A question that has been circulating around my office, and in the minds of many of my constituents, is: “Will my Medicare Supplement Insurance cover me if I go to work in 2020?” This seems to be a question that is on a lot of people’s minds right now. In this article I will address the question of whether your Medicare Supplement insurance policy will continue to cover you for a period of time after you retire. Medicare Supplement Insurance (MSA) is a plan that is purchased by many seniors as a supplement to their traditional Medicare. With MSA, they can enjoy the advantages of having both the Part A portion of their plan (Medicare Part A) and the Part B portion of their plan (Medicare Part B) together. Once you have MSA, your physician’s visits are covered along with other doctor’s office visits.
With this supplemental insurance plan, it is important to know that once you are retired, you cannot obtain it. I recently was asked if my MSA policy would continue to pay for my prescriptions. When I answered this question, my constituent asked “Why would Medicare not continue to pay for your prescriptions when you get retired?”The answer to that question is, “To save money on Medicare.” The government is trying to reduce costs and manage costs in order to keep from going bankrupt. It does not want to cut benefits to seniors and it does not want to cut benefits to providers.
They hope that, with MSA, Part A and Part B will be combined. That means that if your physician visits are covered, you could expect your prescription drug costs to be covered as well. You may need to shop around and find out if this is the case. Your information broker will be able to help you with this.Medicare Supplement Planscovers medical and health-related expenses that would be reimbursed by Part A if it were not supplemented by Part B. One of the biggest parts of Medicare Supplement Plans is that it pays for all of your doctor’s office visits up to a certain amount per visit. It also pays for hospital visits up to a certain percentage of the Medicare reimbursement rate.
There are no deductibles and no co-payments. You do have an annual dollar amount limit to pay for your coverage, but it is determined by your income and age. This is a big difference from Part A, which pays a specific dollar amount per each benefit plan and Part B which pays a specific percentage of your Medicare Part B premium.If you are currently covered by Medicare Supplemental Insurance and it expires in 2020, you will need to contact your Medicare provider to find out what is going to happen to your coverage. A large majority of Medicare providers will extend coverage to you after the plan is fully phased out. Your provider will take care of the renewal process and in most cases, you will receive your new policy prior to your current coverage expiring.
Most plans will charge monthly premiums that will start at about $70 per month. These premiums can vary by beneficiary and policy type. Some policies will cost more than others based on your health and the health of your beneficiaries.For the most part, this supplemental insurance covers the services that Medicare Part A does not cover. You will still be covered for the benefits that Medicare Part A does offer like those doctors’ office visits, outpatient care, and hospital stays.If you are retired and get Medicare Supplement Insurance, then you need to get a Medicare waiver form signed before your policy starts to run out. This form can be obtained from your current Medicare provider. Each year you can renew the waiver and keep your coverage through retirement.
The last thing you need to know is that your supplemental insurance plans are not guaranteed by Medicare. If you get a health problem, like cancer or diabetes, you will still need to pay for it out of pocket. For Medicare supplement plans 2021 enroll