Angela James at the Centers at Medicare and Medicaid Services did a great job giving a general Overview of the choices for Medicare coverage and the differences between, Original Medicare, Medicare Advantage Plans, Prescription Drug Plans and Supplement Insurance Polices which sometime are referred to as Medigap policies.
When You are eligible for Medicare you must decide how you will go about getting your coverage. Will it be Original Medicare, Medicare Advantage plans. Both have Part A and Part B coverage. Part A Covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care. Part A is free for most people and Part B covers certain doctor services, outpatient care, medical supplies and preventive services there is a monthly premium for Part B now even though both Original Medicare and Medicare Advantage plans cover Part A and Part B services. Although there are some differences that should be understood.
Original Medicare is provided directly through Medicare and you have your choice of doctors, hospitals and other providers that accept Medicare. Original Medicare covers about 80% of your healthcare costs. Generally you or any supplemental coverage that you have pays deductibles and coinsurance, you usually pay a monthly Part B premium.
Now, Medicare Advantage plans also called Part C provide coverage through private insurance companies that are approved by Medicare in plans you need to us doctors hospitals and other providers that are in the plans provider network. If you decide to use a provider outside of your plans provider network you may have to pay more or pay all of the costs and there are usually co-payments or coinsurance for covered services and you may pay a monthly premium in addition to your Part B premium. Each plan has different costs and rules. Some can have extra coverage, like vision or dental. Now, we need to look at Medicare Prescription Drug plans also called Part D. These plans are plans that add drug coverage to Medicare and these plans are run by private insurance companies that are approved by Medicare. to add this coverage you usually pay a monthly premium. If you have a Medicare Advantage plan that offers drug coverage you may have to get that drug coverage through your Medicare Advantage plan. Otherwise you can join a medicare prescription drug plan.
Earlier we discussed that Medicare pays about eighty percent of your healthcare costs. Well, Medicare Supplement Insurance policies or Medigap is coverage that is offered through private companies to fill in the gaps in Original Medicare. With a Medigap plan you pay monthly premium in addition to your Part B premium and the cost of the premium can vary between policies and companies. You may also be able to get similar coverage through an employer or union. It is important that you realize Medigap policies do not work with Med icare Advantage plans. In fact if you already have a Medicare Advantage plan it is illegal for someone to sell you a Medigap policy. These are just the basics to get more information about your Medicare choices you can visit Medicare.gov or contact Woody's Insurance to guide you to your best decision.
If you are here to consider all of your options available from Medicare you are in the right place… All your options are designed to benefit you and there is one best combination for you. Remember, “one size does not fit all” and you see how closely your medications fit into your selection. So, we do not give blind quotes without considering your medications? In most cases, they can or will at some point change your overall decision. If you would like to see how they work together you can follow this link (There are exceptions such as Veterans and those that may have access to other creditable drug coverage). We specialize in helping Veterans as I am a Veteran myself I have a special interest in staying current with the veterans options and benefits.
You be overwhelmed with your choices or how they work together. I have been helping folks just like you for over ten years and I will help you navigate the best choices that work for you. However, in keeping with CMS and Medicare regulations, we need your permission to contact you. You can fill out this form (Click Here) and submit it to us online. We will contact you based on the best time and place for you. We do meetings online in the safety and privacy of your own home on your schedule. It is really easy and convenient if you have a computer, tablet or smartphone we can meet online. If you do email or Facebook messenger… or have children or grandchildren it is a piece of cake and the more the merrier. We can everyone’s question at one time. So, complete the permission to contact form and we can answer your questions and even enroll you online. If you have any questions concerning meeting online just give me a call 606-224-2406 my direct line and I can walk you through every step along the way. Then you will quickly become the pro and have access to us as near as your computer or phone. It is sorta’ like riding a bicycle! In no time you will be moving on!