Why would I need more than Medicare?
If you are 65 or older, or approaching 65, you’ve probably already given some thought to Medicare, but did you know you have many more options open to you than original Medicare alone? Medicare Advantage plans, supplementary coverage and prescription plans are available to help enhance your benefits.
What Is Medicare?
Medicare is health insurance provided by the federal government for
people age 65 or older and those with certain disabilities.
There are four parts to Medicare which include:
Medicare Part A (Hospital Insurance)
- Helps cover inpatient care in hospitals (includes critical access
hospitals, inpatient rehabilitation facilities, and long-term care
- Helps cover skilled nursing facility (not custodial or long-term
care), hospice, and home health care services.
Medicare Part B (Medical Insurance)
- Helps cover doctor services and outpatient care.
- Helps cover some preventive services to help maintain a person’s
health and to keep certain illnesses from getting worse.
- Generally pays 80% of the Medicare-approved amount for
covered services after the deductible has been met.
Medicare Part C (Medicare Advantage Plans)
- A way to get Medicare benefits through private companies
approved by and under contract with Medicare.
- Includes Part A, Part B (except hospice care still provided by
“original” Medicare), and usually other benefits Medicare doesn’t
cover. Most plans also provide prescription drug coverage.
Medicare Part D (Prescription Drug Coverage)
- Run by private companies approved by Medicare, which can
either be Medicare Advantage Plans or separate Medicare
Prescription Drug Plans.
- Helps cover the cost of prescription drugs.
- Each plan can vary in cost and drugs covered.
Medicare alone may not be enough to cover your medical bills. That's because, as good as it is, Medicare was never intended to pay all your expenses.
In fact, just a little over 50% of health care costs for seniors are actually paid by Medicare, and the average Medicare recipient, age 65 and over, has more than $13,000 in health care costs each year.*
This can leave you paying medical expenses out of your own pocket, including things like coinsurance, co-pays and deductibles.
That's where our Medicare Supplement insurance can help.
Medicare Supplement insurance works together with Medicare to help offer more insurance coverage and help reduce the amount of money you spend out of your own pocket.
Basically, Medicare Supplement insurance can help pay your medical expenses!
Did you know research shows a link between how you take care of your teeth and things like heart disease, stroke, and even diabetes...and that warning signs for more than 90% of all bodily diseases can appear in your mouth?*
That's why our dental insurance is important.
It pays for more than 300 covered dental services - from preventive care to major procedures - so you can help keep your mouth (and body) healthy.
And, having a $0 deductible helps ensure more money stays in your pocket!
Remember, standard health insurance usually doesn't cover dental care (even Medicare can only provide limited benefits), so you'll probably wan tot look somewhere else for dental coverage that can help you save money.
Our dental insurance can make it easier (and more affordable) to see your dentist and receive the care you need to stay healthy.
Medicare Part C - Medicare Advantage
A Medicare Advantage plan is another way to receive your Part A and Part B coverage. There are primarily four kinds of plans: Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Private Fee-for-Service Plans (PFFFS) and Provider Sponsored Organizations (PSOs).
Plans normally require you to use networks, so you can only use their approved hospitals and doctors in order to receive full benefits. Plans can change the hospitals and doctors in order to receive full benefits. Plans can change the hospitals and doctors in their networks at any time. Make sure to check if your current providers accept Medicare Advantage plans before you enroll.
At a minimum, Medicare Advantage plans must cover everything Part A and Part B do. Some plans provide additional benefits.
Private companies administer Medicare Advantage plans. These companies receive funding from the Federal Government to administer the plans.
Companies don't have to guarantee the coverage they provide from year to year, Each year they can change the benefits or service areas; they can also decide to discontinue their plans entirely.
Enrollment is optional and voluntary. You must be eligible for Part A and Part B to enroll in a Medicare Advantage plan.
Cost Depending on the benefits they provide, some Medicare Advantage plans may charge a premium in addition to the Part B premium. You must continue to pay your Part B premium to the Federal Government, who then provides funding to the Medicare Advantage plan.
There are usually co-payments for all covered services, and they can change annually.
Important Note: You are NOT allowed to buy insurance to supplement Medicare Advantage plans - you must pay all co-payments and other miscellaneous costs on your own.