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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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Medigap Plan D is one of the 10 Medicare Supplement options you can buy to add to your Original Medicare benefits. Don’t confuse Plan D for PART D, which covers retail prescription drugs.
Here’s a visual to understand the benefits:
A Plan D policy covers most of the Medicare gaps for you, minus the Part B deductible and any excess charges. An excess charge is an extra amount you’ll pay if a Medicare doctor charges more than what Medicare allows — up to 15% above it.
You’ll pay out-of-pocket for these two things if you buy a Plan D policy. However, it covers the most important items, such as the 20% of outpatient services you’d normally owe.
Your out-of-pocket costs will be minor with Medigap Plan D. When deciding which Medicare Supplement plan is best for you, you’ll want to compare pricing between D, F, and G — because F and G have strong benefits.
The question is: Are the savings worth the additional financial risk? Some people don’t mind paying more for their Medigap policy if it will cover every gap. Others would prefer cost-sharing to pay lower premiums. It’s your choice!
The best time to purchase Plan D (or any Medicare Supplement) is during your six-month Medigap Open Enrollment period. During this time, you can purchase any policy sold in your state, even if you have health issues. Plus, you’ll usually get better rates and more choices among plans.
Your Medigap enrollment automatically begins the month you’re 65 years old and enrolled in Medicare Part B. After the enrollment period, you may not be able to purchase a Medigap policy. If you can, it will likely cost more.
People often get confused by Plan D and PART D. If this is you, you’re not the only one. It’s hard to master the Medicare terms with all these letters getting tossed around. We’ll explain the difference between Plan D and Part D.
Medicare Part D is the prescription drug benefit available to all recipients. It’s basically a pharmacy card you use when you pick up your doctor-prescribed medication(s).
Medigap or Medicare Supplement Plan D is just one of the many supplement policies available to you. For more questions, feel free to call us at (402) 740-5505.
If you’re interested in the great benefits of Medigap Plan D, contact us for a FREE quote. Midwest Trusted Benefit works with the top companies in Nebraska, Iowa, Missouri, and Kansas. We’ll help you understand the coverage you already have and how a supplement policy can improve your situation.
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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