Whether You’re New to Medicare or Not, Know Your Medicare Supplement Options
These are the three critical Medicare supplement options to consider:
Supplement Traditional Medicare with a Medigap Plan
Replace Traditional Medicare with a Medicare Advantage Plan
Add Prescription Drug Coverage with a Part D Plan
Why Original Medicare is Not Enough
Original Medicare is provided by the Federal government to most people in the U.S. over 65 years old.
It is a tremendous benefit that can help protect you from devastating medical expenses – but by itself it will leave you dangerously exposed.
After the deductible, Medicare will pay approximately 80 percent for most of your medical expenses. For certain expenses, they will only pay 75 percent. Hospital visits are limited to 90 days for any single illness or injury. There are also additional limits on physical therapy and skilled nursing care.
The bottom line is you can end up owing thousands of dollars if experience a serious medical condition and only have Original Medicare.
This is why most people either add a Medicare supplement plan, or switch to a Medicare Advantage plan. Both options will put a cap on your out-of-pocket costs.
You can learn more about Medicare on our Medicare 101: How Does Medicare Work page.
Medicare Supplement Options #1: Medigap Plans
Medicare supplement plans (also known as Medigap plans) can pay the deductibles, co-insurance and co-payments that you have with traditional Medicare. For instance, Medigap plans can save you from paying the Part A deductible that’s over $1,000 per benefit period. They can also cover you when you travel outside of the U.S. Medicare almost never helps if you need emergency medical care in another country.
There are 10 standard types of Medigap coverage, and many states offer all 10 options. To see the plans that are available in your state, just click here to get immediate quotes. You can also click here to see the benefits offered by different Medigap plans, which are identified by a letter. For example, Medigap Plan G has the most comprehensive coverage that is available to all enrollees.
We are here to answer your questions and make the process easy and hassle free, so give us a call at 1-800-913-3416 or email us at info@MedigapAdvisors.com. One of our expert, friendly licensed Personal Benefits Manager will be happy to help you choose the coverage that fits your needs. For your protection, we only represent insurance companies that independent rating organizations like A.M. Best give top ratings for financial stability.
You have a 30-day “free look” to examine your Medigap plan, so save the envelope the policy comes in and record the date you receive it. If you return the plan to the insurance company (by certified mail with return receipt) within 30 days, all of your money will be refunded with no questions asked.
To learn more about choosing a Medigap plan, go to our Medicare Supplements Plans page.
Medicare Supplement Options #2: Advantage Plans
Medicare Advantage plans provide traditional Medicare benefits (Part A and Part B) through private insurance companies. While the plans must comply with Medicare regulations and rules, they can have various restrictions. For example, many require you to see an in-network doctor unless you need emergency care just like standard HMO plans do.
Advantage plans may also be set up as PPO plans just like the kinds of insurance you’ve been used to, but there are other options, too. For instance, if you have a chronic illness, are living in a nursing home, or are eligible for Medicaid, you may benefit from a Medicare Advantage Special Needs plan.
And, Advantage plans typically offer services beyond traditional Medicare. Most cover prescriptions like Part D Prescription Drug plans do, and add benefits for dental care, eyeglasses and hearing aids. Some even offer health club benefits, and they also all limit your annual out-of-pocket costs. With traditional Medicare, there is no limit on how much you could end up spending for Medicare’s deductibles and co-insurance or co-payments.
Because most people have several Medicare Advantage plans available where they live, please click here to arrange a consultation at no charge. One of our licensed Personal Benefits Manager will research your options and contact you to explain your choices. We’ll do the research first to make it quick and easy for you to compare those options. Of course, there’s no obligation, and we only work with insurance companies that have earned high rankings for financial stability from independent rating organizations like A.M. Best.
If you do choose an Advantage plan, you have a 10-day grace period in which to cancel with the insurance company and receive a refund. You also have a chance to switch Advantage plans each year. Or, you may leave an Advantage plan and return to traditional Medicare during annual enrollment from October 15 through December 7.
To learn more or get quotes, visit our Medicare Advantage Plans page.
Medicare Supplement Options #3: Part D Prescription Drug Plans
Part D plans are an efficient way to protect yourself from high prescription drug costs. You can choose the level of coverage you want, based on what prescription drugs you currently take on a regular basis.
The monthly premium will vary based on your location, and the drugs in the formulary of the plan you choose. The average national monthly premium is around $42, but can range from less than $15, to over $80 per month.
Part D plans are available through UnitedHealth, Humana, WellCare, CVS Health, Cigna, and several other companies.
If you have a Medicare Advantage plan, your Part D coverage will probably be included in a combination plan, known as an MAPD. If you have Medicare with a supplement, you’ll want to add a stand-alone Part D plan.
Every year in the fall you’ll have the option of changing to a new plan for the following year, or keeping your current plan.
For more information and to get quotes, visit our Part D Prescription Plans page. To talk to one of our Personal Benefits Manager’s about which plan would be right for you, schedule a time here or give us a call at 800-913-3416.