Do You Have the Right Medicare Coverage?
November 2, 2017 | Tom Peterson
Medicare Annual Election Period (AEP) starts October 15 and ends December 7 – now is the perfect time to review your coverage and make sure you have a plan for your individual needs. If you already have Medicare but aren’t sure what your plan includes, you can use the Medicare Plan Finder to quickly see your current plan or review the Annual Notice of Change letter which you received in the last 30 days.
Take the time to review your Medicare options and make sure you have the right Medicare coverage. We can help you find your ideal plan without obligations. The Medicare site offers a summary breakdown of Medicare plans:
Step 1: Decide if you want Original Medicare, Cost Plan, Medicare Supplement or Advantage Plan
You have 4 main choices for Medicare: Original Medicare (Part A and Part B) an Advantage Plan (Part C), a Cost plan (1856) and a Medicare supplement. For a comprehensive list of what is and isn’t covered under each plan, please contact us for a free overview of your options.
Simply put, Original Medicare (Part A and B) is Medicare started by contacting Social Security. Medicare Part A covers inpatient hospital coverage. Medicare Part B is the “medical” portion and includes doctor visits, lab test and other medical procedures.
A Medicare Supplement (Medigap) is a health plan in addition to Medicare. These plans do not include a prescription drug plan.
A Medicare Advantage Plan (Part C) is a private plan, that substitutes A and B and typically includes a specific drug plan.
A Cost Plan is a hybrid of a Medicare supplement and an Advantage plan.
These plans, their coverages, now they travel are all factors in choosing a plan – Not all plans are the same.
Which plan works best for you depends on many factors, including your budget, your employment status and overall health. Our Medicare workshops help you decide your best plan. Click here to find one nearest you.
Step 2: Decide which prescription drug coverage (Part D)
If you have Original Medicare (Part A and B, you need to choose a Medicare Prescription Drug Plan (Part D). These plans are offered by private companies approved by Medicare. You can find a plan on the Medicare.gov site or by consulting with an insurance professional. Note: The plans are not the same and cover different medications and have different copays.
If you’re not sure if you need drug coverage, we can help you make that decision.
Step 3: Decide if you want supplemental coverage
You may want additional coverage to help cover costs that Medicare doesn’t – such as copayments, coinsurance and deductibles. You have a few options:
- Medigap plans
- Other Medicare health plans
- Help paying costs for limited income
- Additional coverage like employer or union, military or veterans’ benefits
If you aren’t sure if you need supplemental coverage, please contact us for a free overview of your options. Our in-person Medicare workshops can also help you decide the best plan.
Source: Medicare.gov
