Medicare Supplemental Plans
Medicare Supplement plans coincide with Original Medicare. With a Medicare Supplement plan, there is freedom to choose any doctor/facility accepting Medicare without the restrictions of a network. These plans typically cost more monthly, however, there are fewer out of pocket costs when receiving medical care.
They will be effective as long as the premium is paid.
The optimum time to purchase this type of plan is when aging into Medicare- turning 65 or when first enrolling into Part B. Beneficiaries are accepted without answering any medical questions during this time. To purchase a supplement after this period, beneficiaries will be subjected to underwriting with a possibility of being declined, depending on health and medications.
With these types of plans, it is necessary to purchase a separate prescription drug plan.
Medicare Advantage Plans
Advantage plans replace Original Medicare. They typically have a lower monthly cost; some $0. With this type of plan, beneficiaries choose care within networks of doctors and facilities. Many Medicare Advantage Plans include prescription drug coverage at no additional cost along with some dental/vision benefits and a senior fitness program. Advantage plans have co-pays and coinsurance until the annual maximum out of pocket cost (MOOP) is reached. On average, this is $6 to 7 thousand dollars. They are based on availability in the zip code and county in which you reside.
These plans can be re-evaluated every year during open enrollment period October 15th to December 7th.
Prescription Drug Plans
Enrolling in a prescription drug plan is essential if a penalty is not to be incurred. This penalty is 1% of the cost of the national average of prescription drug plans for every month you do not have a prescription drug plan.
Your choice of plan is based on the drugs you are currently taking, the pharmacy you choose, and what is available in the zip code and county in which you reside.
They should be re-evaluated every year during open enrollment period which is October 15th to December 7th to make sure your drugs are still in the plan formulary.
Sometimes, GoodRX, an APP on your smart phone, is an option to purchase your prescriptions at a lower cost. However, while you may use this from time to time, you still need a prescription drug plan to avoid any penalty in the future. Your pharmacy will check the cost for you using this option.
Some Other Things To Consider
Dental / Vision
Cancer, Hospital Indemnity, Accident, Critical Illness
Dental / Vision
Dental and Vision plans are available for purchase to cover the costs of this type of care.
In choosing a Dental Plan, some things to consider are:
- whether using a dentist in the plan network or out of network
- if choosing comprehensive coverage, this typically requires a 6-12 month wait period for major services.
- if choosing regular cleanin
Dental and Vision plans are available for purchase to cover the costs of this type of care.
In choosing a Dental Plan, some things to consider are:
- whether using a dentist in the plan network or out of network
- if choosing comprehensive coverage, this typically requires a 6-12 month wait period for major services.
- if choosing regular cleanings and some cavity coverage; one will be paying for the major services out of pocket.
- Explore the Careington Dental Endorsed by Dave Ramsey
Long Term Care
Cancer, Hospital Indemnity, Accident, Critical Illness
Dental / Vision
Medicare does NOT cover Long Term Care. When an individual needs help with activities of daily living- ADL-(feeding ourselves, bathing, dressing, grooming, homemaking, and potty needs)- these plans are available to care for these needs whether at home, an assisted living home, or a nursing home.
One might say "I have enough money in asset
Medicare does NOT cover Long Term Care. When an individual needs help with activities of daily living- ADL-(feeding ourselves, bathing, dressing, grooming, homemaking, and potty needs)- these plans are available to care for these needs whether at home, an assisted living home, or a nursing home.
One might say "I have enough money in assets. " However, in many cases, it is still not enough to cover the costs associated with Long Term Care. The average need for LTC is 2-3 years. The need could last much longer in some instances. When assets are drained, Medicaid becomes the reality.
Cancer, Hospital Indemnity, Accident, Critical Illness
Cancer, Hospital Indemnity, Accident, Critical Illness
Cancer, Hospital Indemnity, Accident, Critical Illness
These types of plans will pay you and help to fill in the gaps of an Advantage Plan in the event of a hospitalization, accident, or diagnosis of a critical illness. Many Advantage plans have a $0. You may purchase one or more of the plans to help cover the out of pocket risk.