If you’re 65 or over the age of 65, Medicare is available to you. If you’re receiving Social Security benefits, then you will be automatically enrolled in Medicare Part A. Everyone’s situation is different though, so it’s important to speak with a trained Medicare professional about when and how to sign up for Medicare Part B. Additionally, we can guide you through the purchasing either a Medicare Advantage or a Medicare Supplement plan for the medical services that aren’t covered by Original Medicare.
Medicare offers coverage for medically necessary services. These services include:
- Home health care
- Office visits
- Preventative care
- Lab work
Medicare Advantage plans, also called “Part C,” are bundled Medicare plans managed by private insurance companies. They include both Medicare A and B benefits as well as prescription drug coverage (Part D). They also offer other additional benefits that aren’t part of Original Medicare. These benefits can include vision, hearing, dental and other perks like gym memberships and meal programs. Many cover a long list of preventive health visits at no cost to you.
Typically, Medicare Advantage plans have $0 or low priced premium and fixed co-pays for doctor visits, lab work, hospitalizations, outpatient surgeries and other services.
Medicare Advantage plans offer both HMO and PPO options. HMOs provide you with a network of doctors that you will have to use, except for emergency care. PPO plans offer members the ability to use providers that are out of network, but with a higher cost.
Medicare Supplements are often also called “Medigap” plans. These plans help pay for what Original Medicare doesn’t cover and, like Medicare Advantage plans, are managed by private companies. Medicare Supplements help pay for costs associated with co-payments, co-insurance, and deductibles. If a provider accepts Medicare, then they also will accept your Medicare Supplement plan.
A Medicare Supplement plan typically has a more expensive monthly premium than a Medicare Advantage plan, but allows the member to have a fixed or more predictable cost. Since all plans go up in price as you age, we like to recommend ones that are traditionally stable in price and financial strength.
Additional benefits sometimes accompany Medicare Supplement plans. These benefits can include gym memberships and discounts on other health related services.
For assistance finding a Medicare Advantage or Supplement Plan, call MHS Insurance Advisors at 803.457.3873 today!