Here are some different benefit options that you might not have known about.
If you're age 65 or already 65 years old chances are you have heard the term "Medicare" used more than once. One would hop that it would be an easy process to understand unfortunately it is the exact opposite. It can actually become pretty stressful to get through without help from a local Medicare Specialist.
Original Medicare, which is made up of components Part A and Part B, Medicare enrollees have the opportunity to opt in to other programs than will enhance their Medicare experience. Their are programs such as a Medicare Supplement that is also known as Medigap insurance. Medicare Advantage plans are another alternative with different benefits. Then there's your add-ons like Prescription Drug Plans (PDP) and Dental, Vision, and Hearing plans. With so many moving parts here are some different benefits you can get.
Medicare Supplements (Medigap)
Medicare Supplements Plans (Medigap) were created by private insurance companies to bridge the "gap" of what original Medicare pays and take care of the difference. Medicare Supplements are often a little more money a month in premiums but can save you thousands of dollars in hospital bills in the future. Unlike Medicare Advantage plans you have to health qualify to be approved unless it is your first time enrolling into a Medicare plan. Some of the benefits of a Medicare Supplements (Medigap) policy is that it also covers Skilled Nursing Facilities, Foreign Emergency Travel, and Hospice.
You always get to keep your Medicare Supplement policy as long as you are paying your payments. No matter what health conditions that you might develop over time you will always be covered if you are responsible and keep your payments current.
Medicare Advantage Plans
Medicare Advantage Plans are also conducted by private insurance companies. These plans with add benefits in different ways than most Medicare Supplement plans. Medicare Advantage plans are made up of HMO's and PPO's just like your traditional health insurance you've probably always had. These plans are usually little to no premiums every month which can make them very attractive due to their affordability. They typically have a maximum out of pocket cost that you would spend for the year. Some plans have other benefits included like your Dental, Vision, and Hearing plans.
Some carriers have more benefits than others for their Medicare Advantage plans. Some products can include delivering meals every day and gym memberships for the active senior who wants to stay in shape. Other benefits will even pick you up and take you to the doctor if you have an appointment and bring you back home when you're done.
Medicare Supplement vs. Medicare Advantage
Both plans have their strengths. Medicare Supplement can cost more in monthly premiums but prides itself on possibly covering a large amount of medical expenses. Medicare Advantage plans are cheaper and offer a lot of other services that a Medicare Supplement plan does not cover. Do your research and have a Medicare Specialist go over all of your options then you can make the best decision for yourself.
Feel free to call us at (918) 809-4661 for one of our Medicare Specialist make this process easier for you!
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