This article is continued from Part 1. Retiree benefits are received by approximately one in every three Medicare beneficiaries, and are a form of supplemental coverage from the retirement health plan provided by their former employers. For these individuals, Medicare began quite simply. They would use both Parts A and B, and then would simply use the insurance from their former employers to cover the out-of-pocket costs such as prescription drugs. The majority of individuals who have this option available to them will take it. However, employers are offering this…
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An overview of Medicare plans and what they cover
Medicare health insurance is a program that is federally administered and is made available to people with certain specific forms of disability, permanent kidney failure, or people who are 65 years of age or older. There are several different types of Medicare plans, the basics of which are as follows: • Medicare Part A – provides coverage for hospital care (among institutions that accept Medicare) and has no monthly premium for its beneficiaries, as long as they have been employed and have paid FICA taxes for a minimum of a…
Read MoreSeniors may soon pay more for medical expenses
Senior citizens may be facing a number of new out-of-pocket expenses for healthcare as Congress struggles with debt limit talks and is debating alterations to the supplemental plans for Medicare. The federal health program, Medicare, is meant to support the elderly and disables, though they are responsible for the payment of certain test costs, hospital deductibles, and visits to the doctor. In order to assist themselves with these additional out-of-pocket expenses, many Medicare beneficiaries purchase Medigap plans. Among the beneficiaries, 34 percent receive their Medigap coverage from their former employers.…
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