The rising cost of health care has become a critical concern in our country. The ability to provide quality service at cost effective prices is a dilemma that has faced many in the government and health care industry alike. For many senior citizens, this concern is an immediate one. National statistics cite that the senior citizen segment is the fastest growing population segment in our country. For them, viable health care options are needed now.
One alternative that has been available is the Medicare program. Medicare, which has been offered for almost 20 years, is a health program administered under the Social Security Administration of the federal government. The Medicare program is composed of two parts, hospital insurance and medical insurance.
All individuals 65 years of age or older who receive either Social Security or Railroad Retirement benefits are automatically eligible for the Medicare hospital insurance. Additional medical insurance is available to eligible Medicare recipients for a monthly premium of $50 per person. These premiums are normally deducted automatically from a Social Security check.
While Medicare does provide basic protection against the high cost of health care, it does not cover all medical expenses. If you are eligible for Medicare benefits, you should strongly consider supplementing the basic Medical Hospital coverage with a Medicare Supplemental Insurance Policy.
Supplemental Insurance Policies help bridge the gap between what hospitals and doctors actually charge and what Medicare pays. When choosing a supplemental policy be certain the coverage provided is over and above your existing Medicare coverage. Does the supplemental policy cover all care days not covered by Medicare? Is there coverage for expenses over Medicare? Does the supplemental policy cover all care days not covered by Medicare? Is there coverage for expenses over Medicare coverage for private or semiprivate rooms, private duty nursing care or nursing care in an approved facility? Answering yes to these questions will help guarantee that your supplemental policy helps fill the gaps.
The best time to plan for health care is certainly before care is needed. All alternatives should be reviewed against your actual needs before a final decision is made. Moreover, it is important to know all the facts first.