You’re turning 65 soon and the mail is piling up with all the Medicare options. It is important to have an independent agent guide you through this process. You basically have three choices to keep it simple, however it is more complex than knowing these three options:
- Original Medicare with a prescription plan
- Advantage Plans (Part C)
- Supplement (sometimes referred to as Medigap) with a prescription plan.
This 101 video is an excellent overview of Medicare and some of the complexities that confuse people. Every person has a unique situation and sound advice is needed making the best decision. Don’t let a captive agent persuade you into thinking one plan is the best.
In the photo below, you can see the many complexities in choosing these plans. It consists of four parts and I’ve provided a brief overview from the government site on each of the parts.
Part A: Hospital Insurance
-This covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Part B: Medical Insurance
-This covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
Part C: Advantage Plans
-This is a type of health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service, Special Needs, and Medical Savings Account Plans. If you’re enrolled in a Medicare Advantage Plan, most services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
Part D: Prescription Drug Coverage
-This adds prescription drug coverage to Original Medicare, some Cost Plans, some Private-Fee-for-Service Plans, and Medical Savings Account Plans. These plans are offered by insurance companies and other private companies approved by Medicare. Advantage Plans may also offer prescription drug coverage that follows the same rules as Medicare Prescription Drug Plans.
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