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Health Quotes : Medicare Supplement
Senior Educators' Guide to Medicare Insurance OptionsIf you are just turning 65, and are newly eligible for Medicare, you are entering a brand-new world of health insurance options. For most people, the insurance coverage available as a Medicare beneficiary is less expensive and/or more complete than what they were on before. Some retirees have their coverage completely covered by their former employer, with no premium to pay; Veterans also have inexpensive (if inconvenient) coverage. Most people though are best served by enrolling in either Medicare Supplement insurance or a Medicare Advantage plan. There are two main types of Medicare insurance: Medicare Supplement plans, and Medicare Advantage plans.
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Medicare Supplement insurance- long considered the best coverage available, this coverage covers the gaps that Original Medicare (having parts A and B only) leaves open. It provides tremendous flexibility with regards to physician and provider choice. Its "pay-once" structure, meaning you pay the monthly premium and nothing as you use most services, makes it very easy to use and virtually hassle-free. Has to be combined with a stand-alone "drug-only" Medicare Part D plan for prescriptions. Purchased mainly by those just turning 65, this is difficult to obtain after your first year of Medicare eligibility.
Medicare Advantage insurance- these plans vary tremendously in terms of coverage and healthcare provider restrictions. They represent more of a "pay-as-you-go" approach to healthcare, with very low premiums and moderate co-payments as you use services. These plans often include drug coverage, and sometimes include annual caps on your out-of-pocket costs.
Neither option is "best"- the choice of which type of plan is really up to an individual. We have helped seniors enroll in Medicare Supplement, Private Fee for Service, PPO, HMO and "drug-only" Medicare prescription drug plans. Because of our independent nature, we are uniquely positioned to discuss a variety of options and find one that is appropriate.
For more information, contact Melissa Levin at (714) 547-8787x 104