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Medicare is a national health insurance program for people who are 65 or older, certain younger people with disabilities, and those with end-stage renal disease.
If you’re turning 65 soon, you’ll have some critical healthcare decisions to make.
If you aren’t sure as to what all the parts of Medicare are, we have compiled all of them for you.
Known as Medigap Plans, Medicare Supplement Plans fill in the “gaps” of medical costs that aren’t covered by Original Medicare, such as coinsurance, copayments, and deductibles.
Medicare Advantage Plans, or Medicare Part C, can be used to substitute Medicare Part A and B, as well as offer prescription drug coverage.
You can enroll in Original Medicare three months before you turn 65 until three months after the month of your 65th birthday.
We have acquired an abundance of knowledge, and we’re eager to share this expertise with you in the form of articles and blog posts.
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We’d love to hear from you! Give us a call today to talk to a Representative and set up an appointment.
Picking a Medicare Plan should be as stress-free as possible. There are several plans to choose from and not selecting the right one can do more harm than good. Our insurance agents are here to guide you through the process and ensure you’re enrolled in the policy which will best fit your needs.
Original Medicare with a Medicare Supplement and Part D prescription plan is a good option for people who want to see any doctor nationwide that accepts Medicare, or want a supplement that will cover most or all of the copayments and coinsurance associated with Original Medicare.
For those who want additional coverage added to their plan with typically a lower monthly premium, Part C (Medicare Advantage) might be the best option. Part C plans can include dental, vision, and hearing benefits, while also providing the same coverage as Original Medicare. They also have different varieties, such as HMO and PPO.
There are ten Medicare Supplement Plans to choose from: Plans A, B, C, D, F, G, K, L, M, and N. They can only be used when you are enrolled in Original Medicare as they cover the costs Original Medicare does not cover. As seen below, each plan provides coverage for different costs:
• Part A coinsurance and hospital costs: Plans A, B, C, D, F, G, K, L, M, and N
• Part A hospice care coinsurance and copayment: Plans A, B, C, D, F, G, **K, **L, M, and N
• Part A deductible: Plans B, C, D, F, G, **K, **L, **M, and N
• Part B coinsurance and hospital costs: Plans A, B, C, D, F, G, **K, **L, M, and N
• Part B excess charges: Plans F and G
• Part B deductible: Plans C and F
• Skilled nursing care facility coinsurance: Plans C, D, F, G, **K, **L, M, and N
• First three pints of blood for transfusions: Plans A, B, C, D, F, G, **K, **L, M, and N
• Foreign travel emergency care (80%): Plans C, D, F, G, M, and N
**Plan K only provides 50%, **Plan L provides 75% percent, and **Plan M provides 50% coverage.
Even if you don’t have any current prescriptions, you should enroll in a Part D prescription drug plan to avoid future premium penalties. These plans can be bought as a standalone plan with your Original Medicare coverage, or it can be included in a Medicare Advantage Plan as an additional benefit.
Each Part D plan has a formulary, or list of drugs, that they cover. Before choosing a plan, you should always consult an agent, like those with Midwest Trusted Benefit, to ensure you will be getting the proper coverage. However, all Part D plans cover vaccinations that are used to prevent illness. They also cover anticancer, anticonvulsants, antipsychotics, antidepressants, immunosuppressants, and HIV/AIDS drugs.
While finding a plan that meets your coverage needs is important, finding a plan that meets your budget needs is also a big determining factor in what plan you choose. Let’s take a look at some of the costs you can expect for Medicare in 2021:
Part A:
Part B:
Part C:
Part D:
After going over the different costs/coverage of each path and how each function, we sum things up with a statement of “Paying In Advance” vs. “Paying As You Go”.
Some clients will prefer to have Original Medicare with a Medicare Supplement Plan G and Drug Plan and are okay with the fact that they are paying more per month for the fact that if something with their health comes up, they will pay very little in out-of-pocket costs after the fact. Hence the statement “Pay In Advance”.
Other clients will be attracted to a Medicare Advantage Plan for its lower cost per month with included ancillary benefits. These people are willing to accept the responsibility of the out-of-pocket costs they will incur if something comes up with their health. Hence the statement “Pay As You Go”.
Trying to pick a Medicare plan might feel impossible when staring at all the different options. That’s why it can be helpful to work with an insurance agent who can do the research and present you with a plan that will fit your insurance needs.
If you’d like to make an appointment, you can contact us at 402-740-5505, and we’ll assist in any way we can.
We are not connected with or endorsed by the United States government or the federal Medicare program. We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.
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