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What is Medicare?
Medicare is a government program that helps pay for some of your medical costs once you reach a certain age, usually 65. The key word here is "Some" as it only pays part of the medical costs.
Which plan is right for me, a Medicare Supplement or Advantage Plan?
We usually recommend a Medicare Supplement if it is affordable. Those plans pay most, if not all, of your medical costs with one monthly premium payment. There are usually no co-pays, deductibles and you do not usually get any bills. However, depending on your finances and health, a Medicare Advantage Plan could be the right choice. Most of the time an Advantage Plan has a much lower monthly premium. But with these types of plans you will have co-payments and deductibles and you will get bills. If you are in good health a Medicare Advantage plan could save you a lot of money. If you only see your doctor twice a year it could be very inexpensive compared to a Medicare Supplement plan.
Confused about how PDP drug plans work and what is the "Donut Hole."
Your're not alone if you feel that way. There are so many drug plans and the laws and rules change yearly. The Drug Plan companies create relationships with the pharmaceutical companies to offer you reduced pricing on most, but not all, of your medications. The list of drugs offered is called a Formulary. If your drug is not on this formulary, you might have to accept a substitute or the generic form of that drug. Also, there are over 2,000 medications that are not Medicare approved. If you are taking one of those, your Medicare PDP plan will not pay for that medication.
These plans give you coverage until you reach a certain cost, this cost is the amount you pay plus the amount the plan pays on your behalf. This total cost changes each year and when you reach that cost you fall into what is called the "Donut Hole." At that point, you pay for all costs until you reach another cost point. After which, you fall into catastrophic coverage and all your approved medications are around much lower for the rest of the year, then everything resets again.
So many Insurance Companies offer Supplements, Advantage Plans and PDP Plans, how do I choose?
If you have the time to visit the CMS website and read all of the CMS guidelines, rules, regulations and ratings of the various companies then you could pick one on your own. However, we have already done this for you. Based on our individual assessment of your situation and goals, we can hand pick a plan that is right for you. Contact us for your free individual assessment.
Specific Dollar amounts and Co-Pays, Co-Insurance percentages, change every year. If you want to know this years amounts, call us and we can set up an appointment to educate you and your loved ones so that a better choice is made for your healthcare needs!