Medicare Supplements and
Medicare Advantage Plans
Medicare coverage usually starts when an individual turns 65 years old. If someone is still working in a full time job with benefits it may not be necessary to begin Medicare coverage. There are several parts to Medicare, Part A for hospital coverage, Part B for out patient services, Part D for prescription drug coverage and Part C which is coverage for Medicare Advantage Plans.
Part A is automatically assigned at the age of 65. This again is for hospital coverage. Your Medicare coverage begins the first of the month in which you turn 65 years old.
Part B is for doctors visits and out patient services. This part must be paid for on a monthly basis and the amount paid is based on your income. If you are working with benefits and your company has more than 20 full time employees it may not be necessary to apply for part B until you retire or loose your company benefits.
Part D is prescription drug benefits. There are over 50 insurance companies that offer a prescription drug card for Medicare. It is necessary to understand the coverage and limits on Medicare prescription drug plans. The federal government has a great website to search for the best drug card for your needs at .
Medicare Supplements will pay for the deductibles and coinsurance that is not covered under part A and B of Medicare. The best time to purchase a supplement is either upon turning 65 if you have both Part A and B or when you retire from a job and loose your benefits if later than 65. These are considered open enrollment periods and the supplement insurance is guaranteed issue. There is no medical underwriting at this time.
Medicare Advantage Plans or Part C:
These plans are mostly HMO types of plans with full coverage for both in patient and out patient services as well as having prescription drug coverage included. These plans have co-payments for everything such as doctors visits and hospital stays. Medicare Advantage plans usually can be less expensive and will provide good coverage, however, if you tend to use a lot of services there will be extensive co-pays involved. The Medicare supplements cover most services at 100% with no co-pays. Either pay a little more for 100% coverage or save on the premium, but be aware of the potential for future out of pocket expenses.
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