FORT LAUDERDALE, FL--(Marketwire -07/11/12)- Medicare Supplemental Insurance, Medicare Advantage plans, and Medicare Part D are the most commonly purchased forms of coverage when turning 65 when employer group insurance is unavailable. These types of plans help protect seniors from the high costs of medical care. Half of the surveyed seniors believed they were better off with electing to stay with their current employer plan versus enrolling in their own Medicare supplemental insurance plan.
Employer plans can be great for most individuals. They provide low doctor visit copayments, discounts on prescriptions, and low out of pocket costs in case of hospitalization or major surgeries. However, most group plans are very expensive. Group plans are guaranteed issued policies, meaning all individuals are guaranteed coverage, regardless of any pre-existing conditions. When a carrier guarantees coverage, in return you will have higher premiums.
Individuals that don't have the option to keep their employer group plan after retirement, have Medicare to fall back on. The day you turn 65, you will automatically receive part A and most individuals opt for Part B. When having Part A and Part B roughly around 80% of medical costs are covered. That would leave 20% you are responsible for. To cover that 20% you need a Medicare Supplemental Insurance plan or a Medicare Advantage plan. For instance, a Medicare Supplemental plan called Plan F would cover that 20%. The premium for Plan F varies from state to zip code. The average premium is quite affordable.
Hass Mohammed, Director of Sales for www.MedicareMedics.com, claimed the survey showed most individuals are confused and not aware of what is available in the market. They feel comfortable with their Employer group plans as they may be afraid of change. However, in reality, they are missing out. In some cases they can qualify for a plan that doesn't have any monthly premiums, and which also has very minimum out of pocket costs. If you are unsure of what is best in your situation, go online and visit sites or speak to a licensed broker for assistance. Medicare Medics is an online company designed to help seniors and their families understand Medicare, and find Medicare Supplemental Insurance plans at the best price available to meet their individual needs.