If you are approaching retirement, you may be wondering how you are going to pay for medical expenses once you no longer have insurance through your employer. Planning for a solid financial future is important, and even though Medicare will pay most of your health care expenses, it will not pay for all of the expenses that may arise. Supplemental plans may be necessary, and there are steps to finding a plan that fits all of your health care needs as well as one that you can afford.
Seniors may need additional health care.
Research
Knowing what kind of Medicare insurance you have will allow you to find a supplemental plan that will give you the maximum coverage at a minimum price. This type of insurance plan is often called Medigap insurance. According to Garrett Ball of South Carolina Medicare Supplements Insurance, actual Medicare supplement plans will have a letter A through L after the title. You will need to find a supplemental insurance plan if your Medicare plan does not have one of these letters.
Types
According to insurelane.com, seniors who are looking for Medicare supplements will find a great deal of affordable health care options. Health care, such as prescription plans, dental plans and long-term care, can be obtained by any major health care company such as Aetna and Blue Cross/Blue Shield. According to agencyinfo.net, HMO insurance plans tend to be affordable and provide more coverage, but they are limited in the list of care providers you can use. PPO plans offer a greater choice of providers, but you will pay more out-of-pocket expenses.
Choose
The best way to choose an affordable health care plan is to examine your Medicare policy carefully to determine the additional coverage needed. Then, contact each company and compare rates.
Average Cost
The average cost of health care premium insurance you will pay per month will depend upon what type of plan you are looking for, your medical history, pre-existing conditions, which state you live in, your age and the type of Medicare plan that you currently have (see Resources). Some seniors do not need to purchase much additional insurance at all, while others need a great deal. If your income and bank accounts are below the poverty level when you retire, then you may qualify for Medicaid instead of Medicare. Medicaid pays nearly 100 percent of all medical expenses needed by a recipient, and no supplement insurance would be necessary.
Considerations
When comparing prices, it is important to consider that Medicare will not cover dental procedures, vision exams or vision correction, and the plans also limit hospital stays. It is important to choose a plan that is going to provide you with these additional benefits (see Resources).
