Michigan Medicare Supplement
Becoming a senior citizens can bring about a range of physical, emotional, and mental challenges, particularly due to the transition into a new life that, for most, is no longer linked to being employed. Many of those who turn 65 years old have already retired from the workforce and are re-learning how it feels to live life without having to rush every morning and answer to a superior. For some, the absence of employment may feel like a lack of purpose. For others, it is a welcome break from the droll of routine.
Another issue that is often overlooked in retirement is a source of funds. Americans go at it several ways: either they have saved enough and have insurance to support their health needs, merely rely on their retirement savings to sustain both medical and leisure expenses, or do not at all have any form of insurance. Many are the third option, and this is why Medicare and Medicare Supplement insurance are at the forefront of discussions when it comes to senior living.
What Medicare Includes
Medicare is government-led health insurance designed for people who are 65 years or older, under 65 and with certain disabilities, or anybody diagnosed with end-stage renal disease (ESRD) and requires a kidney transplant or dialysis. It is divided into different sets of services.
Part A or hospital insurance: inpatient care in hospitals, skilled nursing facility care, home health care, and hospice care
Part B or medical insurance: services from doctors and clinics; outpatient and home health care, durable medical equipment, and a range of preventive services (yearly wellness checkups, shots, and screenings)
Part D or prescription drug coverage: prescription drug costs
Part D is run by private insurance agencies that follow guidelines that have been set by Medicare. Shortly before an individual turns 65 years old, he or she receives a packet on Medicare that contains information and guidelines on how to sign up. Would-be seniors can then choose between getting Original Medicare (Part A and Part B) or Medicare Advantage, also known as Part C, that includes Part A, Part B, and usually Part D. Your Original Medicare subscription may also be topped up with a Medicare Supplement Plan.
What Medicare Supplements Include
There are 10 Medicare Supplement plans (also called Medigap) and these are purchased through private insurance agencies. However, their benefits and the guidelines that surround each are regulated by the federal government. This is to ensure that all Americans have access to health benefits the same way wherever they are in the country. Medicare Supplements include the following benefits, but their mix will depend on which type of plan you sign up for.
Basic Medigap Benefits
– Medicare Part A hospital costs and coinsurance
– Medicare Part B coinsurance or copayment
– Part A hospice care coinsurance or copayment
– Part A deductible
– Part B deductible
– Part B excess charges
– First 3 pints of blood
– Foreign travel emergency (up to plan limits)
For many seniors, this is more than enough to help augment the cost of healthcare and medical needs, and will certainly help in ensuring that one’s hard-earned retirement savings stays as intact as possible. Take note, though, that it does not include vision and dental costs, hearing aids, eyeglasses, long-term care, and private-duty nursing.
Cost of Medicare Supplements in Michigan
Buying a Medigap policy in Michigan is the same as any other state. You need to be already enrolled in both Medicare Part A and Part B and be 65 years old by the time your policy begins.
The average cost of Medigap plans in the state is $144.66 per month, or $1,736 per year. Compared to the other states, it ranks in the middle, with Massachusetts and Nevada leading the roster with an average monthly premium of $162.25 and $158.66, respectively. The lowest Medigap monthly average is recorded in Hawaii and New Mexico, at $109.16 and $122.
As of 2019, the state has an estimated 10.02 million population, of which around 1.58 million are senior citizens.
Buying a Medigap Plan? 3 Things You Need To Know
1. Without a Medicare Part A AND Part B, you will not be able to apply for any Medigap plan.
2. The price of a Medigap plan is paid on top of what you are already paying for with your Part B.
3. When you purchase a Medigap plan during your Open Enrollment Period, you can buy any policy you want and will not have to be subjected to any medical underwriting. Your application is guaranteed approved.
The Open Enrollment Period is the six-month window during which you can purchase any Medicare Supplement you want. It starts on the first day of the month that you turn 65 years old. If you miss this period, you lose the guarantee of approval and insurance providers can either charge you a higher premium or reject your application entirely.
If you need assistance on deciding which Medigap plan is the right one for you, our team of Medicare Supplement experts can provide more information and guidance based on your health status and budget. Don’t hesitate to get in touch with us for anything at 1-800-791-0150 .
