According to a research conducted by the Henry J. Kasier Family Foundation 38 million Seniors are receiving Medicare benefits. Many of these seniors do not know basic facts regarding the Medicare program. The lack of knowledge can lead to financial strain in case of an injury or illness.
However, there are three tips, which seniors can follow in order for them to better understand the Medicare program.
Tip 1: Long-term Care insurance is an excellent idea. The United States Board of Census estimates that about over 5% of seniors age 65 and older are in some type of nursing care facility. Over 50% of seniors 95 and older will require nursing care.
Tip 2: Make sure you choose Part D carefully. Part D helps cover prescription drugs. When enrolled into a Medicare, you should select a plan a Medicare approved plan offers through private insurance companies
Tip 3: Obtain Medicare Supplement Insurance Plan. Also called Medigap will help cover co-pays and deductibles. For example, if a person is hospitalized, his or her deductibles along with Medicare will be almost $1000. Many Medigap plans will cover your deductibles, which will save a person substantial amounts of money.