Medicare
For Medicare there are generally two routes you can go.
You can enroll in what is called "Original Medicare", which is called part A and part B, and then enroll in a separate drug plan. You can also add a medicare supplement plan to fill in the gaps in coverage of "Original Medicare".
Original Medicare is made up of Part A and Part B. Part A is Hospital coverage and Part B is Doctor coverage. There is no cost for Part A, and Part B costs $144.60 and is usually deducted from your social security. If you are not receiving social security, then you will get a bill.
The benefits of this option is that original medicare can be used anywhere Medicare is accepted regardless of insurance carrier networks. This route functions more like a PPO.
The downside is that it costs more and you have separate plans for prescriptions, medicare and supplement. Typically a drug plan can range between $20 and $70 a month, and a supplement plan will run between $130 and $200 a month.
The advantage of the medicare supplement route is it does give you a greater freedom to go to a doctor without a referral. However, you do pay for it with the premium dollars.
You can also choose to enroll in a Medicare Advantage plan. These plans are 100 percent through an insurance carrier and include all parts of Medicare in one plan with very little costs to you.
The benefit of this option is that these plans generally have either no monthly costs or a very small one (like $20 - $30). They also mean you only have to have one card and plan for all your benefits. These plans also include lots of extras like coverage for hearing and vision, and things like a gym membership and more.
The Medicare Advantage plan operates more like an HMO plan. You choose a primary doctor and then they refer you to other specialists, etc. However, there are no premium dollars that you have to pay. You have to weigh out whether freedom of choice or benefits and cost are more important to you.
As a Medicare broker we can help you find the best strategy for your situation.
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