coverage.
If you have questions about your health care coverage, please get in touch with an insurance specialist before the situation becomes an emergency. The sooner you fix the big gaps in your coverage, the better off you will be when you need to use your insurance. If you do decide to do this, be sure that you are consulting with an impartial specialist, and not a salesperson working off of commission. While sales agents are supposed to act in your best interest, they may be tempted to recommend an insurance product that is not in your best interest simply to earn a higher commission off of the sale. Always use your best judgment before agreeing to anything or signing any papers.
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