Medicare and your options

Medicare is a great starting point for those over 65 and individuals on Social Security due to disability but it can leave the insured with many out of pocket costs.  An inpatient hospital stay has a deductable of almost $1,200 dollars.  Most retired people seldom have enough disposible assets to cover many hospital stays.  Both Medicare Supplement plans and Medicare Advantage plans can helpreduce your costs.  Prescription drug coverage is not included in original Medicare and must be obtained threough a private company.  The program is overseen by the federal Medicare program and the plans are referred to as Medicare Part D.

Check out your own options at Allboc.com. The sites full of details.

Medicare Advantage Plans

A Medicare Advantage Plan combines Medicare Parts A and B and often includes Part D.  Most if not all of the premium for these plans is paid for by Medicare.  These plans are contracted with Medicare and the plans pay portion that Medicare would typically to the doctor and hospital.  A member of these plans typically pays a fixed copayment for medical care instead of the standard Medicare deductibles and 20%.  

Since most Medicare Advantage plans include prescription drug coverage (Part D), it is not necessary for member of these plans to obtain a separate Part D coverage.

Related Subjects:

Medicare Basics

Medicare Part D

Medicare Supplements

Medicare Supplement Plans

Medicare supplement plans are private insurance plans designed to pay the deductibles and 20% co-insurance that Medicare does not pay for doctor and hospital care.  A Medicare recipient must have both Part A and Part B of Medicare in order to have a Medicare Supplement plan.  In most states, a Medicare recipient may choose from several different supplements labeled Plan A through Plan N.  The premium for a Medicare Supplement s dependent on the amount of benefits in that plan.

Each company sets their own rates for their Medicare Supplement plans.  Every Plan A has the same benefits, every Plan F has the same benefits, etc.

Related Subjects:

Medicare Basics

Medicare Advantage Plans

Medicare Part D

Medicare Basics

Medicare is the federal government's health insurance program for those over 65 years of age and those who have been on Social Security Disability for more than 24 months.  An individual (or their spouse) must have worked for 10 years (40 quarters) to receive premium free Part A.

Part A of Medicare is the portion that helps pay for in-patient medical care.  The insured must pay the $1,187 deductible and Medicare will pay for the rest of the hospital stay.  This is repeated for each hospital stay that begins more than 60 days after the last hospital stay.

Part B of Medicare is the portion that helps pay for doctor visits and outpatient services.  The insured must pay the $147 annual deductible and after that 20% of the Medicare approved amount for medical services.  Medicare will pay the other 80% of the medicare approved bills.  A medical provider that accepts Medicar assignment is not allowed to charge the insured any additional amount.  A medical provider that does not accept Medicare assignment may charge the insured up to 15% more for services.  

Medicare Supplement plans and Medicare Advantage plans are designed to pay at least a portion of the medical costs not covered by Medicare.  Prescription drug are not covered by Medicare.  Part D plans are designed to help pay for prescription medications.  Medicare imposes a penalty for each month that a Medicare recipient goes without prescription drug coverage.

Medicare does not cover prescription drugs, vision exams, glasses and contacts, and most dental care.  These benefits may be be available as part of a Medicare Adcantage plan.  Only the prescription drug coverage can be obtained separately.

RELATED SUBJECTS:

Medicare Advantage plans

Medicare Suplement plans

Medicare Part D plans

Part D penalty

When can I enroll into a Medicare Advantage plan, prescription drug plan, or Medicare Supplement plan?

Most individual may start, leave, or change a Medicare Advantage plan (MAPD) or Prescription Drug Plan (PDP) during the Medicare annual enrollment which is October 15 through December 7.  These changes become effective January 1.

Most Medicare supplement plans are available for enrollment throughout the year although prospects must remember that they may not be able to leave their Medicare Advantage plan until January 1.

For more information about other enrollment time frames, click here.