Health insurance provided by the government to retirees is called Medicare. Due to the increased need for medical coverage during this time period and the rising cost of health care, a Medicare supplement may be needed also. This may not be sufficient to cover all expenses, even those that are already covered such as doctor's and emergency room visits and prescription medications.
Part C coverage, also known as Medicare Advantage, is available through many private insurers to help cover costs not provided for by Parts A and B. If enrolled in these two parts, and with end stage renal disease, a person may be eligible for purchasing this provision. The individual must also be able to pay for their Part B premiums on their own.
Referred to as Medigap, this supplemental insurance is meant to cover the gaps that exist in regular coverage. Often a person must wait during an enrollment period prior to reimbursement for expenses. The expense of coinsurance and deductibles may also be at least partially paid for under this policy.
Aging can be very costly and place a person's assets in risk of being depleted. For this reason, long-term care insurance may be purchased to provide money to cover expenditures associated with assistance for daily activities, skilled nursing care, rehabilitative services, or even to live in a nursing home. Generally, Medicare does not help with these.
Private insurers offer these types of policies so that the elderly need not burden younger relatives and family members with these expenditures. The type and amount of coverage is usually a determinant of price. Monthly premiums will vary based on this choice.
More than one Medicare supplement exists to enable those approaching retirement to plan for increased medical expenses of growing older. The government health care plan may not be enough in some cases. For this reason, Medigap and long-term care insurance policies may prove beneficial.
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