West Virginia Medicare Supplement
If you’re turning 65 years old soon or are already part of the senior citizen demographic, you’ll be glad to know that West Virginia offers a wide range of healthcare and wellness services for its residents. In addition to having a dedicated agency that deals with aging individuals, it has dozens of senior centers and community service employment programs to help those who should have retired but couldn’t due to financial reasons to still lead meaningful lives.
Truth be told, many Americans are aging without enough funds set aside for their retirement and some don’t even have any saved up at all. According to the Population Reference Bureau, more adults aged 65 years and older are staying in the labor force due to financial reasons. In 2018, 24% of senior males and 16% of senior females are still working — and this is only projected to rise to 26% of males and 18% of females by the year 2026. The rapidly rising number of seniors across the country, due to the aging of the baby boomer generation, is also raising concern among government and private institutions in terms of the availability and distribution of resources to help retirees adjust to their new way of life (which no longer includes a steady source of income).
Medicare, Medicare Supplements (AKA Medigap), Medicare Advantage, and other similar insurance products exist to help augment the rising cost of healthcare services related to aging. Thus, if you are approaching this life stage soon, it only makes sense to start preparing for your twilight years by understanding what they offer, how much they will cost, and how to maximize their benefits in a way that will not eat into your retirement funds.
Why You Need Medicare
Medicare is designed to help the elderly stay healthy, especially at a time when they might no longer have a stable source of income or any family supporting them. The program offers many preventive screenings and services at no charge, though certain hospitalization and outpatient products and services will still come at a subsidized cost. As healthcare is universal right, there really is no reason why anybody would want to turn this government offering down.
Medicare is divided into four parts: Part A, Part B, Part C, and Part D. Part A (hospital insurance) and Part B (medical/outpatient insurance) typically go together. If you had been pre-paying for Medicare as an automatic deduction from your salary years before you become a senior citizen, then Medicare Part A will be free of charge. You will only need to pay a minimal monthly premium for Part B, which is at $135.50 per month in 2019. However, if you haven’t been paying for Medicare while you were still part of the workforce, then you will need to shell out around $437 per month for Part A.
Part C, also called Medicare Advantage, is an option for those who do not want to purchase Part A and Part B. Unlike the latter two, it is sold through private insurance agencies and might be a cheaper alternative if you will need to pay for your Part A. Some people prefer MA because they have the freedom to customize their policy, depending on their capacity to meet payments. Another important point to raise is that all aforementioned parts do not include medication coverage. You will need to purchase (optionally) a Part D policy separately if you want coverage for prescription drugs. This comes with a fee of $33.19 per month (2019).
Why You Need a Medicare Supplement
While Medicare also provides a comprehensive list of benefits, being government-led, its coverage is held back by the limited funding allocated to senior health. For this reason, Medigap plans were created. There are 10 Medigap policies, all of which are standardized and regulated by the US government. This means that their minimum benefits will be the same for all seniors across the country. However, they are sold through private insurance agencies that are required to follow a strict set of guidelines for their distribution and delivery.
As the name suggests, Medigap plans help cover the “gaps” that the original Medicare program is not able to take care of. This includes Part A coinsurance and copayment, the first three pints of blood, skilled nursing facility care coinsurance or copayment, and many others.
The 10 plans vary in terms of degree of coverage and pricing is determined by how comprehensive a plan is, the insurance agency selling it, the location, and, at times, your age at the time of purchase. Depending on your situation and with the right mix of benefits, it is possible for an American with both Medicare and Medigap coverage to incur zero billing for a hospitalization. Given the rising cost of healthcare these days, Medicare Supplements, while generally optional, is already seen as necessary.
Though they are selling the exact same products, insurance companies are given the liberty to set their own pricing and the decision whether or not to offer the plan as is or as an enhanced version with several riders. They can also choose to sell all or only a few of the policies available. That said, if you are eyeing a specific type of plan, find out first which companies in West Virginia are selling what you are looking for.
We Can Help You
Are you looking for Medigap providers in West Virginia (or any other state)? We can help you identify the best options based on your past, current and project health status, as well as budget. Our team of expert Medigap advisers are more than happy to answer any question you might have, as well as guide you through the entire process of selection so you can make an informed decision. Get in touch with us at 800-791-0150.
