Understanding Medicare Supplemental Insurance in Texas
Upon turning 65, you are usually automatically enrolled in Medicare insurance. There are two parts to Medicare, however. The first is Medicare Part A insurance which is basic hospitalization insurance. Medicare Part A insurance helps cover: inpatient care in hospitals, inpatient care in skilled nursing facility, hospice care services, home health care services, and inpatient care in Religious Non medical Health Care institutions. The best part is that Medicare Part A is usually at no extra cost to you. This is called “Premium Free Part A”. You may be eligible for “Premium Free Part A” if you or your spouse paid Medicare taxes while employed. The second part to Medicare is Medicare Part B. Medicare Part B is your basic medical insurance. Medicare Part B insurance helps cover: Doctor services, Outpatient Care, Home Health Services and even some Preventive Services. However, unlike Medicare Part A insurance, Medicare Part b requires a monthly premium. The monthly premium for 2013 is $104.90. While these two parts will cover about 80% of fees including expenses related to hospital and emergency stays, doctor visits and some medical expenses, there are still gaps within your coverage that can cost a significant amount of money. There is Medicare supplemental insurance you can buy in Texas that will provide you with the coverage to fill these gaps.
Deciding on Supplemental Insurance in Texas
Not surprisingly, the Medicare supplement insurance you need is called Medigap insurance. There are various Medicare Supplemental insurance plans you can purchase based on the gaps you want to fill. This includes gaps to cover prescriptions, more than 100 days of nursing care, and the gaps in between what a doctor charges and what Medicare is approved to pay. Much of that 20% remaining from what Medicare Part A and Medicare Part B cover can be taken care of when you purchase various Medigap plans in Texas. There are 10 different Medicare Supplemental insurance plans for you to choose from. Each of these plans are labeled by a letter from the alphabet. There is Medicare Supplement Plan A, B, C, D, F, G, K, L, M, and N. Each of these plans listed offer a different amount of coverage. For instance, Medicare Supplement Plan F offers the most amount of health insurance coverage out of all of the other plans. With that being said, Medicare Supplement F also usually is the most expensive out of all of the other Medicare Supplemental insurance plans as well.
Why is Medicare Supplemental Insurance in Texas essential?
We mentioned previously how Medicare Supplemental insurance, or Medigap insurance, helps cover the “Gaps” left behind by Original Medicare. With Original Medicare (which is basic Medicare insurance that includes: Medicare Part A insurance and Medicare part B insurance), you are not 100 percent coverage. Actually, you are only up to 80 percent covered (in some cases). With that being said, you may ask, “Who pays the remaining 20 percent?” The answer is you. That’s right, if you are enrolled with Original Medicare insurance, you will be required to pay all out of pocket costs that Medicare will not cover. You may think that 20 percent is a low percentage, but depending on the service you receive, it could actually leave you having to pay a significant amount of money. For instance, two of the leading surgeries that senior citizens undergo are: Hip replacement surgery and knee replacement surgery. These surgeries are not inexpensive. Actually just one of these surgeries can cost up to 10,000 dollars. With Original Medicare insurance, you will be required to pay 20 percent of that. 20 percent of 10,000 dollars will still leave you having to pay thousands. As you may know, many senior citizens are on a fixed income and therefore, are not able to pay these high out of pocket costs. This is exactly why Medicare Supplemental insurance has become so popular for senior citizens. With Medicare Supplemental insurance, you are able to be up to 100 percent covered in exchange for a monthly premium (in addition to the Medicare Part B premium that you already pay). Many senior citizens do not want to risk the change of having to pay high medical bills and that is where Medicare Supplemental insurance comes in. Enrolling with a Medicare Supplemental insurance plan can actually save you money in the long run.
Shopping for Texas Medicare Supplemental Insurance
It’s critical that you pay attention to all the Medicare Supplemental insurance plans in Texas. The options will vary from carrier to carrier, as will the prices. You also need to identify which gaps you want to cover or if you want to cover all of them (if this is the case, Medicare Supplement Plan F may be a good supplemental plan for you to consider). Based on the costs of these plans and whether you are on a fixed income or not will dictate how you make your decisions. What is important is that you take the time to check out many of your options in terms of carriers and plans. This is where 1-800-MEDIGAP can be extremely useful for you.
Here is a list of things to remember when shopping around for Medicare Supplemental insurance Texas online:
-As we mentioned previously, all Medicare Supplemental insurance plans are standardized. With that being said, you can expect all Medicare Supplemental insurance plans to be the same in coverage regardless of where you go. What is not standardized is the price of these Medicare Supplemental insurance plans. Each insurance provider is able to put their own price on the Medicare Supplemental insurance plans that they offer. So, shopping around online is imperative if you are looking to find a Medicare Supplemental insurance plan to fit all of your “wants” and “needs”.
-When shopping around online, It may be beneficial for you to shop around by your specific residing location. Why? Because most Medicare Supplemental insurance plans by state. They may even vary be county. So, save yourself time and energy by searching for a Medicare Supplemental insurance plan specific to your location.
-In order to enroll with a Medicare Supplemental insurance plan, you have to answer basic questions. Expect to provide your location, birthdate, and even your current health status. This way, you will be able to find the most updated information for Medicare Supplemental insurance plan available to you.
-There are ways to cover you and your spouse but you don’t want to pay more than you need to. If you and your spouse are looking for a Medicare Supplemental insurance plan, you should know that you both do not have to be enrolled with the same exact plan. Depending on the health statues for both of you, you may need to enroll in two totally different Medicare Supplemental plans.
-There are online tools to assist you. That’s right, many of the ‘bigger’ and more reputable private insurance companies offer an online Medicare Supplement comparison too. Basically, this tool compares all of the Medicare Supplemental insurance plans for you. The comparison tool will tell you the benefits, coverage, and price of all Medicare supplemental insurance plans that the private insurance company offers. Using this tool could save you tons of time and energy.
Texas Comparisons for Medicare Supplemental Insurance
There’s only one way to get the lowest monthly premium on Medicare Supplemental insurance and that’s by taking the time to make comparisons. The coverage itself is standardized, but that doesn’t mean every company has to charge the same for all of the coverage plans you are considering. It’s a good idea to contact three or four insurance companies in Texas and find out who offers what and what they charge. Once you have the quotes, you can compare to see who has the lowest price.
For more information on Medicare Supplemental Insurance, call our toll free hotline 1-800-MEDIGAP or 1-800-633-4427