Medicare Supplement & Disability Insurance
As the economy continues to drag, jobs continue to be lost, and the cost of living continues to rise at every turn, another concern to more and more Americans is the importance of health care. Many people are so scared of getting sick or injured without proper health care because of the skyrocketing costs of potential hospital bills. Currently, one of the most talked about options for health insurance is Medicare.
Other People Are Reading
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About Medicare
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Medicare is a federally funded health plan passed by Congress in 1965. This health plan was originally initiated for Americans who were 65 years old and above. However, the law was amended in 1972 to include Americans with disabilities as well. Medicare covers various medical expenses including hospital stays, doctor’s visits, treatment and drugs.
Costs Not Covered or Only Partially Covered
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Medicare policies can help pay for a lot of medical services and supplies, but just like most insurance policies, there are a few exceptions to what Medicare can pay for. There are specific instances that are not covered, or only partially covered by Medicare. Some of these include hospitalization, skilled nursing facility care, hospice care, home health care, blood transfusions and emergency care during foreign travel.
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Medicare Supplement Insurance
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Medicare Supplement Insurance can be an important part of one's retirement plan. They can be very helpful for many health care expenses, but as mentioned earlier, they will not pay for every type of medical expense. As a result, private insurance companies offer Medicare Supplement policies that can help pay for some of the "gaps" in health care costs that Medicare does not cover. For example, they can assist with co-payments, coinsurance and deductibles for approved Medicare services.
Disability Insurance
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Medicare Supplemental Disability Insurance provides benefits to plan holders if they are totally disabled and unable to work. Social Security, for example, pays certain benefits to the disabled member, and certain members of his or her family if they are insured. People who are under 65 years old and approved for government disability have six months to purchase a Medicare supplement, regardless of their health history. This is very advantageous for them because in some states, Medicare disability is a qualifying event for guaranteed coverage.
Guidelines and Reminders
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Upon signing up for Medicare, people who are 65 or older have six months to purchase any Medicare supplemental policy, regardless of their health. This time frame is called the "open enrollment period." It is important to take advantage of this opportunity because after this period, members are subject to underwriting, and specific criteria before qualification to a specific supplement plan.
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