MEDICARE

New to Medicare?

The information you receive when enrolling in Medicare for the first time can be very overwhelming and is difficult to understand. Below you will find everything you need to know. If for some reason your questions are not answered, give us a call and we will be happy to help!

Medicare Supplement Plans vs. Medicare Advantage Plans

Medicare Advantage Plans are health plan options offered by private companies and are approved by Medicare. They provide coverage for all of your Medicare Part A and Part B benefits. In addition, most provide prescription drug coverage and some offer additional benefits such as vision, hearing, and dental.

Medicare Supplement Plans are offered by private insurance companies and are standardized by the Center for Medicare Services. These plans fill the gaps between what original Medicare pays and the amount doctors and hospitals actually charge.

Comparison Chart Showing Plan Advantages / Disadvantages

	Pros	Cons
Medicare Supplement Plans	- Low Out-of-Pocket Expenses (People who purchase Plan F rarely pay for any medical services) - Visit any doctor or hospital that accepts original Medicare - Guaranteed Renewable. Your policy cannot be cancelled as long as you pay the monthly premium.	- More expensive than Medicare Advantage Plans on a monthly basis - May not be able to enroll if you have pre-existing health conditions and are not in a guaranteed issue period
Medicare Advantage Plans	- Low monthly premium - Only need to answer one health question (Do you have End Stage Renal Disease?) - May offer additional benefits such as vision, dental, and hearing.	- Your Doctors & Hospitals may not accept the Plan - Can have high co-payments for medical services - $132 billion in funding cuts may increase premiums and decrease benefits in the future

 

Prescription Drug Plans

Medicare Prescription Drug Plans (also called "PDPs") are run by private insurance companies and are designed to protect you from high drug costs. Each plan charges a different premium, has different co-payments, and covers different prescription drugs. In addition to Medicare Supplemental Insurance, we recommend everyone enroll in a Medicare Prescription Drug Plan in order to avoid paying a late enrollment penalty and to protect against high prescription drug costs.

Click Here to Compare Prescription Drug Plans

Initial Enrollment Period

The best time to purchase Medicare Supplemental Insurance is during your initial enrollment period. This six-month period begins on the first day of the month in which you are both 65 and enrolled in Medicare Part B.

Medicare Part A

Medicare Part A is designed to help cover inpatient care in hospitals, including inpatient rehabilitation facilities and critical access hospitals. In addition, Medicare Part A covers inpatient stays in skilled nursing facilities (excluding custodial and long term care).

Medicare Part B

Medicare part B covers medical services that Part A does not cover. This includes, but is not limited to medically necessary services such as physician services, outpatient care, and some preventive services. While original Medicare Part B provides great coverage, you may have to pay for expensive healthcare costs if you do not purchase a Medicare Supplement Plan. The out of pocket expense you will be responsible for is the "gap" between what Medicare pays and what the medical services actually cost.