Types of Medicare Coverage
Original Medicare (Parts A and B)
Part A – Hospital Insurance – covers inpatient hospital care, skilled nursing facility care, hospice care and some home health care.
Part B – Medical Insurance – covers doctor visits, outpatient care, preventative services, medical equipment and some home health services. You typically pay a premium for Part B and there may be deductibles and 20% coinsurance.
Medicare Advantage Plan (Part C) are plans offered by private insurance companies approved by Medicare. They include all benefits of Part A and Part B. They usually include Part D (prescription drug coverage) and many times provide extra benefits such as dental, vision, hearing, and gym memberships. You can change your Medicare Advantage Plan each year during the Annual Enrollment Period (AEP), which is October 15th – December 7th of each year. We are pleased to offer Medicare Advantage Plans. Due to the wide variety of carriers and benefits available, please contact our office to schedule a phone appointment with Kevin.
Medicare Supplement Insurance (Medigap)
A Medicare Supplement policy is a health insurance policy sold by private insurance companies to fill the “gaps” in Medicare Plan coverage. They help pay out-of-pocket costs not covered by Original Medicare. These plans only work with Original Medicare, not with Medicare Advantage plans. They do not include prescription drug coverage (Medicare Part D)
When you buy a Medicare Supplement policy, you pay a premium to the insurance company. As long as you pay your premium, a policy bought after 1990 is automatically renewed each year. This means that your coverage continues year after year as long as you pay your premium. You must still pay your monthly Medicare Part B premium.
The best time to buy a Medicare Supplement policy is during your Medicare open enrollment period. Open enrollment lasts for 6 months. It starts on the first day of the month in which you are both:
Age 65 or older, and enrolled in Medicare Part B.
During this period, an insurance company cannot deny you insurance coverage, place conditions on a policy (like making you wait for coverage to start), or change the price of a policy because of past or present health problems.
We work with a majority of the companies that offer these plans. Please contact our office for more information.
Prescription Drug Plans (Part D) are standalone plans offered by private insurance companies. Most of the companies offering these plans have stopped working with agents. You can shop and change your plan each year during the Annual Enrollment Period (AEP), which is October 15th – December 7th of each year at Medicare.gov.