If you are over the age of 65, but have not yet signed up for medicare due to existing coverage, you may be wondering if medicare will actually save you money or not. Many individuals who have worked their whole lives are hesitant to get on medicare, due to the experiences of others. Some people have complained about the monthly cost of medicare, along with the copayments they have for services they receive.
Current Medical Insurance
If you are currently covered by medical insurance, such as insurance through your employment or the employment of your spouse, you are not required to get on medicare. That being said, once you or your spouse retire, you will need to sign up. However, at the present time you may be wondering if you should sign up or just keep on your own insurance. It really depends on how much your monthly payment is, and how your current needs are covered. You may be able to save money with medicare, but your coverage may take a hit. On the other hand, if you are struggling with cash flow, medicare may be the answer to your problems.
Your Medical Need
Individuals who need a lot of medical attention will probably need to pay quite a bit in order to have all their bases covered. For these individuals, a supplemental plan may be the best way to go. Plans start at around $150 a month, in addition to the cost of Part B and Part D. Individuals whose health is relatively good, however, will often save a lot of money by purchasing a medicare advantage plan. These plans basically allow individuals to pay as they go for medical services.
Type of Medicare Purchased
As previously stated, there are many different types of medicare plans, each with their own pricetag. While everyone must pay the monthly Part B premium, their actual health insurance plan and drug plan can be selected to fit their budget. With a keen eye, you can choose a plan that will save you money in the long run.
In conclusion, there are many factors that go into the actual cost-benefit for your individual health insurance. Before you retire or get off your current medical coverage, take the time to evaluate your medical needs and budget in-depth to see what you can realistically afford. There are people in most communities who are medicare professionals who volunteer their time in order to help individuals such as yourself to make decisions. Contact your local Department of Human Services for more information.
After we had kids, we realized that we needed to up the ante on our insurance coverage. While we had a policy in place, I knew that we had to do something to make sure that we were protected in any instance, which wasn't the case at the time. I began talking with different brokers about what we could do to improve our coverage, and they had some really great suggestions that seemed to help. This website is here to help other people to know how to purchase insurance, and what kinds of policies would work best for your special family.