Original Medicare:

Original Medicare benefits are divided into two parts. Medicare Part A covers hospital stays while Medicare Part B takes care of doctor and outpatient visits. You are eligible for both parts if you are, at least, 65 years old or under 65 but can qualify on the basis of disability or other special situation.

You must also be a U.S. citizen or a legal resident who has lived in the country for five consecutive years, at least. Generally, Medicare covers 80% of your total medical costs. You will be shouldering the remaining 20%.

Medicare Supplement Insurance (Medigap):

Medicare Supplement Insurance pays for some of the expenses not covered by original Medicare (Parts A and B). Medicare supplements are not designed to replace Medicare. Instead, they supplement Original Medicare by paying for copayments, co-insurance, deductibles, and more.

Medigap or Medicare Supplemental Insurance plans are standardized by the same agency that oversees Medicare, but these plans are sold and administered by private companies.

Medicare Advantage Plans:

Medicare Advantage plans are health insurance plans, which are approved by Medicare and run by private insurance companies. Medicare Advantage plans are required to provide all Medicare Part A and Medicare Part B benefits.

Medicare Advantage plans may also include prescription drug coverage. Most Medicare Advantage plans also add additional benefits like dental or vision coverage, health club memberships, medical transportation, or coverage for hearing aids.

Medicare Part D Prescription Drug Plans:

Part D adds prescription drug coverage to Original Medicare and some Medicare Advantage plans. These plans are offered by private companies approved by Medicare and must follow guidelines established by The Centers for Medicare and Medicaid Services.

If you do not join a Medicare Prescription Drug Plan (Part D) when you're first eligible and you don't have other creditable prescription drug coverage or don't get extra help, you'll likely pay a late enrollment penalty when you do join a plan.

Schedule a Consultation:

At Right Choice Insurance and Taxes we are under contract with a variety of Insurance Companies offering Medicare Insurance Plans. We can help you choose the plan that best fits your needs. Call us to set up an appointment today. 520-264-8500

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