Comparing your Medicare and insurance provider options are necessary to ensure you get the right coverage for the right price. At Midwest Trusted Benefit, this is something we do every day so our customers can have a better understanding of what options are available for them.
While you can enroll in Original Medicare without an insurance agent’s help, they can aid in the process and make sure everything is being done correctly. When enrolling in a Medicare Supplement, Medicare Advantage, or Prescription Drug Plan, you will most likely want to work with an insurance agent, as doing so will not cost you anything and you will have an expert on your side to guide you through the process. Working with an agency that understands the plans available in your area is key. Also, when picking an insurance agency, make sure that you feel comfortable with the people you’re working with. Trusting that you’ve selected the right policy and will give you peace of mind and assurance.
At Midwest Trusted Benefit, we believe we fit the description above and can help you determine the coverage you need while also providing you with quotes so you can compare costs. We pride ourselves in putting our clients first and our goal is to be your trusted source for ALL types of Medicare Insurance.
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Compare Original Medicare and Medicare Advantage Plans
Deciding between Original Medicare and Medicare Advantage is ultimately up to you as it really depends on the type of coverage you are looking for. These are the 2 PATHS for going on Medicare. Path 1 is staying with Original Medicare, then selecting a Medicare Supplement and Part D Drug Plan that fits your needs. Path 2 is selecting a Medicare Advantage Plan instead of Original Medicare that fits your needs.
If you choose to stick with Original Medicare with a Medicare Supplement and Part D drug plan, you will receive hospital and medical insurance anywhere in the United States that accepts Medicare. Depending on the Medicare Supplement Plan you select, after Medicare pays its portion of a medical bill, the plan could cover most or all of the deductibles, coinsurance, and copayments that would have been your responsibility. The prescription plan you select will be based on your medications and pharmacy you use.
If you decide to opt for a Medicare Advantage Plan, there are several plans to consider:
• Health Maintenance Organization (HMO): HMO Plans will typically require you to choose a primary care physician within their network, as well as get referrals from this physician to see a specialist. However, despite the lack of flexibility, HMO Plans generally cost less than the other Medicare Advantage Plans.
• Preferred Provider Organization (PPO): With a PPO Plan, you are not required to select a primary care physician or get referrals to see specialists. You will typically have the option to receive your care outside of the plan’s network of providers, but keep in mind you will pay more if you do so.
• Special Needs Plans (SNP): SNPs are strictly limited to certain individuals with specific needs. The three types of SNPs include: Chronic-Condition, Dual-Eligible, and Institutional Plans. These three types are what will determine your eligibility. These plans are also required by Medicare to provide prescription drug coverage.
• Private-Fee-For-Service (PFFS): PFFS Plans do not require you to select a primary care physician or get referrals. There is a possibility that PFFS Plans will have a provider network, but you can typically still receive care outside the network as long as the provider accepts the plan’s terms and conditions.
• Medicare Medical Savings Account (MSA): MSA Plans include a high deductible and bank account. To begin receiving coverage, you will need to pay the high deductible. The plan will also deposit funds into the bank account that can be used to pay on the deductible. However, the funds deposited will be lower than the cost of the deductible.
By reviewing each of these advantage plans and comparing how they work, you can better understand what plan fits your needs and what you would qualify for. Nearly all Medicare Advantage Plans have copayments and coinsurance and you will still have to pay these costs. Medicare Advantage Plans do provide the same coverage as Original Medicare A & B, but they also can provide additional coverage. This coverage can include prescription drug coverage, dental coverage, vision coverage, and hearing coverage.
Compare Medicare Supplements
Each Medicare Supplement Plan provides a different level of coverage for the costs not covered by Original Medicare. With ten standardized plans to choose from, you are provided with multiple coverage options that can cover those deductibles, copayments, or coinsurance, plus other costs like foreign travel emergency care or blood transfusions.
Midwest Trusted Benefit
At Midwest Trusted Benefit, we believe that between the two paths for going on Medicare, there is no right or wrong answer. We make sure to educate our clients about the differences so they are able to make an informed decision about the type of coverage they will be most comfortable with carrying.
Selecting Midwest Trusted Benefit as your insurance agency means being prioritized and listened to. All our professionals are at the top of the field and know how to best select plans for each individual.
If you’re interested in learning more about our services, you can contact us at 402-740-5505.