We get lots of questions! Medicare Part A; B; C; and D – what do all these parts mean? Do we have to have all of them, some of them, or none of them? On TV there are commercials about Medicare Supplements and Medicare Advantage – what is the difference and which one will best fit our needs?
In the early 1990′s the government required the insurance industry to create standardized plans. Effective 2010 the government eliminated some of the standardized plans and added plans M & N. By having standardized plans, seniors are better able to choose the coverage that best fits their personal needs. Medicare Supplement plans are designed to provide benefits for the “gaps” in Medicare. Medicare, like most insurance plans, has deductibles and certain co-payment features. Based on what your needs are, generally one of the standardized plans will fill that need. Prescription Drug coverage (Part D) would be an additional purchase.
Medicare Supplement (Medigap) Insurance Plans. These plans have been around since the advent of Medicare coverage for seniors (July 30, 1965). In the early days of Medicare Supplement, each carrier designed their own plans for their agents to sell. Because of the multitude of choices in the these designed plans (non-standardized) the senior would become very confused as to what was best and more importantly what was best for their specific need.
Medicare Advantage plans and Prescription Drug plans! Many seniors are looking at this as a source to cover their medical expenses. Basically you are agreeing to allow an insurance carrier to handle your medical insurance needs. Based on where you live will determine the type of plan and the cost. Many of the Medicare Advantage plans also provide coverage for Prescription Drugs. Medicare Advantage carriers are competing for your business and many offer “additional” coverage to get you to choose them. There is quite a lot of information to share on these plans – call or email if you would like to get together!
If you want to better understand Medicare Supplement/Advantage let us know – our first meeting will be totally educational. No applications – no pressure!
If you are interested in additional information please email or call me and we can discuss!