Senior Medical Insurance
2014 Medicare and Medigap Updates
Senior Medical Insurance
Change is one of the most difficult circumstances to face in life and approaching one’s retirement years when the need for senior medical insurance becomes pressing is certainly not an easy period for anyone. Thankfully, there are more than a few options for senior medical insurance that can set you on your way to a happy and healthy retirement.
In the succeeding paragraphs, we will look at the available options for senior medical insurance that retirees can rely on for healthcare expenses once they start enjoying the fruits of all their hard-earned labor.
Here are the available programs that seniors can look to for their healthcare needs passed their working years.
· Medicare. Most employers will have required you to pay your healthcare contributions while you were still at work and all of these go into your basic Medicare plan upon retirement. On the first day of the month you turn 65, you become automatically eligible for Medicare and can start reaping the benefits of your contributions.
· Medicare Advantage. This is an add-on package to basic Medicare and requires extra contributions in your annual taxes. The package offers added privileges not available to basic Medicare as well as a wider scope when it comes to prescription drug expenses and similar medical services. If you want Advanced Medicare coverage when you retire, inform your employer ahead so it can be arranged now while you are still capable of paying your annual contributions.
· Medigap Insurance. Unfortunately, even Medicare has significant gaps in coverage that need to be filled in by Medigap. There are many standardized policies offered by healthcare firms and seniors can purchase these senior medical insurance policies in tandem with their Medicare coverage. Though they are sold by public companies they are government regulated and very reasonably priced.
· Medicare Savings Program. If you have extra money from your pension and want this set aside for your medical expenses, you can enroll in a Medicare savings program that will allow you to incrementally put money into a fund that can be used to augment your Medicare coverage when necessary.
· Medicaid. Senior medical insurance programs also support those who are not financially capable of paying for their own coverage. With Medicaid, low income families and individuals can sign-up for healthcare support on a limited range of medical services.
· Prescription Assistance Program. This is another senior medical insurance program that is specifically designed to provide support to individuals who cannot afford to pay for their prescription medications.
· Long Term Care. These are for individuals who require medical or extraneous services because of a chronic or long-term recurring disability.
With the many available options for senior medical insurance, you are bound to find a program that suits your needs and your budget. Consult with your doctor or healthcare agent on what specific programs can be used to cover or augment your need for medical services and plan on getting access to these programs to ensure that you do not spend your pension on recurring trips to the hospital. After all, it’s time for you to lie back, relax and reap the rewards of your hard-earned years of work!
Though this article on senior medical insurance was very general, we have many others that will give you a closer look at Medicare and Medigap.