Senior Medical Insurance
For most senior medical insurance needs, the first stop is Medicare. Medicare is the federal health insurance program for senior citizens and for those with certain specific medical conditions, such as advanced renal disease or Lou Gehrig’s disease. To qualify, you must be at least age 65, or be diagnosed with one of these conditions.
The ABC’s of Medicare Health Insurance for Senior Citizens
Medicare health insurance for senior citizens has four basic parts:
Medicare Part A-is the original Medicare insurance coverage and helps pay for hospital bills.
Medicare Part B-is a supplemental insurance option for people who qualify for. It pays for physician services and supplies outside of the hospital.
Medicare Part C-or, Medicare Advantage Plans (like HMOs and PPOs) are private health plans that are Medicare approved.
Medicare Part D-is the newest addition to Medicare. It is prescription drug coverage. You must be enrolled in Medicare before you can apply for Part D coverage.
You must pay a monthly premium for Parts B, C and D. However, Part A is free, provided you meet the eligibility requirements, including 40 qualifying quarters of work during your career. When you turn 65, or when you apply for Social Security benefits, you are automatically enrolled in Part A and Part B. You must specifically opt out of Part B. If you do not enroll when you are eligible, you may have to pay a premium to get back in. The longer you wait, the higher the premium you may incur. You will also need to wait until the Medicare open enrollment period.
Medicare Supplement Plans
Medicare health insurance enrollees are often surprised when they get a bill from their hospital or other health care providers after a hospital stay. Medicare only provides partial coverage, though. The Illinois Medicare enrollee may still have to pay significant deductibles. Specifically, Medicare Part A still leaves you with a $1,132 bill for a hospital stay of between 1 and 60 days. After that, you will have to pay $283 per day to the hospital for days 61-90, and $566 per day for days 91 through 150.
Medicare Part B only covers 80 percent of your physicians and lab fees, at best. Illinois Medicaid enrollees must pick up the rest. To get help paying medical expenses where Medicare health insurance leaves off, you may want to consider enrolling in a Medigap plan, which is a supplementary Medicare health plan, or purchasing a Medicare Advantage plan.
Note: You do not need to purchase both Medicare Advantage and a Medicare supplement, or Medigap plan. You can purchase one or the other. Medicare Advantage does not work if you have a Medicare supplement plan. The key is to select and compare Medicare supplement plans that closely fits your needs.
Purchase Illinois Medicare Supplement Insurance
To get a quotation for Illinois Medicare Supplement insurance, simply use our online quoting engine at www.abchealthplans.com. It’s free!