Medical Insurance Tips to Get the Most from Your Policy
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Medical Insurance Tips to Get the Most from Your Policy

With a well-picked medical insurance policy, your out-of-pocket medical expenses should be at a minimum. However, a lot of insurance enrollees overlook important policy options and guidelines that end up costing them more money. If you struggle to make ends meet because your medical costs are too high despite insurance, it may be time for a bit of guidance. Here on our blog, we cover the bases to help people just like you get the most from their medical insurance policy. We discuss things like finding the most affordable in-network providers, keeping co-pay costs as low as possible, and how to save on prescriptions.


Medical Insurance Tips to Get the Most from Your Policy

What Gen X Needs To Know About Medicare Insurance

June Robertson

If you're a Gen Xer approaching retirement age, it's time to start thinking about Medicare. Medicare insurance can be a complex topic, and understanding it is crucial to making the right decisions about your health care coverage. While Medicare is an essential program to help seniors cover healthcare costs, Gen Xers need to formulate a plan now because Medicare insurance doesn't cover everything. Here's what you need to know.

Is There a Deadline to Enroll?

Yes. If you fail to enroll in Medicare Parts A and B when you're first eligible, you may have to pay a late enrollment penalty. The government calls this your 'Initial Enrollment Period.' It starts three months before you turn 65 and ends three months after your birthday month. The penalty does not apply if you're still working and enrolled in an employer-sponsored health plan.

What Does Medicare Insurance Cover?

Medicare has four parts: Part A, B, C, and D. Medicare Part A is hospital insurance coverage. You use this for inpatient care, home health care, and hospice services, while Part B is medical insurance covering doctor visits, preventive services, and outpatient care. Part C is additional coverage you purchase through private insurance providers, and Part D is prescription drug coverage. It is important to note that Medicare insurance does not cover long-term care facilities, like nursing homes, or most dental and vision costs.

What Is Supplemental Insurance?

Medicare insurance does not cover all your expenses. Many seniors buy supplemental insurance, sometimes called Medigap insurance, to help bridge that gap. It helps pay for copays, coinsurance, and deductibles that Medicare does not cover. It's important to research the different types of supplemental plans available to determine which one best meets your needs.

How Can You Maximize Your HSA Now to Help in Retirement?

If you're still in the workforce, taking advantage of an HSA now helps. A health savings account (HSA) is a tax-advantaged savings account linked to a high-deductible health plan (HDHP). Contributions to the account are pre-tax, which reduces your taxable income. You can use the funds in your account to pay for qualified medical expenses currently, or you can use your HSA as a savings vehicle for medical expenses in retirement. Your annual HSA contributions, currently $3,050 per person, roll over every year, allowing you to accumulate substantial funds for your future medical expenses.

Understanding how Medicare works is important to making the right decisions about your coverage. By educating yourself now, you can ensure that you make the most of your health insurance during retirement.

Contact a professional for more information about Medicare insurance