Health Insurance and Retirement

If you are preparing to retire, you should not be excluded from reviewing your health insurance coverage.  If you are expecting to receive Medicare coverage and are not familiar with Medicare as a health plan, know that Medicare is actually a relatively decent plan.  

Unlike Medicaid which physicians are reluctant to accept patients with this plan due to the low reimbursement and often at times more regulating health plan, Medicare patients are often readily accepted by physicians.  However, it does not pay for the entire medical treatment, leaving a deductible and coinsurance to the patient to pay out of their pocket.

Medicare Advantage

Medicare Part A covers facilities/hospitals.  Medicare Part B has an additional charge for subscribers, but covers physician's care and outpatient services.  Medicare Part C is a combination of both Part A and Part B, offered through private health insurance plans.  Part C plans are commonly referred to as Medicare Advantage plans.  Medicare Part D is coverage for prescription medications 

When seeing a physician who accepts Medicare patients, this physician will also accept Medicare's fee schedule under Medicare Part B and not charge the patient the full amount of the bill.  Physicians discount the portion between what Medicare allows and the Physician's full charge, but Medicare will pay only 80% of what is allowed, leaving the other 20% to be paid by the patient.  To make up for this "Gap", the marketplace has "Medicare Gap" policies to assist in paying the 20% that Medicare does not pay for.  These Medicare Supplemental Insurance Plans are standardized and regulated by state and federal law.  

If you would like to search for a health plan for your retirement or are looking for a Medicare Supplemental Insurance Policy, click here for a free quote.

Health Symphony provides information as a general resource and does not guarantee, expressed or implied, to any results obtained from its use.

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