The Patient Protection and Affordable Care Act, AKA ObamaCare, begins January 2014. There are a lot of changes happening to American healthcare, but how does this effect Medicare? It seems everywhere you look around on the Internet there is contradictory information, so we have found some key points to know about Medicare and the Healthcare Exchange.
You have Medicare Part A is that sufficient enough for ObamaCare?
The short answer is yes. The long answer is Medicare Part A is really emergency coverage: hospital stay, skilled nursing, and hospice, while Medicare Part B is medical coverage: doctor’s visits, wheelchairs, lab work, walkers, and mental health. So, yes, legally you are covered if you have Part A, you will NOT owe a penalty, however for the $104.90 Part B monthly premium, you could be saving yourself thousands a year, if not more. For more information visit our Medicare Overview Page.
If I have Medicare Part A and Part B, I’m covered, right?
Yes, you have the basics covered, but you are still leaving yourself open to a heavy financial burden if you were ever to have a serious medical issue.
What should I do to fill in the Medicare gaps?
Get a Medicare Supplemental insurance, more commonly known as Medigap. These federally regulated privately offered plans will continue to extend benefits with ObamaCare. These plans range from basic to comprehensive and cover coinsurance, hospital costs, extend hospital stays, and blood transfusions, as well as with more comprehensive Medigap plans you will get deductibles, excess charges covered, and benefits not offered by Original Medicare, like covering your health insurance during your foreign travel. If you are ready to sign up for Medigap go to our Senior65.com Medigap Overview Page or call 800-930-7956.
I’ve heard Medigap is Expensive
Well the monthly premiums are in addition to your Medicare premium, however Medigap offers the greatest financial protection against major medical expenses. A little per month could save you $1Mil in a single year, to learn more about this read the article Can’t afford Medigap Plan F? Think Again If you really can’t afford Medigap, there is an alternative with Medicare Advantage. Medicare Advantage takes over the role of Medicare, generally covers your Medicare monthly premium, and may offer more benefits like prescription coverage. Medicare Advantage is better than nothing, but if you can get that little extra each month Medigap is really worth its weight.
Next Steps
For further questions about the Healthcare Exchange and Medicare please contact 800-930-7956 or contact Senior65.com.