MEDICARE PLAN OPTIONS
Medicare Advantage
Medicare Supplements or "Medigap"
Medicare Supplements or "Medigap"
Medicare Advantage Plans, (also known as "Part C"), are offered by private insurance companies approved by Medicare. There are different types of Medicare Advantage plans, but the most common types are Health Maintenance Organization (HMO) plans, and Preferred Provider Organization (PPO) plans. What’s the difference? With the Medicare Advantage HMO’s, in general, you can only go to providers that are in the plan’s network (except in emergency situations).
Like the HMO’s, Medicare Advantage PPO’s are network based. However, Medicare Advantage PPO’s allow you to see provider’s that are outside of the plan’s network, if those providers accept Medicare. You will generally pay less if you use in-network providers.
With Medicare Advantage HMO’s and PPO’s, you will generally have co-pays when you go to a provider. Each Medicare Advantage plan can charge different monthly premiums, have different co-pays, and have different out-of-pocket maximum costs. Many Medicare Advantage plans include the Part D prescription drug benefit.
Medicare Supplements or "Medigap"
Medicare Supplements or "Medigap"
Medicare Supplements or "Medigap"
There are many different Medicare Supplement plans and they are identified by a letter. A popular Medicare Supplement plan is known as “Plan G”. The major benefit of “Plan G” is that it pays the 20% balance that Medicare Part A & Part B do not cover, after an annual deductible of $240. When considering a Medicare Supplement, you can truly do an “apples-to-apples” price comparison because Plan G from one company is identical to Plan G from another company. Standard Medicare Supplement plans have no networks. You can see any doctor, any hospital, any lab, anywhere in the country that accepts Medicare. Medicare Supplement Plans have a monthly premium and they do not include the Part D prescription drug benefit. If you want prescription drug coverage, you have to purchase a Part D prescription drug plan.
Part D Prescription Drug Plans
Medicare Supplements or "Medigap"
Part D Prescription Drug Plans
There are numerous Part D prescription drug plans to choose from. The key is to find a plan that suits your needs based on the medications you are currently taking. There will be a monthly premium that you’ll need to pay for the Part D prescription drug plan. Part D Prescription Drug Plans use a Tier system to determine what your co-pay will be for each medication.