What Is The Difference Between Medicare Part A And Part B


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Seniors who have Medicare are often not aware that they can apply for affordable senior health care benefits. Senior citizens are allowed to sign up for Medicare health insurance even if they have a pre-existing medical condition. Some health insurance companies will cover the cost of Medigap premiums for seniors if they meet certain requirements. If you fall under one of these categories, you may want to review your options for health insurance. Here is what you should know about Medicare and Medigap plans.

Seniors who need more extensive medical coverage can often get coverage from an assisted living home. The cost of an assisted living plan depends on the policy and the type of coverage desired. Some senior health care policies cover the cost of nursing homes. Other policies may allow seniors to stay in their homes as long as they choose, with periodic payments for services rendered.

All About Medicare Part B 

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Medicare Part B covers medical expenses that occur while a senior is still living in his or her home. The medical expenses covered by Part B include in-home care that are provided by a licensed medical provider, nursing home care, and respite care. According to a recent study, seniors who are insured through Part A are far more likely to be prescribed medications early on in their lives. This may indicate that a large majority of elderly seniors who are currently insured through Medicare Part A are taking their medications too late.

The monthly premium for Medicare part b is currently at a record high. It has been projected that this rate will continue to increase until at least 2021. If you are a senior citizen who is currently covered by Medicare and do not have health insurance plans through your employer, you may want to review your options for affordable Medicare coverage. There are a variety of private insurance policies that can provide you with coverage similar to that provided by Medicare. Even if you are not covered by a private insurance policy, there are other options available to you.

Why We Choose Private Insurance Companies

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Most private insurance companies offer a wide range of choices for seniors. Seniors often receive special coverage under their employer-sponsored health insurance plans. Often times, if you work as a member of a select group such as a union or an organization affiliated with a trade organization, your private insurance company will cover the majority or all of your nursing and hospice care costs. In addition to selecting a plan that covers your needs, it is important that you also select a health insurance plan that meets your financial goals. Fortunately, there are numerous options that will help you achieve both of these goals.

According to a recent study by the Kaiser Family Foundation, it was found that seniors aged 65 and over were spending nearly $5 trillion dollars more per year on out-of-pocket health care expenses. The study further indicated that the average American spent almost nine percent of their income on out-of-pocket expenses in 2021. The report further indicated that most (about eighty percent) of the increase in out-of-pocket expenses was due to Americans purchasing supplemental insurance that covered prescription medications.

Health Care Options

As stated above, many (if not most) private health care options will only cover a portion of your medical expenses. In addition, because Medicare only provides partial coverage, the remaining portion of your expenses are typically paid by you, the senior citizen. Many senior citizens are forced to choose between health care options and Medicare coverage. In most instances, they end up choosing Medicare. The problem is that Medicare is not an affordable choice for seniors who need the medication coverage provided by Part B of the Affordable Care Act.

Conclusion 

If you fall within the low-income category described above and are unable to purchase health insurance through an employer, you will likely have to seek additional coverage. Two options are available to you. You can either purchase a high deductible private policy that will cover the majority of your out-of-pocket expenses, or you can look into short-term health insurance policies. Short-term policies cover your “out of the blue” expenses until you’re offered a standard private policy. This type of coverage is more expensive than a medigap policy, but it is far more flexible and provides you with peace of mind knowing that your medical needs will be covered.

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