Medicare Supplement Plans After Retirement

Try to imagine this situation:

You are turning 65 and retiring! You don’t have a healthcare insurance policy. You are hunting for a medical plan that can satisfy all your healthcare demands. But, you are unable to decide on a Medicare Healthcare policy. In such a situation, what are you planning to do?

Medicare Healthcare Plans

In general, Medicare has a healthcare plan for everyone. It doesn’t depend on your employment. But, it is strongly related to your age, health condition and disabilities.

The U.S Census Bureau considers 65 as a typical age for retirement. Some citizens retire older or younger than 65. People who retire at 62 will not be eligible for plans from Medicare. Medicare is meant for Americans who are above 65 years of age. Also, it is allocated for people with final-stage renal disorders and social security disability returns.

Can a Medicare Supplement Plan Help You?

The Original Medicare Part A handles all costs associated with hospice, hospital care, inpatient facilities and skilled nursing care.

The Original Medicare Part B handles all medical equipment, medical supplies, ambulance service and doctor visits.

Both Medicare Part A and Part B have fixed annual deductibles. This is the amount you should pay before the insurance company starts to settle your bills. Additionally, you must pay a fixed amount on coinsurance and copayments. This is the amount approved by Medicare for some healthcare services.

Medicare Part A and Part B have gaps! These gaps result in out-of-pocket charges. It is the responsibility of the beneficiary to pay these charges.

Medicare Supplement Plans and Retirement

If you want to make use of  best Medicare Supplement Plans 2019, you should have a Part A or Part B policy. After retirement, you will receive social security support for at least 120 days till you become 65. During these months, you will be enrolled in the Original Medicare Part A or Part B. This enrollment happens automatically. People who decide to work after 65 will not be eligible for social security support.

Key Take Away – Social Security Support and Medicare Supplement Plans are for those who retire.

After you buy Medicare Part A or Part B, you can choose a supplemental plan. You must buy the policy from an insurance service provider who is licensed and certified to sell supplemental plans.

Key Take Away – If you have a Medicare Advantage or a Savings Account Plan, you cannot buy a Medicare Supplemental Plan.