How Do You Know if a Long-Term Care Policy

IIf you’re approaching your 65th birthday and starting to research options for Medicare, navigating through all of your new health care choices can be overwhelming. In addition to enrolling in a Medicare plan to meet your needs, you’ll also have to decide if a Medicare Supplement plan is right for you. Medicare Parts A and B provide insurance coverage for health-related expenses, but they don’t cover all of the health care costs you may have. A Medicare Supplement plan, sometimes called “Medigap,” is a private insurance policy that can help pay for some of the health care costs that Medicare doesn’t cover. This can include out-of-pocket expenses such as copayments, coinsurance and deductibles. With health care and out-of-pocket costs for Medicare participants on the rise, a Medicare Supplement plan can help set your mind at ease. Medicare Supplement plans are designed to help pay for the costs that you would normally pay out of your own pocket. But the costs and benefits will depend on which Medicare Supplement plan you select.

You can apply for a Medicare Supplement plan policy if you are age 65 or over and enrolled in Medicare Parts A and B. The one-time Open Enrollment period, which begins on the first day of the month an individual is 65 or older and enrolled in Part B provides for guaranteed issue. Individuals under age 65 eligible for and enrolled in Part B; are not eligible for guaranteed issue unless they have lost or are losing creditable coverage. In some states, Medicare Supplement insurance policies are available to people with disabilities who are under the age 65.