Several have called with the same questions – you may be thinking this, too. What is the difference between a Medicare Supplement policy and a Medicare Advantage policy? A Medicare Supplement policy (also known as a Medigap policy) fills in the “gaps” that Medicare does not pay. Providers (doctors/hospitals) who accept Medicare must accept your Medicare Supplement policy. Your medical expenses are predictable because once you pay your premium most owe either -0- or their Part B deductible. This may give a welcomed peace of mind. A Medicare Supplement policy is not affected by the Annual Election Period. A Medicare Advantage policy pays your medical expenses instead of Medicare. Every Medicare Advantage policy may have different providers (doctors/hospitals) that accept their plan. It is critical to make certain your providers accept a plan before you enroll in it. If they do not accept the plan, you may have to pay more when you see them or change providers. Since specific providers accept a plan, many companies offer a -0- premium and -0- copay for certain services. You may have to pay when you have certain services performed. The maximum you may have to pay in a year could be $6500. The lower or no premium may fit in your budget but be prepared to pay when you have certain services performed. A Medicare Advantage policy can be reviewed and changed every year during the Annual Election Period – the policy is guaranteed and covers pre-existing conditions. Can I really get dental and vision benefits at no additional cost/premium. Ads on TV say I can and even sports personalities say I can. Well, kinda. Some Medicare Advantage policies include dental and vision benefits. But . . . what are the benefits you get? Where do you have to go to get these benefits? Can you go to your regular dentist? Ask about the details (benefits and who accepts the plan). If I don’t want to make any changes, do I have to do anything? If you want to keep your current Medicare prescription policy or your current Medicare Advantage policy, you do not have to do anything. Your policy will continue. The annual notice of change that you received from your plan will show your new premium beginning January 1, 2020. (Your prescription copays may be different, the prescriptions covered may be different and the providers that accept your plan may also be different.) When is the last day to make a change? The Annual Election Period ends December 7, 2019. Changes will be effective January 1, 2020. Don’t wait until the last day. Review your plan now. Scratching your head? Do we need to talk? Call me at 501-868-6650 and say “Caroline, can we talk?”
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AuthorCaroline Beauchamp specializes in personalized life and health insurance solutions. Archives
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