Medicare

About Medicare

When it comes to Medicare, there are basically three plans that you need to choose from. Medicare supplements (also known as Medigap plans), Medicare Advantage plans, and prescription drug plans.

If you have this card, then you need to know your options!

Medicare Supplement Plans

(Also known as Medigap Plans)

Medicare supplement plans help pay what Medicare doesn’t pay for. For example, original Medicare has deductibles and coinsurance of 20%, which is what you would have to pay out-of-pocket. Medicare supplement plans ease the burden of out-of-pocket expenses. Medicare supplement plans are offered through private companies (like UnitedHealthcare, Aetna, Humana, etc) and can be bought at any time. Let us guide you through the different types of Medicare supplement plans available in your area so you can find the right one that meets your needs.

Pros of Medicare supplements:

  • Little to no out of pocket expenses
  • Freedom to go anywhere medicare is accepted

Cons of Medicare Supplements:

  • High premium costs
  • Must purchase drug coverage separate
  • Does not cover dental, vision, hearing among other things.

Medicare Advantage plans

Medicare Advantage plans are Medicare Health Plans offered through private insurance companies (like Unitedhealthcare, Aetna, Humana, etc) that are kind of like all-in-one plans.    What this means is, most Medicare Advantage plans offer Medical, prescription (part D), dental, vision, and hearing coverage all in one plan.  Most Medicare Advantage plans also offer an abundance of other benefits like gym memberships, transportation, over the counter items, foot care, virtual visits and more. 

 

Medicare advantage plans do have co-pays and co-insurance but most have very little to no premium at all. You do have to keep paying your part B medicare premium but orignial Medicare no longer pays your claims, the company you choose takes all responsibility.  It is important to know that medicare advantage plans have specific networks so you need to make sure your doctors accept the plan you go with. 

Pros of Medicare advantage plans:

  • Little to no monthly premium
  • All-in-one plan
  • More additional perks

Cons of Medicare Supplements:

  • Out of pocket co-pays
  • Must see doctors in-network

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With medical expenses rising every minute, you can’t afford to not have health insurance. Contact us for a FREE quote to get you and your loved ones the right help. 

Prescription Drug Plans (Part D)

Medicare prescription drug plans, also known as part D, are prescription drug Plans offered by private companies (like Unitedhealthcare, Aetna, Humana etc). Part D plans only cover prescriptions. Most Medicare Advantage plans have a Part D prescription drug plan built into it. If you have original Medicare and a Medicare supplement, you must buy a prescription drug plan separate if you want drug coverage. There are usually many prescription drug plans to choose from, each with different levels of coverage. This can make it extremely confusing to pick out a plan. It is very important to go over each of your medications with your agent to make sure you get the best prescription drug plan possible.

Pros of Prescription drug plans:

  • Save you a lot of money on medications
  • Many plans have small monthly premiums

Cons of Prescription drug plans:

  • Co-pays and deductibles
  • May not cover every medication

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