Although Medicare pays a large part of health care expenses, it doesnít pay them all, and many people are advised to purchase supplemental insurance to be sure that the majority of their costs are covered.
Federal law specifies some ten plans that supplemental insurance should conform to, from Plan A which is a basic plan, but doesnít cover deductibles through to Plan J; each plan provides additional benefits. Most States specify that any supplemental plan sold within the State should conform to one of these ten plans. People who are eligible for Medicaid do not need additional insurance, Medicaid pays almost all health care costs, including long-term care in a nursing facility.
If you are considering purchasing Medicare supplemental insurance, you should take some time to talk to someone who understands insurance, or at least take time to investigate different policies. It may be worthwhile contacting your local Area Agency on Aging to see if they have insurance counseling. Whatever you decide, you should purchase only one supplemental insurance policy.
Do read policies carefully, checking for exclusions of existing illnesses, renewal clauses- they should be for the lifetime of the policy holder- and reasonable and customary limitations. These things make a real difference and will affect you at exactly the time that you can least deal with them. Do also check that agents are licensed by the State to sell supplemental policies.
Do your homework properly and you will be able to relax about your healthcare in your retirement. After all, that’s what retirement should be all about.
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