Medicare Advantage insurance is offered by private insurance companies with a Medicare contract, and replaces Original Medicare Part A and Part B. You must continue to pay your Part B premiums. Medicare Advantage plans typically offer additional benefit options and have less cost-sharing than Original Medicare, and you may have to pay a monthly premium in return for the extra benefits. Medicare Advantage plans come in a variety of formats, such as HMO, PPO and PFFS plans, as well as special needs plans. Medicare beneficiaries can enroll in Medicare Advantage plans if they have Medicare Part A and Part B, but only during designated enrollment periods. These enrollment periods change from time-to-time, so please call us to get the most-up-to-date information.
Find and Compare Best Medicare Plans Online
The Original Medicare Plan, or Part A and Part B coverage, is a federally managed fee-for-service plan. Beneficiaries can choose the doctor and hospital from which they would like to receive services. Monthly premiums, annual deductibles and co-payments for services are required. Prescription drug coverage, or Medicare Part D, may be added to the Original Medicare Plan. Many beneficiaries covered by the Original Medicare Plan find they also need the Medigap policy to help pay for services not covered by Part A and Part B. Medicare Advantage Plans (Part C) provides Part A and Part B coverage, but this coverage is provided by private insurance companies that have been approved by Medicare. Because private companies provide this coverage, additional benefits may be available. Additionally, the amounts charged for various services may differ between providers. Part C plans may have networks, and the beneficiary will have to utilize the services of providers in the plan’s network. Prescription drug coverage is often included in this plan. Beneficiaries of Medicare Part C do not need to purchase Medigap coverage. When choosing a plan it is important to determine what is expected from the insurance coverage. It would be advantageous for beneficiaries to compare and select coverage based on the plan that will best meet their individual needs.
America’s Health Insurance Plans
Medigap plans are used by nearly 10 million seniors and other Medicare beneficiaries, offering them a sense of security about both the predictable and unexpected costs associated with medical care.Analyses of federal data show that Medigap is a particularly important coverage option for low-income and rural seniors. Surveys consistently find that Medigap beneficiaries are highly satisfied with their Medigap coverage. To get involved in advocating for Medigap, please visit: www.partnershiptoprotectmedigap.org.
Best Medicare Supplement Insurance Quotes
Every Medicare supplemental insurance plan must follow federal and state laws designed to protect you. Medicare supplement plan insurance companies can only sell you a “modernized” Medicare supplemental insurance plan identified by letters A through N. Each modernized Medicare supplemental insurance plan must offer the same basic benefits, no matter which insurance company sells it.
Overview of Medicare Supplemental Insurance
Medicare has several gaps and doesn’t pay for all of the health care services you may need. If you are in the Original Medicare Plan, you may want to buy Medicare supplemental insurance, also called Medigap insurance. This is health insurance that helps pay for some of your costs in the Original Medicare program and for some care it doesn’t cover. Medigap insurance is sold by private insurance companies. By law, companies can only offer standard Medigap insurance plans. There are 11 standard plans labeled A-N. Each plan, offers a different set of benefits, fills different “gaps” in Medicare coverage, and varies in price. You will want to study all the Medigap plans before deciding which is best for you. No matter which insurance company offers a particular plan, all plans with the same letter cover the same benefits. For instance, all Plan C policies have the same benefits no matter which company sells the plan. However, the premiums can vary. All 11 standard Medigap policies cover basic benefits, but each has additional benefits that vary according to the plan. None of the standard Medigap plans cover: • long-term care to help you bathe, dress, eat or use the bathroom • vision or dental care • hearing aids • eyeglasses • private-duty nursing • prescription drugs If you live in Massachusetts, Minnesota or Wisconsin, you have different standard Medigap plans. In addition to the standard Medigap policies, Medicare SELECT is a type of Medigap policy that can cost less than standard Medigap plans. However, you can only go to certain doctors and hospitals for your care. Check with your state insurance department to find out if Medicare SELECT policies are available in your state. Medigap Basic Benefits All plans must offer these basic benefits. The basic benefits for plans K – L include similar services as plans A-G and M but the cost-sharing for the basic benefits is at different levels. Medicare Part A After you have paid your hospital deductible ($1,100 in 2010), the Original Medicare Plan pays all your hospital costs for up to 60 days in a benefit period*. If you stay in the hospital more then 60 days, you pay $275 (in 2010) a day for days 61 through 90. If you stay longer than 90 days in a benefit period, the cost for each day is $550 (in 2010) for up to 60 days over your lifetime. All 11 Medigap plans cover (pay) your costs for days 61 through 150. In addition, once you use your 150 days of Medicare hospital benefits, all Medigap plans cover the cost of 365 more hospital days in your lifetime. If you have the high-deductible option of plan F, you must first pay $2,000 in health care expenses before your costs will be covered. If you have plans K, L or M you will have to pay a portion of the hospital deductible ($1,100 in 2010), before your costs will be covered (unless you have already met the annual out-or-pocket maximum for the year. *A benefit period begins the day you go to the hospital and ends when you have been out of the hospital for 60 days in a row. If you go into the hospital again after 60 days have passed, you begin a new benefit period. Medicare Part B After you pay your yearly Part B deductible ($155 in 2010), Medicare generally pays 80 percent of doctor and other medical services. It pays 50 percent of mental health services and 100% of some preventive services. Medigap plans cover all or part of your share of these services – 20 percent of the Medicare-approved amount for doctor services and 50 percent for mental health services. (The Medicare approved amount is the amount that Medicare decides is a reasonable payment for a medical service). Blood The Original Medicare Plan doesn’t cover the first three pints of blood you need each year. Plans A-D, F-G, and M through N pay for these first three pints. Plans K pays 50% and L pays 75% part of the cost. Preventive Care All 11 Medigap plans offer this benefit, which covers any coinsurance for Part B preventive services. Hospice Medigap covers the 5 % coinsurance for palliative drugs and respite care under the Part A hospice benefit. Medigap Additional Benefits Medicare Part A Hospital Deductible Medigap Plans B, C, D, F, G and N cover the hospital deductible ($1,100 in 2010) for each benefit period. Plans K, L, and M cover part of it. This benefit usually saves you money if you have to stay in the hospital. Skilled Nursing Home Costs The Original Medicare Plan pays all of your skilled nursing home costs for the first 20 days of each benefit period. If you are in a nursing home for more than 20 days, you pay part of each day’s bill. Medigap Plans C, D, F, G and M through N pay your share of the bill ($137.50 a day in 2010) for days 21 through 100. Plans K and L pay part of it. Neither Medicare nor any Medigap plan pays for any skilled nursing home stay longer than 100 days in a benefit period. Medicare Part B Deductible You must pay a deductible each year for doctor and other medical services before Medicare pays. Medigap Plans C and F pay this deductible. In 2010, the deductible is $155.
Medicare Supplemental Insurance — Which policy is best?
Our recommendation: After picking the benefit combination (Plan A through L) that best suits your needs, buy the issue-age or community-rated Medigap policy with the lowest premium. Even though they are a bit more expensive at the start, your premiums won’t go up every year just because you get older. (AARP’s Medigap plans use a combination of issue-age and community-rated methods; their premiums don’t increase as you get older, but their younger retirees do receive a discount.)
Medicare Supplemental Health Insurance Plans
"My experience with MediGap Advisors has been excellent primarily due to the efforts of my agent, Jim Kinert. Jim spends considerable time with me in order to provide the single best coverage I could have ever hoped for. He is an exceptional representative of your organization, far surpassing my expectations by making the entire process easy to understand and easy to actuate. Rarely have I dealt with a salesperson that has made me feel that he had my best interests at heart. I have never particularly enjoyed the prospect of obtaining insurance of any kind, but Jim’s approach gave me a great sense of confidence that I was doing business with the right man and the right company. Jim’s winning personality, in-depth knowledge, and lack of high pressure sales tactics convinced me to do business with you."
Medicare Supplemental Insurance
Finding the best Medicare Supplemental insurance, Medicare Advantage, and Medicare Part D has gotten more complicated nearly every year. In 2010 Medicare Supplement Insurance added 2 new plans Medigap plan N and Medigap Plan M. At the same time they eliminated several other Medicare Supplement options. Medicare Advantage insurance plans redefine benefits and premiums every year. And, with future Medicare subsidies uncertain due to changing regulation from healthcare reform who can keep up. For many individuals Medicare Supplement Insurance is becoming the best option. Unfortunately, comparing Medicare Supplemental Insurance Plan premiums (Medigap) and Medicare Advantage plans can be a time consuming endeavor. Our highly trained insurance advisors can explain all of your supplemental Insurance options, and assist in finding the best Medicare supplement and Medicare Part D combination that best fits your specific needs. With all the options affecting Supplement insurance and Part D it makes sense to have an expert assist you through the maze.