Plan after retirement Health Costs with Medicare supplement plans

Planning ahead is a smart work especially before your retirement. It is important to plan health-care costs as these costs may be the biggest expenses faced after retirement. Learning to plan health costs based on the amount to pay for Medicare Supplement Plans 2019 premiums is mandatory. Besides also understand the plan available in the area you are living.


Parts A and B- Traditional Medicare

People eligible for the benefits of Medicaid and Medicare means Medicaid pays for the premiums such that the premium per month will be $134 for Part B. However, on meeting the eligibility, this premium is paid by Medicaid.


In certain situations, you need to pay Part B as higher premium and this is when your income is more as per your tax return. You may pay Part B premium high even if you do not sign for coverage on becoming eligible.


Medigap- Medicare Supplement plans

Medigap that are Medicare supplement plans are sold privately and are the optional policies designed to cover several expenses that go from the pocket. It is related to the Traditional Medicare coverage.  However, it does not include the drug benefits, though it assists in clearing of coinsurance, copayments and deductible of the Traditional Medicare costs.


The Medicare supplement plans are in 47 /50 states and each is designed with a letter. The 3 states are Wisconsin, Minnesota and Massachusetts. They also have Medigap plans, but have an individual set. However, regardless of the place they live, once enrolled in Medigap implies paying for Part B Medicare premium is a must.


Medigap plans supplement the Traditional Medicare, but are not working with Medicare Advantage plans.


Keep away from late-enrollment penalties

There are beneficiaries that get enrolled automatically into the Original Medicare on turning 65 years or even on receiving the disability benefits of Social Security for 24 months and this is applicable for people have ESRD, end stage renal disease.


People who do not get enrolled automatically in Part A Medicare and also fail to sign up during the enrollment period of seven months initially, may be liable to pay a late enrollment penalty.  Actually once an individual is 65, he or she gets three months ahead and later including the birthday month, making a total of seven months period to enroll.


Beneficiaries ineligible for Part A Medicare premium-free  and also do not sign up during eligibility period are expected to pay monthly Medicare 10% more and this is twice the years of Part A they could have enjoyed, but failed to sign up.  For instance, if a person is eligible for two years for Part A, but failed to sign up means, you pay for the next four years high premium.