As you become 65 years of age, you have the benefit of joining Medicare Part A and Medicare Part B for your health insurance needs. Medicare Part A is set up to take care of health care facility costs and Medicare Part B will take care of the cost of your physician services. Medicare Part A will have annual copayments or coinsurance and deductibles and Medicare Part B will have a monthly premium, copayments and a yearly deductible. These deductibles will have to be met before Medicare starts to pay their share.
When you have Medicare Part B, you will be able to get a Medicare supplement plan. You should understand that Medicare will only pay 80% of the medical expenses and the remaining 20% will be your sole responsibility. This can add up to a significant amount if you have a large medical problem. Available to all seniors is a Medicare supplement plan which will pay for the remaining 20% medical costs. This can really ease one’s mind to know that all medical costs are taken care of.
When you joins a Medicare supplement plan, any existing conditions you may have, will not be rejected, as long as you join within 6 months of turning 65. After that time period, there is a chance your medical condition could be rejected or the cost of premiums will be higher. These Medicare supplement plans are renewed each year. One also has the option to change plans any time one wants to.
There 10 Medicare supplement plan are designated by the letters A-N. These plans are regulated by the government and are all standardized. This means Plan A, as well as the others, are the same no matter where you go in the United States. Each plan has its own unique coverage and the premiums will increase when the coverage increases.
If one want to have prescription drug coverage, you may purchase Medicare Supplement Plan D, which will help with these costs. This plan will also have a monthly premium to add to one’s budget.
It is important to look carefully at all the Aetna Medicare supplement plans to see what each one offers. These will be acquired from private insurance companies. The plans are all the same, no matter who you chose to get them from, but the difference will be in the premiums they offer. This is where one needs to look carefully at each plan to see what will fulfill your medical needs.