How medical insurance works with Medicare

You might rejoice once you reach the age that you receive Medicare. Hey, free insurance. But you will probably find that you still need other health insurance to supplement the Medicare coverage. Let Bye Financial Group LLC of Grand Ledge, MI explain how you can pair health insurance with Medicare coverage.

Basics of Health Insurance
You can and should do this so you can obtain the health care you need. You can use both in conjunction with one another to pay for your medical treatment. In insurance terms, each policy is called a payer and when you use more than one policy at a time, the insurance companies use a set of coordination of benefits rules to determine which policy pays first. 

Medicare can be the primary or secondary payer. The primary pays what it covers first, then the secondary payer pays its costs. You may still have an out-of-pocket cost to pay.

Types of Medicare
When you enroll in Medicare, you need to choose the right type. If you are still working when you register for Medicare, you will need to choose Medicare Part B insurance. You will use Medicare as your primary payer and your employer insurance as your secondary payer.

If, however, you are no longer employed but have other health insurance, the other insurance will be billed first, then Medicare receives a bill if the other insurance company does not pay within 120 days.

Using Medicare does not mean everything gets paid for by it. Most people need a supplementary policy. Call Bye Financial Group LLC of Grand Ledge, MI to learn more about health care policies you can use in conjunction with Medicare coverage.