If you are a resident of Kentucky and are eligible for Medicare. You will have several options when it comes to supplemental plans. In this blog post, we will discuss the different types of Medicare supplement plans in Kentucky for the year 2022. We will also provide information on how to choose the best plan for your needs.
What is Medicare?
Medicare is health insurance for senior citizens over the age of 65. In some cases for people who are disabled, or who have ESRD (kidney failure) are also qualified. Medicare is the primary health insurance for people who are on it, although Medicare does NOT provide full coverage. There are many gaps in coverage left by Medicare, and that is why people purchase Kentucky Medigap Insurance.
How Does Medicare Cover Us?
There are four main parts to the Medicare system:
- Part A (Hospital Coverage)
- Part B (Medical Coverage)
- Part C (Medicare Advantage)
- Part D (Prescription Drug Coverage)
Medicare Part A provides coverage for inpatient hospital care, skilled nursing facility (SNF), blood services, and hospice care. Part B provides coverage for medical services, including medical expenses either in or out of the hospital, outpatient hospital treatment, blood services, clinical laboratory services (diagnostic tests), home health care (approved medically necessary skilled care services and supplies), and durable medical equipment like wheelchairs, walkers, etc. Medicare Part B also covers some preventive care services. Medicare Part C is a replacement for Medicare and is known as the “Medicare Advantage” plan, or a “Medicare Replacement” policy. Part D is coverage for prescription Medications.
Although Medicare pays a large portion for healthcare expenses, it by far does NOT provide full coverage. For example, Medicare only pays 80% for most medical expenses. Medicare also requires Medicare beneficiaries to pay large co-pays, co-insurance, and deductibles for hospitalizations, etc. The standard Medicare Part A hospital deductible is $1,132 for the first 60 days in the hospital in 2011 (increasing deductible generally every year).
What Type of Insurance Plan Makes Sense?
Kentucky Medicare Supplemental Insurance can cover all the gaps in coverage left by Medicare so you are not left paying the deductibles and other out-of-pocket expenses yourself. All Medicare Supplements are designed by Medicare, so the benefits of these policies are the same across companies. The only difference is the price they charge.
When comparing Kentucky Medicare Supplement Companies, it is important to understand that there is no reason to pay more money for a certain company over another, because they all provide the same coverage. It is very important that you shop around and obtain multiple Kentucky Medicare Supplement Quotes to ensure that you are receiving the very best price that is available to you.
Instead of going through the hassle of calling multiple Kentucky insurance companies, speaking to multiple (and maybe even pushy) insurance agents, and possibly getting inaccurate or outdated information, you can compare multiple Kentucky Medicare Supplement insurance quotes and plans directly on our website. Or by calling our 800 number and speaking with one of our agents.
What IF You Can Not Afford a Medicare Supplement Plan?
If you are on a very limited or fixed income, and Medicare Supplement insurance is just too expensive for you, there are other options available to help pay your medical bills. You can apply for Medicaid. To see if you qualify, please visit the Kentucky Department of Health and Family Services website at kyhfs.org/dms/.
If you are not eligible for Medicaid, or if Medicaid does not cover all of your medical expenses, other programs may be able to help you. The Kentucky Access Program provides low-cost health insurance to eligible Kentuckians who do not have health insurance and do not qualify for Medicaid. For more information on the Kentucky Access Program, please visit their website at access.ky.gov/.
You may also be eligible for help from the Social Security Administration. The Social Security Administration has a program called Extra Help that is designed to help low-income Medicare beneficiaries pay for their prescription drugs. For more information on Extra Help, please visit the Social Security Administration’s website at ssa.gov/pubs/10153.html.
Please keep in mind there are also Medicare Advantage plans. These plans often come in a very low premium if not zero cost. So whatever your situation falls under. We will be able to help you find something that meets your budget.