Medicare Advantage & Supplement Plans
As you approach retirement age, it can be overwhelming trying to keep track of what benefits you have and what gaps in those coverages need to be filled. Our team is ready to assist you with a host of Medicare Advantage plans and Medicare Supplement plans. Initial enrollment takes place using the Social Security Administration’s website, by phone, or by visiting your local SSA office. If not, you will need to sign up during your IEP, which begins three months before you turn 65, includes your birthday month, and extends three months afterward.
Medicare Advantage (Part C)
Medicare Advantage (Part C) includes Original Medicare plus extra benefits (dental, vision, hearing) available to anyone who is enrolled into Medicare Part A and Part B.
- Prescription Drugs: Often includes Part D for drug coverage.
- Networks: Requires using in-network providers for lower costs.
- Costs: Medicare Advantage plans have a yearly limit on out-of-pocket costs for Part A and Part B services. Once you reach this limit, you’ll pay nothing for covered services.
- Additional Benefits: Some plans may offer transportation to medical appointments, fitness programs, or over-the-counter allowances.
Medicare Supplements (Medigap)
Medicare Supplement, also known as Medigap, is a private health insurance plan that helps pay for out-of-pocket costs that Original Medicare doesn’t cover.
- Coverage: Helps pay for deductibles, copays, and coinsurance.
- No Prescription Coverage: Does not cover prescription drugs (Part D needed separately).
- No Network Restrictions: Use any doctor or hospital that accepts Medicare.
- Cost: Premiums vary by plan and provider but are separate from Medicare Part B premium.
- No Extra Benefits: Unlike Medicare Advantage, it does not include extras like dental or vision.
Medicare Part A
Medicare Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care services. For the majority of people, Medicare Part A is free of premiums if you or your spouse paid Medicare taxes for at least 10 years (40 quarters) while working. If you don’t qualify for premium-free Medicare Part A, you can purchase it and pay a monthly premium. However, even with premium-free Medicare Part A, there are costs such as deductibles and coinsurance for the services you receive.
Medicare Part B
Medicare Part B covers outpatient care, doctor visits, preventive services, and medical supplies. Unlike Medicare Part A, Medicare Part B is not free service. You will pay a monthly premium based on your income as well as an annual deductible. You’ll also typically pay 20% of the cost of services after your deductible is met.
To learn more about your options and make sure you and your loved ones are taken care of when they need it most, contact us for an obligation-free consultation about what your options are and what makes most sense for your specific situation.
