ABCs of Medicare

Medicare can seem very confusing.  Part A, B, C, D; and then there is Plan G, N, F...   What does it all mean!   Well let's starts with the basics and we'll keep it simple!   

Medicare Part A - Hospital/Inpatient coverage. 

Medicare Part B - Outpatient Services

Then Medicare likes to make sure everyone over 65 has coverage in one of the following:

Part C - Combines A/B/D with what we call an Advantage Plan

Part D - Prescription coverage. 

We all start with original Medicare Parts A and B.   If you decide to stay (based on Pricing and if underwriting is needed) with original Medicare Parts A and B, that has what we call gaps (these gaps have co-insurance and deductibles that has set amounts).   Medigap (or Medicare Supplemental) have Plan names, we mainly go with G and N at this time and are the most effective (Plan F closed in 2020 and is only available for those enrolled in Medicare before 2020).  Supplemental Plan G means your coverage is set in stone.  You will have a monthly premium, but you know your cost for the year.  Your network is everywhere Medicare is accepted.   No in or out of network, which sounds great!   No referrals, another win!   We then pick a Medicare Part D plan to cover your scripts (this is based on your current medications).    Now Medicare knows your in set with a Plan D and assume your in original Medicare or have that Plan G or N to cover any other cost you incur.

Part C or Medicare Advantage go in a different direction.   When you elect to move into a Medicare Advantage plan, the plan usually has a $0 premium every month, but will have cost throughout the year for services.   Will have networks that you have to stay in (or incur higher cost if out of network).   You may have the need for referrals and pre-authorizations as well.   These Medicare Advantages plans will have benefits like dental, vision, and health too.  They also typically have really strong Prescription coverage.   Each individual is different and has unique needs, so finding what fits best is important and why we are here to help!   Contact us today and we are happy to help walk through your options!