Health Insurance Essay
Medicare is insurance under the Social Security system insuring a vast majority of people over the age of 65. Majority of those on Medicare also have medigap policy, a supplemental private insurance. According to Hillier, S. & Barrow, G.M., “Such policies are sold by private companies to help cover the “gaps” in health-care protection for which Medicare does not provide.” The required core benefits of the medigap policy include: Daily Medicare co-payment of $191 for hospital days 61 through 90, and $382 for days 91 through 150; Full cost of up to 365 additional hospital days during your lifetime; and 20 percent co-payment of Medicare’s allowed amount for doctor charges. According to Hillier, S. & Barrow, G.M., for the first six months after
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signing up for Part B of Medicare, a person can buy any Medigap policy sold in their area; after that time, the insurance provider has the option to turn down an applicant. In order to get a better understanding of the ranges of prices and benefits of the medigap policy I researched different policies available in my area.
I got an estimated range of cost from $7,370 to $8,380. These prices affect the monthly premium and the benefits designated you you. I personally do not think these prices are too outrageous seeing as it could really come in handy. Elderly tend to have a lot of health problems that land them costly visits at the hospital, which could add up very quickly. There are eleven policies ranging from policy A to policy N. Medigap Plans C through G have one set of basic benefits, and Plans A, B, K, L, M and N have a different set of basic benefits. Benefits including things such as—basic benefits, skilled nursing facilities, Part A deductible, Part B deductible, Part B excess charges, foreign travel emergency, preventive services. The website that provided this information was easy to navigate and easy to follow which would be very helpful for the elderly. The website starts by asking you to provide your zip code and your health status and from there directs you to a page that lists out the 11 benefits giving you an overview of the policy summary and benefits for each policy. There is also a link to view companies that offer that policy and a link to view all benefits in greater
detail.
signing up for Part B of Medicare, a person can buy any Medigap policy sold in their area; after that time, the insurance provider has the option to turn down an applicant. In order to get a better understanding of the ranges of prices and benefits of the medigap policy I researched different policies available in my area.
I got an estimated range of cost from $7,370 to $8,380. These prices affect the monthly premium and the benefits designated you you. I personally do not think these prices are too outrageous seeing as it could really come in handy. Elderly tend to have a lot of health problems that land them costly visits at the hospital, which could add up very quickly. There are eleven policies ranging from policy A to policy N. Medigap Plans C through G have one set of basic benefits, and Plans A, B, K, L, M and N have a different set of basic benefits. Benefits including things such as—basic benefits, skilled nursing facilities, Part A deductible, Part B deductible, Part B excess charges, foreign travel emergency, preventive services. The website that provided this information was easy to navigate and easy to follow which would be very helpful for the elderly. The website starts by asking you to provide your zip code and your health status and from there directs you to a page that lists out the 11 benefits giving you an overview of the policy summary and benefits for each policy. There is also a link to view companies that offer that policy and a link to view all benefits in greater
detail.