MEDICARE ELIGIBLE
Medicare Advantage Plans
Also known as Part C of Medicare, Medicare Advantage is a more cost effective Medicare health insurance plan that acts like an HMO or PPO and combines Original Medicare Part A and B together. It is provided through a private carrier and typically provides better coverage than just A and B alone. This policy may have co-pays and deductibles.
People who elect to purchase Medicare Advantage over original Medicare Parts A and B do not need to buy a Medicare Supplement Plan. However, they may find that original Medicare along with a good Medicare Supplement plan may save them more money on their overall healthcare costs. Every situation is unique, therefore it is always a good idea to consult a professional insurance advisor who can assist you in exploring and comparing all of your options.
Medicare Supplements
Medicare Supplement Insurance complements your original Medicare plan and will pay some, if not all, of the expenses that Original Medicare Part A and B do not cover. These expenses could be co-pays, coinsurance, deductibles and other excess charges. There are many different types of Medicare Supplement policies available today, offered by many different carriers. Medicare Supplements are standardized by the federal government, meaning that the benefits for these policies, known as Medigap Plan A through N, are all the same regardless of the carrier; the only difference is in the premium. Premiums vary depending on how the carrier prices the policy, which is dependent on different factors such as age or geographical location. Ultimately, the best supplement plan is one that is purchased from a quality carrier, has a low premium and leaves you with the least or no out of pocket expenses. Note: Most of our carriers offer multiple standardized flexible plan designs with a Medicare Part D (prescription drug) coverage option.
Medicare Part D (Prescription Drug Coverage)
Prescription Drug Coverage. The part of your Medicare benefit that pays for some, but not all, of the costs for your prescription drugs and only at participating area pharmacies. If you are on Medicare, then you are eligible for Part D regardless of your income, resources, health, or current prescription expenses.
There are two types of Part D plans, which are solely voluntary and will help you save money on prescription drug costs:
PDPs (Medicare Part D Prescription). These are stand alone plans that can be added to your original Part A and Part B Medicare benefits, or used in conjunction with Medicare Supplement plans. They are governed by Medicare, however offered through private insurance carriers.
MAPDs (Medicare Advantage Prescription Drug Plans). These also are stand alone plans offered through private carriers that can be added to Medicare Advantage health plans (cover Part A and B benefits) , or they can be purchased separately, however, to enroll in this type of plan, you need to be enrolled in both Medicare Part A and Part B.
NOTICE: Once you are eligible for Medicare, do not wait to enroll in a Medicare Part D Plan or you could end up paying a penalty every month.