Medicare and its Options
Please take moment to read about Medicare and its Options, Here is Medicare Made easy.
Medicare
Medicare is very Easy and Confusing all at the same time.
What you need to know:
-
There is an option for everyone's situation
-
Basic Medicare has 2 Parts: Part A and Part B
-
Medicare allows you to see any Doctor Nationwide that accepts Medicare
Part A - Hospital:
-
Hospital Services
-
Inpatient Services
-
Skilled Nursing Service
-
Hospice Care
-
Home Health Care
-
Large Deductible when admitted to the hospital
Part B - Medical Services:
-
Doctors
-
Medical Tests
-
It has a small yearly Deductable and then Medicare covers 80% leaving you with 20% and any excess charges that your Doctor may charge, which is up to 15% MORE than what Medicare allows.
-
Outpatient Services
-
Durable Medical Equipment
Options
Medicare Advantage
What is Medicare Advantage:
-
Sometimes referred to as Medicare Part C
-
An option to get your Medicare Benefits in an all-in-one plan.
What these plans do:
-
Low to no Premium
-
Take over from your Orginal Medicare with a Private company HMO, PFFS, or PPO plan
-
Includes items not covered by Medicare like dental coverage and gym membership.
-
Can include drug coverages
-
Caps the amount you can spend annually for medical costs
-
These plans also have Co-pays and Deductibles set by the company that offers the plan, Not Medicare.
Prescriptions, Part D
What is Part D (Prescription Drug Plan):
-
These coverages are added to your Original Medicare to cover your prescription drugs.
-
These plans are offered by private companies that are authorized by Medicare to provide this coverage.
-
If you do NOT take a prescription plan when first eligible; Medicare WILL access a penalty once you decide to take one.
-
-
So, to avoid the penalty always take one even if you are taking no medications. Some Medicare Advantage Plans have these included, but not all.
Medicare Supplement
What is a Medicare Supplement:
-
A Medicare Supplement, or Medigap; Is a plan the picks up the out-of-pocket costs left over by Medicare.
-
For example, the 20%, deductibles, and/or excess charges; depending on the plan you choose.
-
-
Plans are Standardized: This means Medicare Supplement plans do not vary from company to company.
-
The only difference is the price and quality of the company.
-
-
These are the most comprehensive plans on the market, but they have a higher monthly premium because it's additional coverage to your Original Medicare.
-
Since these plans supplement Original Medicare, you retain the ability to use any doctor nationwide that accepts Medicare.