In this Elder Law Minute, Wes Coulson discusses different Medicare plans and the benefits of each one.
Hi! I’m Wes Coulson from Coulson Elder Law, proudly serving clients throughout the St. Louis metropolitan area and beyond. I’d like to welcome you to our Elder Law and Estate Planning Minute. We do these to help educate people, give them some little tips, and especially to let them know the questions they need to ask, things that they’ve maybe not thought of. Our thought on that is that we can help you best if you realize the things that you need help and that we can help you with. So I hope you enjoy. Thanks!
If you have reached Medicare age, and you are on Medicare, one of the decisions that you have to make is whether you want to do anything to supplement what Medicare pays for because Medicare has deductibles, copayments, and some things that it doesn’t cover. We have a couple of choices here, either a Medicare supplement insurance policy, otherwise sometimes also known as a Medigap policy, and a Medicare Part C, or Medicare Complete coverage.
So, what are the differences? Well, first, for the Medicare Supplement Insurance, you are paying a premium, whereas for a Medicare Complete thing, you don’t have to pay a separate premium. Are there differences in what they cover? Yes, there are. The Medicare Complete things are actually an HMO, and so, although many doctors take them, and other healthcare providers, not all do. So you may have some restrictions on healthcare providers. Whereas, with a Medicare Supplement Policy, since they’re covering more, in a lot of cases are paying more out to the providers, more providers are likely to take them.
So, it’s really a situation for you. I would say, for most people, if you can afford to pay the premium for Medicare Supplement Policy, it’s wise to do that. I’ll tell you, especially when you come into nursing home time, that Medicare has about a $175 a day deductible on days 21-100. Most Medicare Supplement Policies, plan G or above, pay for that and most Medicare Complete plans don’t. But, if the premium, and paying the premium is too burdensome, then go with the Medicare Complete Plan because it’s going to be better coverage for you than just having Medicare. Thanks!
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Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (618) 632-7000 (IL) or (314) 567-9292 (MO), or Contact Us and we will get in touch as soon as possible.