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Medicare is a federal health program for people age 65 and over and certain folks under 65 who are on social security disability. Once you have been collecting social security disability benefits for 24 months, you will be automatically enrolled in Medicare Parts A and B.
Part A is your hospital insurance, and Part B is your medical and doctor insurance.
Original Medicare Parts A and B don’t cover everything at 100%. There are Medical and hospital deductibles and coinsurance, and in general Medicare pays about 80% and you have to pay the rest, the 20%.
Because of this, many people who are on Medicare decide to get a Medicare Supplement or Medigap Plan to supplement their original Medicare benefits. These plans are offered by private insurance companies and they are designed to work with your Original Medicare benefits and to pay the 20% that Medicare doesn’t pay.
Although some states require it, Federal Law does not require that Medicare Supplement Insurance companies sell their Medigap plans to those under age 65. Because of this, if you are shopping for a Medicare Supplement Plan and you are under age 65 you may find that many insurance companies just don’t offer Medicare Supplement Plans in your area, or that the options are much more limited. Additionally, the pricing can differ for Medicare Supplement insurance if you are buying plan under age 65 than if you are 65 or older. In many areas Medicare Supplement Plans are much more expensive when you are under 65 and on Medicare due to disability.
Overall, if you are on Medicare under age 65 due to disability, your options for Medicare Supplement insurance will largely depend on where you are located. It’s always important to do your research and make an informed decision for your specific situation, weighing all the options available to you.
23 авг 2019
