Thursday, May 21, 2015

Learn About Medicare Supplement Insurance With A Charlotte Insurance Broker

By Lance Aldinger

At the age of sixty-two or sixty-five, senior citizens can retire and receive Social Security. The insurance coverage Medicare provides has certain limitations. It does not cover all health care needs. Usually, as a Charlotte Insurance Broker can explain more clearly, the company offering the Supplemental policy sets its own payment and benefits amounts.

Medicare has a Part A and a Part B. Each individual must carry both and Part B has a premium that must be paid monthly. It is a time saving convenience to have it deducted from the Social Security check each month rather than pay it by writing a check.

Any premium charged for the supplemental policy is paid to the company providing that coverage. It can, in some cases, be automatically deducted as well. What the supplemental policy covers is part or all of the twenty percent that Medicare does not.

Each policy holder should keep in mind that it is the company that sets the percentages and determines what care is covered. The plan is often called a Medicare Advantage Plan and is an HMO. Often, prescription drugs are included in the covered services.

Every senior should be made aware of the rule regarding drug coverage. If he does not carry prescription drug coverage, he may be penalized in the future. There is a late enrollment penalty imposed at the time of taking out a drug coverage policy if you have not had one before, or if it has lapsed for 63 days or more.

Each person should shop around and investigate prices. Each plan may offer something beneficial to him that other policies do not. It all depends on whether you may need surgery. It also depends on the likelihood of you needing long-term care in a rehabilitation facility. There may be features such as home care in one policy but not another.

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