Which Medicare Plans Need Reviewing This Year?

There is much confusion this time of the year as to which Medicare plans need to be reviewed.

Sometimes called Medicare Part C or MA Plans, Medicare Advantage Plans are offered by private companies and approved by Medicare. If you join a Medicare Advantage Plan, you still have Medicare. Your Medicare Part A and Part B coverage will come from the Medicare Advantage Plan and not Original Medicare.

These plans cover all Medicare services and may also offer extra coverage. However, fees and rules for each plan vary. Prescription drug coverage (Part D) is usually provided through the plan.

Medicare Supplement Insurance or Medigap policies help to pay the remaining 20 percent of what Medicare doesn’t cover. These plans cover such expenses as copayments, coinsurance and deductibles. Sold by private companies, some plans cover services such as travel outside of the United States.

If you have a Medigap policy, Medicare will pay its share of the approved costs, then your Medigap policy will pay its share. A Medigap policy is NOT a Medicare Advantage Plan. Medigap only supplements Original Medicare benefits.

A Medicare Advantage Plan often has a low or no monthly premium. Those plans have copays and deductibles that can change annually. However, Medicare Supplements benefits are fixed and do not change year-to-year. The monthly premium may increase but the benefits are constant. Those plans do not have to be reviewed and can be changed any time of the year.
To schedule time to discuss your Medicare enrollment and for more information, call us at 336-226-8595 and visit our website at JohnsonandAssociatesinc.com.
Posted in Insurance, Medicare, Medicare Advantage, Medicare Supplement, Quotes and tagged , , , , , , , , .

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