Traditional Medicare provides basic coverage, but there are gaps leaving you responsible for some portion of your healthcare costs. Because of these gaps, many people enroll in a Medicare Advantage or Medigap Supplemental Plan that helps pay for costs not covered by traditional Medicare.
Hospital insurance covers inpatient hospital stays including acute hospital, skilled nursing, inpatient mental health care, and hospice.
Medical insurance which covers doctor visits, surgeries, lab work, scans, chemotherapy, home health services, ambulance, preventive services, and annual wellness visits.
Medicare Advantage covers everything Part A & B covers but with a different deductible, co-pays, and co-insurance structure.
Medicare Part D is your Rx drug coverage. You can enroll in a standalone prescription drug plan or enroll in a Medicare Advantage plan that includes Part D coverage.
Understanding Medicare Parts A, B, C and D is just the beginning. Let’s review how the parts fit together to provide the coverage you need.
Offered by private companies
There are a lot of Medicare Advantage plans to choose from depending on where you live. Plans are offered by private insurance companies approved by Medicare but the premiums are set, so using a broker doesn’t increase your costs. It just gives you the inside track to find the right plan for you.
Each Medicare Advantage plan is different but they all cover everything that traditional Medicare (Parts A and B) does. With a Medicare Advantage plan, you can elect to get coverage for additional benefits.
There are a lot of plans to choose from and you can change plans during Open Enrollment every year, so you’re not locked in for a lifetime.
All Medicare Advantage and Prescription Drug Plans receive an annual star rating from the Center for Medicare and Medicaid Services (CMS) to help recipients make better decisions about their health care coverage based on quality and performance.
Offered by private companies
The purpose of Medigap is to fill the gaps left by Medicare Plan A & B leave. Unlike Medicare Part A and B, Medigap is private insurance that works with your Medicare coverage.
There are 10 Medicare supplement insurance plans, labeled “A” through “N.” not to be confused with the Medicare Part A, B, C, and D plans. Each of the Medigap plans and what they cover are regulated by the federal government.
Each Medigap A – N plan provides the same benefits, no matter which insurance company sells it, the difference in the cost is based on the carrier who provides the coverage. Your costs are not higher by using a broker, your costs are determined by the insurance carrier providing the policy.
Original Medicare for hospital, doctor and outpatient service coverage, with optional Part D
prescription drug coverage purchased separately
Offered by private health plans. Combines Part A and Part B and may include additional benefits such as hearing, vision and prescription drug (Part D) coverage
Medicare Part A and Part B for covered benefits, with Medicare Supplement (Medigap) coverage for Medicare-approved services.
We can help find the right program for you to cover your health expenses while being sensitive to your budget and healthcare needs today and into the future.
The best part? We don't charge you anything.
Insurance carriers cover our costs so we can offer you the guidance you need totally free.
[wpforms id="1039"]