Understanding Your Medicare Options

Whether you have just become eligible for Medicare, or have had it for years, we want to help you understand the program in its entirety.

Health insurance benefits are constantly changing, and it’s important to work with an independent financial professional who can help you explore your options and purchase the right plan for you. We provide unbiased information on Medicare eligibility, coverage choices, and plan enrollment.

With all of that being said, let’s get started…

First thing’s first. It’s important you know that Medicare is divided into three parts. 

Parts A and B are Original Medicare. Part A covers hospital stays while Part B covers doctor and outpatient visits.

Part C is Medicare Advantage, and takes the place of Medicare Parts A & B. Several include Part D. Medicare Advantage can cover additional services such as dental, vision and wellness programs.

Part D is stand alone prescription drug coverage and also falls under Medicare Advantage. Its benefit is that it can cover costs of prescription drugs and help protect against higher costs in the future. Part C sometimes includes Part D, but not always.

“But what is a Medicare Supplement Plan?”

Unlike Original Medicare, a Medicare Supplement plan is offered through private insurance companies. Medicare Supplement plans help cover the gaps in Original Medicare. They cover things such as:

  • Part A Deductible
  • Part B Co-Insurance
  • Part B Excess Charges
  • Skilled Nursing Facility Care Co-Insurance
  • Foreign Travel Emergency

Insurance companies are required to offer the same basic benefits for each lettered plan, though they do have the ability to charge different premiums.

Similar to Medicare Supplement Plans, Medicare Advantage Plans (Parts C & D) are also offered through private insurance companies. Benefits from Medicare Advantage plans vary in several ways, although many plans have a low of zero monthly premium you are responsible for several costs. These costs include:

  • Co-payments & co-insurance
  • Yearly deductibles & out-of-pocket costs
  • Staying inside a network of doctors & hospitals 

Medicare plans are not purchases to be made lightly. Healthcare coverage is extremely complicated, and without proper consultation you could make a purchase that does not best suit your needs down the road. With that being said, we are happy to be able to offer you total peace of mind through this new service. Our Client Service Advisor, Jay Leon, is ready to help give you all of the tools you need in order to help you in this area of your retirement.