Choosing a Medicare health coverage plan can appear daunting and confusing. Medicare Plans include Original Medicare, Medicare Supplement Plans, Medicare Advantage Plans, and Medicare Part D Prescription Drug Coverage Plans.
You can reach out to us today and we will help you choose what plan fits you the best!
Original Medicare
Original Medicare is the same for all individuals who enroll in this Medicare program. When enrolling in Original Medicare, you are enrolling in Medicare Parts A and B, which are your primary Medicare coverage parts. Parts A and B lay the foundation for Medicare coverage. You can also receive coverage from any healthcare provider or facility as long as they accept Medicare.
While Original Medicare does cover some expenses, it does not cover all of them. Prescription medications are not covered under Original Medicare, except in certain situations, like being admitted as an inpatient at a hospital. You also have the option to enroll in a Medicare Supplement Plan, or Medigap, which are individual insurance policies issued by private companies, to help fill in the gaps where Medicare does not cover certain expenses. These expenses can include deductibles, coinsurance, copayments, excess charges, and other costs.
Medicare Advantage
Medicare Advantage Plans, also known as Medicare Part C, provide the same coverage as Original Medicare, but do not allow you to also enroll in a Medicare Supplement Plan. Medicare Advantage Plans are offered through private insurance companies, and also offer coverage for things Original Medicare does not, such as prescription, dental, vision, and hearing coverage. Some plans also cover gym memberships.
There are four basic types of Medicare Advantage Plans:
• HMO, or Health Maintenance Organization Plan
• PPO, or Preferred Provider Organization Plan
• PFFS, or Private Fee-For-Service Plan
• SNPs, or Special Needs Plans
To enroll in a Medicare Advantage plan, you must first be enrolled in Original Medicare.
Medicare Part D Prescription Drug Plan
If you enroll in Original Medicare, you have the option to enroll in a separate prescription drug coverage plan, otherwise known as Medicare Part D, since Original Medicare does not cover prescription drugs. Medicare Part D is provided by private insurance companies. Each Part D plan has a list of the prescriptions it covers, which is known as a formulary. Each formulary will vary among plans, so it is important that you compare the Part D plans in your area to make sure there is a Part D plan that covers the prescriptions you take.
However, all Part D plans are required to cover:
• HIV/AIDS drugs
• Anticancer drugs
• Antidepressants
• Antipsychotics
• Anticonvulsants
• Immunosuppressants
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We Can Help
We understand the importance of choosing a plan that fits your coverage needs. That’s why we’re here to help. To learn more about your Medicare options, reach out to Heritage First today.
Heritage First offers insurance products and services. We are not affiliated with Medicare or any other government agency. Insurance products are guaranteed by the financial strength and claims-paying ability of the issuing company.
Our firm is not affiliated with or endorsed by the U.S. government or the federal Medicare program. Insurance products are offered through the insurance business Heritage First. Heritage First is also an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Adviser. The AEWM does not offer insurance products. The insurance products offered by Heritage First are not subject to Investment Advisor requirements. AEWM and Heritage First are not affiliated companies.
Any and all other services related to Medicare are an outside business activity and are not offered through or supervised by AE Wealth Management, LLC.
