You can’t take any risk of your life. When your health or life is a threat you are willing to pay any amount to hospitals and doctors. This won’t be a problem if you are a billionaire. But what if you don’t have such a huge amount of money, you have to borrow or lend.
Having a health insurance policy is the key to your health relief. At any medical emergency, your Medicare policies cover up to 80% of expenses. You just need to buy Medicare plans and pay your premiums. While 80% medical cost is covered by government insurance policies, rest 20% is covered by private insurance policies. So you will get the coverage of 100% medical costs at your health risk.
You don’t have to pay a single penny from your pocket.
What do you need to do to get 100% coverage?
You have to buy both Medicare Part A and B which will cover your hospital and medical service costs. To cover remain 20% you should buy Medicare supplement plans.
What are the factors to calculate the premium amount?
- Check State insurance policy whether it offers the same plan or it has other plans and facilities too. This also affects the premium.
- Medicare part A and B have different premium value but can be payable together. In other hands, Medigap’s premium is payable differently.
- Age when you apply for Medicare supplement plans. Basically, it started at the age of 65 and has the same monthly premium amount.
- Premium amount also depends on which plan you choose. Premium is different for each plan.
- Every state has a different premium.
- If you want extra facilities like drug coverage or/and foreign travel health coverage premium will increase.
How much difference you can get in Medicare supplement plans?
- Plan F: $149 – $180/month (Texas), $169 – $190/month (Los Angeles), $275 – $336/month (Miami)
- Plan G: $116 – $134/month (Texas), $142 – $172/month (Los Angeles), $255 – $300/month (Miami)
- Plan N: $94 – $120/month (Texas), $113 – $150/month (Los Angeles), $198 – $248 /month (Miami)
Now you can understand that how much different premium can be. You have to pay according to location and selected Medicare supplement plans.
Apart from that, you have to pay for Medicare Part A and B too.
Part A premium – an average amount of part a premium can be $232 – $422/month depending on the quarter.
Part B premium – it is cheap in comparison to the other part which is $130 -$135/month.
However, states insurance policy can affect the premium amount.