Below is an overview of the Medicare process and what it means for you.
Original Medicare is Medicare Part A and Medicare Part B. Medicare Part A covers inpatient coverage. Medicare Part B is medical insurance for outpatient services like doctor office visits. Medicare Part D is a prescription drug plan that works with Medicare Part A and Part B. Medicare Supplement Insurance helps to pay for out of pocket expenses such as co-payments. This is sometimes called Medigap insurance.
What are Medicare Advantage Plans?
This is Medicare Part C and sometimes Medicare part D. It does not come with Medicare Supplement Insurance. You cannot add Medicare Supplement Insurance to Medicare Part C.
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How do you choose?
The first option is whether or not you want Original Medicare (Part A and Part B) or if you want to go with a Medicare Advantage Plan (Medicare Part C.) There are advantages to both Original Medicare and Medicare Advantage Plans.
The first advantage is that with Original Medicare you can add Supplement Medicare Insurance to cover out of pocket expenses. With Medicare Advantage Groups, you cannot add a Medigap policy. The benefit to using a Medicare Advantage plan is that you can sometimes get additional services and access to special health facilities. Pay close attention to what your current medical needs are and how they will change with whichever coverage you choose.
The Second option is whether or not you want to add a Prescription Drug Plan to your Medicare or Medicare Advantage Policy.
The benefit to this option is that with Medicare Advantage plans the drug coverage may be greater than with Medicare part D. Pay close attention to what is excluded in both Medicare D and Medicare Advantage Drug Plans. Cost can also be an important consideration. Weigh in the cost of savings to services and see which plan works best for you. Remember that each insurance seller, Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), etc. offers a different plan for prescription drugs.
The Third Decision to make is whether or not you want to add Medicare Supplement Insurance. If you need a Medigap coverage then you must choose Original Medicare and not a Medicare Advantage Plan. It bears repeating, Medicare Advantage Plans cannot sell you a Medicare Supplement Insurance policy and If you buy a Medicare Supplement Policy it WILL NOT work with a Medicare Advantage Plan.
Connect One Health is available to answer your questions now at 1-877-766-4448, if you need help deciding which Medicare plan will work best for you.