What type of health insurance is right for you? Before you consider changing your current Medicare coverage, take a moment to look back over your last year. How often did you need medical care? Did you need to fill prescriptions? How often did you spend time in the hospital?
Now, think forward over the next year. Do you anticipate, realistically, needing to be in the hospital, filling prescriptions, or needing specific care? When you take into consideration these facts, you can begin to determine what type of plan is right for your needs this year.
What Are Medicare Advantage Plans?
Medicare Advantage Plans are a type of alternative to traditional Medicare coverage or supplemental plans. These plans allow you to still obtain Original Medicare. Original Medicare is Medicare Part A and Medicare Part B. Medicare Part A covers hospital or inpatient treatment. Part B covers outpatient treatment.
Private companies work with Medicare to provide you with Medicare Advantage Plans. There are several types of plans. They include Private, Fee-for-Service plans, Preferred Provider Organizations (PPO), Health Maintenance Organizations (HMO), Medicare Medical Savings Accounts and Special Needs Plans.
If you have a Medicare Advantage plan, the plan will pay for some services that are generally not included under Original Medicare. For example, Medicare Advantage plans often include prescription coverage. Conversely, to get drug coverage with Original Medicare, you must purchase Medicare Part D.
What Are Medicare Supplemental Plans?
Medicare Supplemental Plans are a bit different. This type of plan, also known as Medigap coverage, also comes from private companies.
The plans help fill in the gaps for coverage that is not provided under Original Medicare. This may include coverage Medicare does not offer, coinsurance, deductibles, and copays. They may help to cover your needs if you travel outside the US as well.
To obtain Medicare Supplemental Plans, you’ll need to have Medicare Part A and Part B already.
Which is right for you?
The process of determining what type and amount of Medicare protection you need beyond the basic health insurance provided is not easy. However, there is no doubt that you need a plan customized to meet your specific needs.
It is best to work with a professional that understands your needs. A trusted provider can help you to sort through all of your health insurance options to find the right balance for not only your coverage but also for your budget.
Finding the right plan does not have to be complex when you have a bit of help. We are proud to offer tips and services about Medicare. If you have questions about your Medicare coverage, call us today at (914) 273-8511.