It is perhaps an unfortunate fact of life that any of us at any time, could become sick and be in need of medical attention. Even the fittest of us, someone that is almost a perfect example of physical wellbeing and extremely healthy, could at some time get involved in an accident that required them to need urgent medical attention. It is another unfortunate fact that that medical attention does not come free and so at any time, we may be faced with medical expenses that we cannot readily afford to pay.
It is because of this that there is medical insurance, an insurance policy that pays for all or at least a percentage of those medical expenses if they are needed. Medical insurance can be expensive though but fortunately, in the United States, employees will come under their employer’s medical insurance plan, meaning that whilst they are working, an employee will usually have adequate health insurance but that insurance will no longer be valid when they retire at the age of 65.
For this reason, on reaching the age of 65, a person in the US will come under what is known as Medicare which is a government sponsored health insurance. Providing you have worked for a minimum of 10 years, you will automatically qualify for Medicare but you will have to sign up for it at age 65 in orders for it to come into effect and give you coverage.
There are 4 parts to Medicare and although each part covers different aspects of medical expenses, it is only part A that is free and the other 3 parts are optional but do have a fee involved. However many parts or whatever parts you do opt for, there will still be certain things that are not fully covered but for those things there are supplements which can be paid to give coverage. Known as Medigap these supplements are readily available to pay for but there are many of them and so you should ensure that the one you pay for, if any, will give coverage for what you believe you may need.
Due to the high costs of good medical attention, health insurance, either private or in the form of Medicare is essential for all of us to have even though we may hope that we will never need it. Although some people look for jobs which have the best medical insurance, most of us accept a job providing that it does have some form of medical insurance but very few, if any will provide for medical expenses once we have retired.
If we are not happy with what is provided free in Part A or what is provided with additional fee in Part B, Part C is an option to buy private medical insurance in place of Medicare but when we do this, as we will not be using Medicare, Medicare pays towards that insurance and so we save money that way and have better coverage than Medicare usually allows for.