A summary of seniors medicare benefits for 2010:
Considering the fact that most seniors live on a very tight budget, what medicare will and will not pay for medical cost is a major concern for most seniors. Unfortunately, the government is on a yearly basis increasing the medicare premiums and reducing the benefits medicare will pay. This brief article will outline in general the present state of medicare and what medicare will and will not pay in 2010. The article will also discuss briefly the various alternatives available to seniors to fill in the gaps on what medicare does not pay and expects the senior to pay out of pocket.
Medicare Abc's: 2010
Medicare has four areas of coverage: ABCD
Medicare Part A: Hospital Expenses.. If a senior is in the hospital for 24 hours medicare will pay for all hospital cost for the first 60 days after a $1100 deductible. ( note, this deductible is reinstated every 60 days for subsequent admissions or possibly six times a year).
61-90 days- The senior has to pay $275 per day 91-150 days- The senior pays $550 per day After 150 days- The senior pays 100%
Medicare Part B: Doctor's cost( visits-surgery), including lab test, x-rays,etc.
If already enrolled in Part B, the monthly cost for Part B is $96.40, usually deducted from your social security check. If a new enrolee in 2010 the cost is $110 per month..And increases if your income exceeds $82,000
Under part B medicare will pay only 80% of the cost and the senior pays the additional 20%.
Part C: Under Part C the senior can enroll with one of many carriers that will help fill in the gaps where medicare does not pay. It is called Medicare C Advantage Plan. The premiums are relatively low or nothing. However, under a Med C you can expect deductibles, co-pays, waiting periods,etc. Also Med C plans are run like group health plans where the carrier dictates the doctors, the place, the time etc of your medical care much like PPO's and HMO'S.
Part D: Prescription coverage. Briefly, the premium for Part D coverage is relatively inexpensive. However, unless you are taking some very expensive drugs, many national drugs stores offer very inexpensive drug programs to seniors.
Supplemental Coverage: A number of private carriers offer Medicare supplemental coverage. Supplemental meaning coverage that fills in the gaps that Medicare does not pay under Part A and Part B above. In others words, supplemental payments for the co-pays and deductibles previously discussed regarding Part A and Part B that the senior has to pay out of pocket.
Supplemental Coverage VS Part C coverage. As previously stated, Part C coverage by a private carrier is administered much like group health with co-pays,deductibles and a selection of their doctors. Supplemental plans vary in coverage and the yearly supplement premium is based on the degree of coverage.There are supplemental plans that pay all of the cost medicare does not pay under Part A and B to plans that may have a $2000 yearly deductible. The advantage of the supplemental plans is that you have control over which doctors you go to,anytime and anywhere. Of course the less you have to pay for coverage of the un-paid medicare cost the more your supplemental premiums will cost. Keep in mind that regardless of the cost for supplemental coverage, the premiums are far less than traditional non-medicare major medical coverage, and with better benefits.
Also, regardless of your pre-existing medical conditions most people have the opportunity to qualify for medicare supplements, so if you are turning 65 be sure to discuss the various supplemental medicare plans available and enroll when the pre-existing conditions are not a factor.
Obviously, this has been a very general overview of Medicare 2010, but hopefully outlines the medicare coverage and supplemental coverages available. And keep in mind that medical coverage is so critical to any senior that it is imperative to consult with an insurance professional in your state to know what alternatives are best for you.
If you have any questions about this issue please contact me at my website and i will direct you to an insurance professional in your area. Hopefully this brief summary has been helpful and beneficial .David Burlison,JD and licensed insurance producer in the state of Tennessee.Free consultation at: dburlison1@comcast.net .................................
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Author: David Burlison
About the AuthorAttorney 25 years...Tennessee Insurance agent..Former resident of US Virgin Islands.
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