MEDICARE OPTIONS

Medicare Supplement Plans

Medicare Supplement Insurance policies, sold by private insurance companies, can help pay some the health care costs that Original Medicare does not cover, like deductibles, co-payments and co-insurance. Generally, Medicare Supplements fill in the Medicare “gaps;” hence they are also known as Medigap policies. Medicare supplements are standardized by both the federal and state governments.

Medicare Advantage

A Medicare Advantage Plan (like an HMO or PPO) is another way to get your Medicare coverage. Medicare Advantage Plans, “MA Plans,” are offered by private companies that Medicare approves. If you join a MA plan, you’ll still have original Medicare, but you’ll receive your Medicare services from the MA Plan, not directly from Medicare. You will generally receive your services from the plan’s network of providers. You will have co-payments, deductibles, and co-insurance. Prescription drug coverage is often included in your Medicare Advantage plan.

Medicare Cost Plans

A Medicare Cost plan is a unique Medicare product that helps cover the costs that Original Medicare does not cover. A Cost plan is somewhat of a hybrid – a cross between a Medicare supplement and a Medicare Advantage plan. For some people, the benefits are the best of both worlds. If you have Medicare Part A and Part B and go to a non-network provider, the services are covered under Original Medicare, and you can generally join a Cost Plan any time of the year. Prescription drug coverage may be offered by the Cost Plan company or you can enroll in a separate Medicare Drug Plan.

Medicare Part D Plans

Medicare offers prescription drug coverage to everyone with Medicare. When enrolling in a Medicare Part D plan (PDP) is optional, but you may incur a late enrollment penalty if at the time of your initial enrollment period, you did not have creditable coverage and you chose not to enroll in a PDP. PDP's are offered by private insurance companies and some utilize preferred pharmacies.

Medical Savings Account Plans

These plans combine a high-deductible health plan with a bank account. Medicare deposits money into the account (usually less than the deductible amount). You can use the money to pay for your health care service during the year. Medical Savings Plans (MSA) plans do not offer prescription drug coverage.

Dental, Vision and Hearing Plans

Affordable plans designed to assist in the cost of protecting some of your most valuable assets: your teeth, eyesight and hearing.

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