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WHAT IS MEDICARE?
Medicare is a service funded by the U.S. government, ensuring that seniors have access to quality healthcare and needed services. The Department of Health and Human Services oversees the program. While Medicare may seem daunting, the experts at The Fussell Group Insurance Advisors are ready to guide you through all your important insurance decisions.
MEDICARE ADVANTAGE
What Are Medicare Advantage Plans?
Medicare Advantage plans are also known as Medicare Part C and provide various levels of coverage for beneficiaries. They are sold by insurance companies and not directly through Medicare.
Medicare Advantage plans provide Part A and Part B coverage combined. Through this option, Original Medicare will not be billed for your medical services, but the beneficiary will still be billed for the Part B premium.
Types Of Medicare Advantage Plans
There are different types of Medicare Advantage plans, which bill differently and cover varying services. Health Maintenance Organization (HMO) Plans typically require services to be rendered by their list of approved doctors. However, some exceptions can be made in emergencies.
Preferred Provider Organization (PPO) plans also have a list of doctors who are approved. You will have a smaller bill if you choose to go to one of these doctors and will be billed more if you choose healthcare outside of the predetermined network.
Private Fee-for-Service plans have predetermined amounts you’ll pay for each procedure or appointment.
Special Needs Plans are reserved for qualifying individuals with certain health situations.
Drug Coverage
Some Medicare Advantage Plans (Part C) offer prescription drug coverage. You generally get all of your Medicare Part A (Hospital Insurance), Medicare Part B (Medical Insurance), and Part D (Drug Coverage) through these plans. Medicare Advantage Plans that offer prescription drug coverage are sometimes called “MA-PD’s.”
MEDICARE SUPPLEMENT PLANS
The Importance Of Medicare Supplemental Insurance
Some may find that Medicare covers all of their health costs. Others need services that aren’t covered by Medicare and will be paying out of pocket, which can become costly. For those whose Original Medicare plan isn’t covering enough, there is Medical Supplemental Insurance.
Medigap (Supplement)
Medigap is sold by private insurance companies and covers some of the costs that Medicare does not cover. It is an excellent option for many that are looking to expand their coverage while still using Medicare.
Medigap Plans
Just like Medicare, Medigap plans are assigned letters. Medigap Plans are A-N and cover varying percentages of different costs. Some plans pay deductibles, while others cover travel or blood transfusions.
Choosing a Medigap Plan
When deciding which Medigap plan to purchase, there are many things you should take into account. What your Original Medicare covers, what costs you’ve had to pay in the past, and what costs you’re expecting in the future should all be thought about. The best way to ensure you’re getting the right Medigap plan is to work with an insurance agent. Call The Fussell Group and let one of our trusted agents in your area advise you. 1-877-874-0711.