Deciding what
Medicare coverages are right for you is no simple matter, and Medicare terms can be confusing. To help you make an educated decision about what option is best, Adler Insurance shares a guide to Medicare terms that may help you prepare for enrollment in Prescott.
Open Enrollment: The annual enrollment period runs from October 15 to December 7. This is when changes may be made to your Medicare coverage if you are already enrolled. Since plan benefits may change from year to year, this is the time to review your health plan to see if your current plan still meets your needs. Changes made during open enrollment are effective on January 1 of the following year.
Original Medicare: Parts A and B are considered original Medicare and are offered by the US Government. Each part covers a different aspect of healthcare services. Part A covers inpatient care at a hospital, skilled nursing facility and in some situations it could also cover care at home. Part B covers such things as visits to your doctor, outpatient physical therapy, and occupational therapy. Between Part A and Part B, approximately 80 percent of healthcare costs are covered.
Medicare Advantage: Medicare Part C is also referred to as Medicare Advantage, and is Medicare-approved private insurance that you can purchase. Medicare pays these insurance companies to cover your Part A and B coverages. Also known as MA Plans, they are designed to save you out-of-pocket costs, and offer additional benefits such as dental care, eyeglasses and wellness programs.
Prescription Coverage: Medicare Part D is prescription drug coverage. This can be stand-alone, or a coverage that is sometimes included in a Medicare Advantage Plan. When choosing a prescription drug plan, be sure to review the formulary (list of covered drugs) to make sure any medications you take are covered in the plan.
Medigap: Medigap is private insurance coverage that supplements original Medicare and fills in the “gap” between what you are charged and what Medicare pays. The premiums are typically higher, but it reduces out-of-pocket costs for co-pays, deductibles and coinsurance.
Parts F, G, K, L, M and N are additional Medicare supplement plans that lower your out-of-pocket costs by varying degrees.
Hopefully this guide has given you some insight on what to look for when choosing or reviewing your Medicare plan. Adler Insurance, your Medicare expert in Prescott, can help you select the plan that will save you money and best fit your medical care needs. Call us today at 928-710-1455 and learn more about other types of insurance services we offer at
http://www.adlerlifehealth.com.
