The main purpose of health insurance is to cover your medical expenses in the event that you get sick or injured. Medical care is something that everyone needs, especially the senior citizens in our society. Unfortunately, there are certain things we can’t run away from as we get older, and age-related ailments make that list. It’s only natural that as you age, your bodily organs’ functionality deteriorates. This means that you will require more medical attention as you age, and the best way to ensure that you receive necessary medical care is to have health insurance.
In America, the best health insurance for senior citizens is Medicare. Whether you live in New York or any other state, knowing how and when to enroll in Medicare is important. You qualify to enroll in Medicare if you are 65 years or older, or if you are any age and have a particular disability or have the specific health conditions of ALS or end-stage renal disease. The Medicare plans available in New York include, Original Medicare, Medicare Supplement (Medigap) plans, Medicare Advantage plans, and Medicare Prescription Drug (Part D) plans.
Enrolling for Original Medicare in New York
Original Medicare includes Part A (covers hospital and nursing facility services) and Part B (covers medical services like visits to the doctor). If you want to avoid additional fees and delays in coverage, the perfect time to enroll in this plan is during the initial enrollment period. Your initial enrollment period is 7 months long, begins 3 months before the month you turn 65, includes your 65th birthday month and ends 3 months after your 65th birthday month.
Medicare Supplement Insurance in New York
Original Medicare provides basic hospital and medical benefits and includes coverage gaps through deductibles, coinsurance and copays. That is why it may be necessary to enroll in a Medicare Supplement (Medigap) plan in addition to Original Medicare. A Medigap plan helps to cover those gaps that are in Original Medicare.
The Ideal Medigap Plan
There are several Medigap plans to choose from in New York. Like in most states, you can pick the plan that you want to enroll in from 11 standardized Supplement Plans available. The plans are available in letter codes, ranging from A to N. You have to make sure that you choose the right plan for your specific health needs. Although you can choose any of the plans, F, G and N seem to be the favorites of many people.
Medicare Supplement Plan F– Available only to people who qualified for Medicare prior to January 1, 2020, Plan F typically has the highest premium but covers all of Original Medicare’s deductibles, coinsurance and copays. Plan F is also offered in a second form for a much lower premium. Plan F+ (or High Deductible Plan F) is the identical plan but with a plan deductible for Original Medicare deductibles, copays and coinsurance before the Plan F+ pays all remaining Medicare deductibles, copays and coinsurance. Often, the difference in premium for Plan F and Plan F+ is about equivalent to the difference in the Plan F+ deductible. Many people prefer Plan F+ as they believe their health will be good and not require them spending so ending as much as the deductible.
Medicare Supplement Plan G – this plan is just like Plan F, except that it does not pay out the Medicare Part B annual deductible. Usually, Plan G has a premium that is lower than the Plan F premium by an amount that is less than the Part B deductible, so Plan G participants experience equivalent and lower cost coverage than Plan F participants. For Medicare beneficiaries first qualifying for coverage after January 1, 2020, this is now the best plan available. It also has an alternative much lower premium option called Plan G+ (High-Deductible Plan G).
Medicare Supplement Plan N – this plan has many similarities with Plans F and G. The main difference is that Plan N requires beneficiaries to pay the Part B annual deductible (unlike Plan F but just like Plan G) as well as copays of $20 for a doctor visit, $45 for a specialist and $50 for an emergency room visit. Many people select Plan N for its lower premium than Plan F or G, believing that their copays will not amount to as much as their premium savings.
Some of the factors to consider when shopping for the best Medicare health insurance plan include your budget, lifestyle, and specific health ailments which you may already have.