Medical insurance is a necessity for every individual. It is just like A safety measure that is taken in case any mishap occurs. In our day to day life, there are A lot of risks involved like you may have never thought of it but, any accident can occur while you are driving or walking down the lane. Then, isn’t it necessary that you have a backup for your health just like you have with your official work?
Why Medical Insurance?
Therefore, it is important to have a medical insurance. Not only accidents, but a person might fall ill and severely ill that the need of hospital admission arises. In that case, no one would want their family to run after relatives for the money; especially when the injured is the bread earner of the family.
In such circumstances, medical insurance plays a major role. You can be carefree from the financial side and completely focus on getting treated and returning to normal routine.
In modern settings, medical insurance has become a necessity for the private firm as well as government firm workers.
Medicare Insurance Policy
Especially people who are turning 65 soon, they need to consider about their medicare insurance policy. The choice can be rather confusing. Medicare consist of four different parts. The first part provides coverage for services, such as hospice care, home health care, skilled nursing facilities and other hospital services. The second part covers the outpatient services, lab tests and medical expenses. The third part works similar to HMO or PPO. Lastly, the fourth part covers cost of prescription medications. Most of the people opt for the first and second part with people occasionally opting for part four.
However, the first and second part do not automatically cover all the costs associated with hospital and medical care. Each part has co-payments, co-insurance and deductibles associated with them. In order to cover out the additional pocket expenses, the government authorizes supplement plans, which are also know as Medigap plans.
These are the plans that allow the people to cover all the additional expenses that they may encounter after a mishap, such as a severe illness or an accident. It is a supplement policy and you need to think whether you need it or not. In most of the cases, the plans will cover up your additional charges, including the overcharge, also called excess charges. Most people that get this type of plan witness that they are charged almost nothing on their medical treatment.
Deciding upon a policy
Before getting any policy or settling on any part, you need to make sure that you actually need it. If you think that you need a certain part, and don’t need another one, you can leave it. Each different part comes with its own deductible charge which you will have to pay each month for the policy to remain active. You may be paying something for your existing policy and adding another supplementary policy upon that will increase the overall charge of your insurance. This is why you need to have a calculation, which comprises of all your co-insurance, co-payments, deductibles and premium charges.
You can get these policies from any private company. Do you research if you are looking for a supplementing policy, as each company will have their own policy regarding certain things. Most government provides some sort of regulation regarding all such policies, however, a person’s age, health and location can affect the overall premium.
If you feel that things get too confusing for you, try consulting a health insurance specialist or look for information online on sites, such as www.mymedicare.org.