Medicare Part C.
Let me help you simplify your Medicare coverage. A Medicare Advantage plan combines hospital, doctor, and prescription drug coverage. These compact plans may also include other benefits not offered through original Medicare. Advantage plans are not Medicare supplements. But rather, you are receiving your benefits from an insurance company that is approved and contracted with CMS (The Centers for Medicare and Medicaid) to administer your Medicare. The idea behind this is that private insurance companies are more financially efficient than the federal government, and should be able to stretch the money allocated to give you more benefits.
Advantage plans do not fill the gaps, but rather give you set co-pays, co-insurance, and deductibles that may control costs and limit your out-of-pocket expenses compared to Medicare. Advantage plans also often include Part D drug coverage, as well as many additional benefits not included in Medicare, such as dental, vision and hearing. Many people choose an Advantage plan because it will often have lower monthly premiums or no premiums at all.
Advantage plans also have an open enrollment period when you become Medicare eligible. Plans also have an annual enrollment period because companies contract for one calendar year at a time, and can change or discontinue plans each year.
Medicare Supplement Plans.
Need more predictable out-of-pocket costs? I can enroll you in a Medicare supplement plan that can help fill the gaps in your Medicare Part A and B coverage, so there are fewer surprise expenses. A Medigap policy (Medicare supplement) is the traditional type of plan that has been around since 1965. It’s called Medigap because it fills the gaps left by Medicare. Medicare Part A requires you to pay a hospital deductible and co-pays for extended stays and Part B requires that you pay 20% of all covered outpatient charges. A Medigap policy will, to some extent, fill these gaps.
Medigap insurance is available as one of several standardized plans. Plans will be the same from one company to the next. When you first become eligible for Medicare, you have an open enrollment period that lasts six months from the first day of the month that you become eligible. During this time an insurance company can not refuse you the opportunity to purchase any policy that they sell, no matter what pre-existing medical conditions you may have.
If the Medigap policy is affordable, this is the best time to purchase. Compare rates with several companies, knowing that coverage will be the same no matter which company you look at. Standardization makes comparing Medigap insurance policies easy.
If you choose a Medigap policy you will also need to purchase a stand-alone Part D drug plan, because it is not included in this type of Medicare plan.
Medicare Prescription Drug Plans.
Medicare Part D.
I can help you better manage your prescription expenses with a Medicare Part D prescription drug plan. Contact me to decode the eligibility requirements. Choose from 2 ways to get prescription drug coverage. You can choose a Medicare Part D plan. Or, you can choose a Medicare Advantage Plan (like an HMO or PPO) that offers drug coverage.