The following article is a guest post on behalf of HBF.
Chances are that if you have a chronic illness, or if you are a senior, you are going to be concerned about health insurance more so than many other people. The amount you spend in medical costs is likely to be in the high range so you want to make sure you are covered, see more at HBF.
Prior to the instigation of the Affordable Care Act there were many examples of people being refused health insurance when they had a chronic illness. Things have now changed, since the act came into being. Insurance providers are no longer allowed to refuse health insurance based solely on health grounds. In the case of the senior population Medicare is still in place for people aged 65 and over.
So if you have a serious health problem you’ll be covered?
If you purchase a health insurance plan in the newly created marketplace then an insurance provider is not permitted to refuse your application, or to cease your plan, based on the state of your health. As of 2015 this will also apply to any health insurance purchased outside of the marketplace.
What happens with your healthcare if you’re a senior?
As you get older, so your health care costs can rise dramatically. This makes it vitally important for you to ensure that you have sufficient health care coverage. This is the reason for the existence of the Medicare system. There are several different parts to this system, all of which apply to different costs and provisions.
Part A Medicare
Part A Medicare does not require the payment of any premiums. It’s designed to be a safety net to provide basic provision for the hospitalization or convalescence of those who qualify. You should be aware that you do not get full coverage and could still be liable for very high charges if your period of hospitalization is lengthy.
Part B Medicare
This type of Medicare covers 80% of costs for outpatient visits and therapy sessions. You have to pay premiums for this coverage; these payments are made straight from Social Security checks. Even with this cover there is still a good chance that you will experience high costs depending on how much health care you receive.
Part D Medicare
Part D Medicare is intended to provide towards prescription costs. It is a good idea to check with your pharmacist to see what level of this type of Medicare you require. It’s important to note that you need to apply for Part D Medicare as soon as you are entitled at the age of 65. If you fail to do so you stand the chance of being penalized with higher premiums for the rest of your life.
The most recent addition to Medicare
Medicare Advantage came into being as part of the The Balanced Budget Act of 1997 when it was known as part C Medicare. The premiums for this provision have a tendency to be high but the providers are usually reliable and reputable. It’s a definite improvement on the basic Medicare provision for seniors.