Medicare is a health insurance program funded by the federal government. In most cases, you will need a secondary insurance for Medicare.
Knowing about different types of insurance programs that are available will give you a better understanding of which one will work best for you. It is important to take the guess work out of secondary insurance for Medicare.
If you choose to continue to pay for health insurance that you previously had through your employer, you can supplement group insurance to your Medicare. This is a great option, especially if the insurance coverage is substantial. Prescription coverage, hospitalization, office visits and outpatient coverage can all be applied to your current Medicare policy. Some group insurance programs offer additional coverage for specific conditions such as cancer treatments, durable medical equipment, home health care and hospice care.
Medigaps are a specific type of medical coverage that works in conjunction with your Medicare plan. You can select a private insurance company to prepare a plan that will work for you. Policies range from A to N with coverage ranging from skilled nursing facilities all the way to foreign travel. You have to pay a monthly deductable and in some cases a percentage of the policy deductable before coverage kicks in. The result is having most medical expenses and emergencies covered or covered at an obtainable cost to you.
If you are low income, you may qualify for Medicaid. Medicaid also works alongside Medicare to help fill the gap of what Medicare program you signed up for. In some cases you may have a Medicaid spend down which works similar to a deductable by making you pay out of pocket up to a certain amount. To apply for Medicaid you will need to visit a case worker at your local health and human services building.
Having secondary insurance for Medicare will allow you the freedom and flexibility you expect during your golden years.