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Advice on Using Medicare & Another Insurance

Medicare beneficiaries are experiencing the repercussions of the current economic situation and subsequent government belt tightening. Medicare A and B do not go very far when the insured suffers an injury or illness that requires a hospital stay of more than a few days or long-term care afterward. Using Medicare and another insurance is the best way to make sure you are covered. There are many options from which to choose.

  1. Medicare Advantage (Part C)

    • Enroll in the Medicare Advantage (Part C) plan to help pay medical expenses not covered by Medicare parts A and B. Medicare Advantage plans are managed health care plans similar to Health Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs). They are offered to Medicare beneficiaries who are enrolled in Medicare Parts A and B. Medicare Advantage plans combine Medicare Parts A, B, and D. The Medicare beneficiary may enroll in Part C during the initial enrollment period which is the three months before the beneficiary's 65th birthday.

    Medigap Plans

    • Purchase a Medigap policy. Medigap policies help cover costs not covered by Medicare A and B. A Medigap policy can not be purchased if an individual is already enrolled in the Medicare Advantage plan. The Medicare Advantage plan must be terminated before purchasing a Medigap policy. As of 2009 there are currently 12 Medigap plans from which to choose. After June 1, 2010 there will be 11 plans from which to choose. These plans are offered by many private insurance companies but not all insurance companies offer all 12 plans. They usually offer only a few different plans. Purchase a Medigap policy that offers coverage that you are most comfortable with. Buy a plan that covers emergency medical costs while out of the country if you travel. Some plans cover Part B deductibles and excess. As of June 1, 2010, hospice coverage will be added as a standard benefit in all Medigap plans, but preventive care and at-home recovery will no longer be offered.

    Long- and Short-Term Care

    • Purchase a long-term or short-term care insurance policy. Insurance companies all have their own long-term and short-term care policies. Both can cover a wide variety of recovery costs, including nursing home care, home modifications, caregiver training and much more. Long-term and short-term care insurance not only covers costs but gives the beneficiary the piece of mind that comes with knowing they will be cared for without becoming a burden to their children or relatives. Work with a good insurance agent who will help you determine what policy or combination of policies will suit your needs.

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