If you are on Medicare, you may be interested in Medicare supplemental insurance. This type of insurance can be helpful because it works with your Medicare to cover costs that are not covered under your normal plan. There are many such plans available, however, and choosing the right type of supplemental insurance can be difficult. Additionally, there are some alternatives to Medicare supplemental health insurance that you should consider carefully before going forward.
Group Health Insurance Plans
You may be able to take advantage of the benefits of your group health policy if you remain employed after you turned 65. This can allow you to delay enrollment in Medicare until after you have retired. Likewise, you could be able to delay enrollment in Medicare if you are covered by a spouse’s plan. You will need to verify with the Social Security office whether you can delay enrollment without a penalty. With the right group coverage, you can avoid purchasing supplemental insurance to cover gaps in Medicare parts A and B.
The employer-sponsored coverage that you enjoy can be extended for 18 months after you leave your job. If you opt to continue this coverage through the COBRA program, you may be able to avoid obtaining a supplemental policy. You should remember that COBRA coverage could affect your timeline for avoiding penalties by enrolling in Medicare part B. If you are considering the COBRA option, be sure to research your plan thoroughly before you opt for this scenario. You should also speak with your COBRA plan administrator to determine exactly how long you can continue coverage once COBRA is initiated.
Medicare Advantage Plans
You might be able to enroll in a qualified Medicare Advantage plan depending upon where you live. These plans prevent you from acquiring Medicare supplemental insurance, but they tend to include all of the aspects of most supplemental plans. These plans offer the same benefits as Medicare with many additional benefits.
If your Medicare Advantage plan terminates in your area, you have the option to purchase A, B, C, F, K or L Medicare supplement plans in the state of Texas, regardless of your conditions or history. If you are under the age of 65 and you are enrolled in Plan A, then the plan must inform you in writing of your options for purchasing Medicare supplemental insurance. Medicare Advantage plans might be perfect for you, but you will need to determine what plans, if any, are available in your region.
Medicaid and Medicare Savings Programs
Depending upon your income and total assets, you could qualify for Medicaid. Medicaid is a federal program that is administered by each state. It is designed to help low-income individuals by covering many of the costs associated with Medicare such as premiums and out-of-pocket expenses. Medicaid will also pay for additional services that are not covered by a typical Medicare plan. People on Medicaid do not require Medicare supplemental insurance. If you feel you may qualify for Medicaid based upon your total wealth and income levels, you should consider taking advantage of the program. More info on Medicaid and Medicare programs here.