There is a lot to know when it comes to figuring out which Medicare plans are right for you, and it can be difficult to find information that is simple and easy to understand. Medical insurance is an absolute necessity, but navigating confusing language or understanding exactly what is covered by which plans can be frustrating. Here is some basic information to help you get started when it comes to understanding Medicare plans and what each of them entails.
Medicare Parts A & B
Original Medicare consists of Medicare Parts A & B, which cover both inpatient and outpatient visits and procedures. Medicare Part A is the portion that covers hospitalizations. Medicare Part B helps to cover medical costs, such as visits to your primary care physician, specialist appointments, and procedures. Medicare Parts A & B also cover the cost of medications administered during inpatient stays, but full prescription drug coverage is handled by Medicare Part D. Medicare Parts A & B are provided by the federal government and have standard benefits across the United States if you have earned enough work credits.
Prescription Drug Coverage – Medicare Part D
For anyone who needs regular medication, Part D or a Medicare Advantage plan with Part D coverage, is essential. Medicare Part D is used to help cover the cost of any prescription medications you need. Part D may be purchased stand alone, also known as a prescription drug plan, or as a part of a Medicare Advantage plan, known as an MAPD plan. These offerings vary by zip code, and may or may not have costs associated with them. It is very important to review your drug coverage closely as each plan may have different drug coverage, costs, and formulary levels.
Medicare Advantage – Part C
Medicare Advantage is additional insurance that works with your Medicare Plans A & B, while including additional benefits and coverage such as vision and dental, and possibly drug coverage (MAPD plans). Since Medicare Advantage is a private plan, it can change signficantly between insurers and zip codes, but it always offers coverage that is at least as comprehensive than Medicare Plans A & B.
Medigap – Medicare Supplement Insurance
Medigap is a plan that is intended to supplement Medicare Parts A & B by lowering the out-of-pocket costs associated with them, and providing more freedom to their participants in terms of network. In addition to easing insurance holder’s financial burden, Medigapcoverage provides steady monthly insurance premiums instead of unexpected large medical bills.. One downside of Medigap – Medigap plans sold after 2006 DO NOT have prescription drug coverage, therefore you would need to purchase a stand alone Part D plan to be covered. You cannot have a Medigap plan and a Medicare Advantage plan at the same time.
This is only a basic overview, and you may still have unanswered questions. Feel free to contact the benefits advisors at Aging Benefits Advisory and book a free consultation where you can ask any questions you may have and get more in-depth information to help you decide on the best insurance for you.
Contact Aging Benefits Advisory Today!
If you need help navigating the world of senior health insurance, our advisors at Aging Benefits Advisory are here to assist. Take advantage of our free consultation to ensure that you receive the plan for your budget and needs. We specialize in Medicare Advantage, Medicare Supplements, Dental, Vision, and Final Expense for the senior market of Pinellas County, Pasco County, Manatee County, Hillsborough County, Polk County, Sarasota County, Citrus County, and Marion County, Florida. If you would like a free consultation, contact us online or give us a call at 727-800-4835. For more information, follow us on Facebook, Pinterest, and YouTube.