Medicare Health/Prescription Plans

Medicare Parts A, B, C, D summarized:

Part A: Hospital Insurance Typically there is no premium if you have worked enough quarters.

Part B: Medical Insurance Costs for part B are determined by income. If you do not enroll when you become eligible, you may be penalized an additional 10% for each 12 month period you delay enrollment. You should contact Medicare to determine your requirements to begin Part B if you are still working and/or covered by an employer group.

Part C: Medicare Advantage Medicare approves your health coverage to be managed by a private insurance carrier. To be eligible for Part C you must have both Parts A & B. Plan benefits vary by company, may vary by county within your state, and may or may not include drug coverage. It is important to review all options to determine the best plan for your specific need.

Part D: Stand Alone Prescription Plan To be eligible you must have Part A, or A and B. Premiums and co-payments vary by plan. Many companies offer three different plans, so it is not unusual to have over 40 plans in a state. Medicare, the Medicare web site, or I can assist using their web site to estimate expenses for the medicines you take.

Medicare Supplement or Medigap Policy summarized:

These policies pay for health care services original Medicare doesn't cover such as copayments, coinsurance, and deductibles. Every Medigap policy must: follow Federal and state laws, offer the same basic coverage no matter which insurance company sells it, and must be clearly identified "Medicare Supplement Insurance". Thus the only difference between "like plans" offered will be the premium. These polices require an individual meet underwriting requirements to have a policy issued, except when it is the Medicare members Open Enrollment, or there has been a qualifying event for which a guaranteed Issue application is submitted. Plan benefits do not change from year to year, but typically there is an annual rate increase.

I offer free consultations for Medicare beneficiaries.