Medicare

With the maze of Medicare related products on the market today for folks to become familiar with, it can become overwhelming for Seniors very quickly. Shortly before you turn 65 years old you will begin to receive a mountain of information from the Federal Government and Private Insurance Companies on Prescription plans, Supplemental Insurance and Medicare Replacement plans. Simply put, when you turn 65 you will need to begin the process of signing up for Medicare Part A and Part B and a Medicare Part D Prescription plan. In doing so, this will give you coverage for Doctors, Office Visits, Testing, Hospitalization and Prescriptions. It is your basic Insurance coverage, if you will.

However it is very important to understand that even though you have put those parts into place, Medicare will only cover 80% of your medical expenses. You will still be vulnerable financially for the other 20%. To protect yourself from that 20% exposure you have the option to choose a Medigap Plan from the Private Insurance Sector that will step in and pay the 20% that Medicare does not pay or you may choose a Medicare Advantage Plan also from the Private Insurance Sector. A Medicare Advantage Plan usually has a very low or no monthly premium and most include prescription drug coverage. A Medicare Advantage Plan is much different than a traditional Medigap Plan. A traditional Medigap plan is “in addition to” your Medicare. A Medicare Advantage Plan is designed to replace your Medicare. That is a very big difference. In addition, a traditional Medigap Plan is guaranteed renewable year after year. A Medicare Advantage Plan is not. These are important differences, and although not bad differences they are differences that should be fully understood before any decision is made as to which of the two is best suited for you. Traditional Medigap policies have very little out of pocket expenses. Medicare Advantage Plans are Fee for Service Plans. Advantage Plans were designed to put some of the Medicare program problems into the hands of the Private Sector to solve. Both plans have pros and cons. It is wise to evaluate all plans and options carefully before choosing to avoid any unexpected surprises. At My Health Insurance Solutions we carefully go over every detail with you. As Brokers we have no bias toward any one type of plan or company. Our only goal is your 100% satisfaction and is why we spend so much time educating our clients. We don’t choose for them….We give them the information to make wise choices.