Everything You Need To Know
Medicare Supplements Insurance Plans
Medicare Supplement insurance is sold by private companies. Sometimes called “Medigap”. It can help you pay for out-of-pocket health care expenses that Medicare doesn’t cover, such as deductibles, coinsurance, or outpatient services.
To buy a Medicare Supplement plan, you must be enrolled in Original Medicare Parts A & B. Legal residents must live in the U.S. for at least five years in a row, including the five years before applying for Medicare. You must live in a state where the policy is offered, and be age 65 or over, in some states, under age 65 with a qualifying disability.
Why should I purchase a Medicare Supplement insurance policy?
You get help paying out-of-pocket medical expenses like copay’s and deductibles, which make it easier to manage your health care budget.
Your Medicare Supplement coverage is valid everywhere in the U.S.
You can visit and doctor, specialist with no referral needed as long as the provider accepts Medicare patients.
You can choose any doctor or hospital that accepts Medicare patients.
You can choose from a variety of plan types to help meet your needs now and in the future.
Medicare Advantage Plans
Medicare Advantage Plans, sometimes called “Part C” or “MA Plans” are offered by private companies approved by Medicare. If you join a Medicare Advantage Plan, you still have Medicare. You will get your Part A (Hospital Insurance and Part B (Medical Insurance) coverage from the Medicare Advantage Plan and not Original Medicare. In all types of MA Plans, you’re always covered for Emergency and urgent care. The plans must cover all of the services that original Medicare covers except hospice care. Some MA Plans include prescription drug coverage.
There are different types of Medicare Advantage Plans:
Health Maintenance Organization (HMO) Plans. In most HMO’S, you can only go to doctors , specialists, and hospitals that belong to the plan’s network. You may also need to get a referral from your primary doctor to see a specialist.
Preferred Provider Organization (PPO) Plans. In a PPO, you pay less if you use doctors, specialists, and hospitals that belong to the plan’s network. You pay more if you use doctors, specialists, and hospitals outside of network.
Private Fee-for-Service (PFFS) Plans
Special Needs Plans (SNPs)
Medicare Part D
By design, original Medicare doesn’t provide prescription drug coverage. If you need prescription drug coverage, you can purchase a Medicare Part D prescription drug plan.
There are a number of prescription drug plans to choose from depending on where you live. Each plan has a different level of coverage with premiums, deductibles and copays to fit your health needs and budget. If your shopping for a Medicare prescription drug plan, it’s important to learn each plan’s coverage and costs to decide which may be the best for you.
Just like Part B of Medicare, signing up for a Part D prescription drug plan is not mandatory. If you decide not to join a Medicare Part D drug plan when you’re first eligible and you don’t have other creditable prescription drug coverage or don’t get extra help, you will likely pay a late enrollment penalty.
Medicare Part A Hospital Insurance
Part A helps cover inpatient care in hospitals, 100 days of care in a skilled nursing facility hospice, and home health care.
Even when Medicare pays the cost of a service or item, you generally have your own portion to pay, in the form of deductibles, coinsurance and copayments.
Medicare Part B Medical Insurance
Part B helps cover doctor’s services and outpatient care, medical supplies, and some preventive care to help maintain your health.
Medicare Part B covers health care costs like:
Services from doctors and other health care providers
Outpatient Care
Home Health Care
Durable Medical Equipment
Ambulance Services
Preventive Services
Even when Medicare pays the cost of a service or item, you generally have your own portion to pay, in the form of deductibles, coinsurance and copayments.
Medicare Part C Medicare Advantage
(Medicare Advantage Plans, like HMO or PPO’S) is a health coverage plan run by private companies under contract with Medicare. Part C plans include Medicare Part A, Part B, and usually other coverage like prescription drugs
Medicare FAQs
Links that might interest you
What is not covered by Medicare Parts A & B:
Most forms of Long Term Care
Custodial Care
Eye Exams for prescribing glasses
Cosmetic Surgery
Dental
Acupuncture
Hearing Aids & Fitting Exams
Routine Foot Care