If you are moving into Medicare for the first time, you may be separating from an employer healthcare plan that includes prescription drug coverage and additional covered services, such as dental, vision or hearing.
Medicare A (Hospital Insurance) and B (Medical Insurance) combined are referred to as original Medicare. If you are used to ( and comfortable with) an HMO sort of plan, then a Medicare Advantage Plan may be right for you. An Advantage plan replaces original Medicare and may offer many services that you want to keep as well.(Some may also include prescription drug coverage) Advantage Plans offered vary in different states, you may want to contact us to discuss Advantage Plans available in your area.
A Medicare Supplemental plan (aka Medigap) is in addition to Medicare Parts A and B. You most likely pay a premium for Part B, and you can choose from a number of available Medigap plans in your area to cover additional costs to you that original Medicare does not cover. Medicare Part B, for instance may pay 80 % of a covered service costs. With a supplemental plan, that insurance kicks in and will pay an additional percentage of the 20% of costs that you would be responsible for otherwise, perhaps even all of it.
Supplemental plans ( also know as the ‘alphabet plans’), range from Plan A – Plan N, are offered by private insurance companies, are standardized and offer a wide variety of additional coverage. Here you will most likely pay your part B premium and a premium for the plan you have selected.
Open enrollment period begins October 15, 2017. Now is the time to consider which options are right for your personal healthcare needs. Please contact us with any questions you may have.