Michigan Medicare supplemental insurance can help you fill the gaps in your traditional Medicare coverage to enjoy a richer, fuller retirement. Retiring in Michigan should mean days spent on one of the state’s many lakes, exploring the dense Michigan forests or simply taking advantage of the renowned Midwestern shopping malls without worrying that the activities you enjoy most will break your bank should a medical emergency arise. Choosing Michigan Medicare supplemental insurance can help you live your sunset years to the fullest while ensuring that you receive strong medical coverage in the face of catastrophe.
History of Medicare
Founded in 1965, Medicare is a federal program designed to help seniors with a basic level of medical coverage after they retire. The program is now also available to people with certain medical conditions under the age of 65 and to all people with permanent kidney failure. Michigan seniors age 65 or older are eligible to enroll, as well as spouses or former spouses of people age 65 or older. If you are unsure whether or not you qualify to receive benefits, a professional agent can help you.
Medicare consists of three parts. Medicare Part A covers inpatient hospital stays, skilled nurse care for certain conditions inside the home, and hospice care. Medicare B covers outpatient hospital care, including overnight stays for up to three days, doctors’ visits and certain preventative care. Parts A and B are often referred to as Original Medicare Coverage and are both required before seniors can choose Michigan Medicare supplemental insurance. A third program, Part D helps seniors cover prescription drugs.
As the social security retirement age rises, many Michigan workers will need to work beyond the age of 65. These seniors can keep their company insurance until they retire, but they are also able to supplement their employer plan with Plan A. They must forego their company insurance or retire to elect Plan B. Once you have both plans, choosing Michigan Medicare supplemental insurance can safeguard you against treatments not offered by original coverage as well as gaps in payment. Michigan residents should have a Medicare Expert do a full comparison of what their employer offers to what is available in other Medicare supplement insurance plans. We often find that people can save money and get better Medicare coverage with a supplement than what their employer offers.
What Medicare Supplemental Insurance Plans Cover
Medicare covers 80 percent of what it considers to be the reasonable cost of treatment, which might not always reflect the actual cost. If you have no Michigan Medicare supplemental insurance, you will have to pay the remaining 20 percent of what isn’t covered out-of-pocket. This is one reason why many people with Medicare opt for supplemental coverage.
Michigan Medicare supplemental insurance can also be beneficial if you encounter an unexpected but somewhat minor emergency. For example, you might experience stomach issues requiring a hospital stay of less than three days. Part A will not cover a stay this short, and Part B will only cover a portion of what will likely be an expensive medical bill. Supplemental coverage would take care of your Part A and Part B deductibles and co-insurance which would save you from a significant financial blow.
Michigan residents who like to travel should also consider supplemental insurance. Since neither Plan A nor Plan B covers medical emergencies that occur overseas, you will need additional private coverage to fulfill any life dreams of spending retirement traveling abroad. Supplementing your coverage is also wise if you have a genetic predisposition to certain conditions that you know you could develop later in life. Even if you feel fit and healthy now, without insurance a minor problem could quickly become a major worry. Choosing Michigan Medicare supplemental insurance is a smart way to take care of yourself mentally and physically as you enjoy retirement.
How Supplemental Insurance Coverage Works
Michigan residents should know their options when it comes to choosing supplemental coverage. These plans, often referred to as Medigap, offer 10 standardized options represented by the letters A through N, with some exceptions. Congress recently changed the rules regarding Medigap care, eliminating Plans E, H, I and J, while adding Plans M and N. Notable changes to care include the removal of home recovery and preventative benefits from all plans, increased benefits for excess charges in Plan G to 100 percent, and the addition of hospice care to Plans A through G. A professional insurance agent can explain the differences between each standardized plan and offer advice as to which option will be most beneficial for your situation.
Whether you live in Metro Detroit, Lake Orion, Grand Rapids, Traverse City or one of the great cities in between there is a Michigan Medicare supplemental insurance plan just right for your retirement needs. Speaking with a local health care professional can help you choose the best standardized plan to live your golden years to the fullest, without worrying that a future medical problem could eliminate your hard-earned retirement funds. Whether your dream is to spend your sunset years with family or traveling the world, Michigan Medicare supplemental insurance can help you enjoy a more stress-free retirement.
For additional information or to speak with a Summit Medigap Michigan Medicare expert,
please call 1-888-40-Summit (888-407-8664)
Michigan License: 15666279 (NPN)