Last month we talked about enrolling in Medicare Part A and Part B.
Ruth asked me to meet with a couple of her friends who wanted to know “now what”? What’s the next step? Let’s talk about your options. There are three (3) options – have Original Medicare only, enroll in a Medicare Supplement plan or enroll in a Medicare Advantage plan. Most do not feel comfortable only having Original Medicare. Since Original Medicare has no annual maximum out-of-pocket (no maximum you may have to pay in a year), you may find yourself in a situation owing several $1000’s due to hospitalizations (or repeated hospitalizations), frequent doctor visits and numerous testing (ever had only 1 test/procedure?) When you enrolled in Original Medicare, you may not like the hassle of wondering what your annual out-of-pocket expenses may be or if your doctor, who accepts Medicare patients, is part of a network. You can put those worries/concerns behind you and choose the option that gives you the peace of mind you deserve – a Medicare Supplement plan. The cost of a Medicare Supplement plan is based on where you live, the plan you select and the company you select. With most Medicare Supplement plans, you may know your maximum annual out-of-pocket expenses. Easy – you can budget annual health costs and there is no network of providers - it's accepted by all providers who accept Medicare. Does a Medicare Supplement plan premium fit in your monthly budget? If so, you have the privilege of knowing what to expect with no surprises when you have a sudden hospitalization, frequent doctor visits and numerous tests. You may like all the benefits you get with a Medicare Supplement plan, but the premium just does not fit in your monthly budget. “Life” is expensive. Medicare Advantage plans have co-pays (what you pay when you have a procedure done), a deductible and a network of providers. Unlike Original Medicare, Medicare Advantage plans do have an annual maximum out-of-pocket cost. If you’ve had group health insurance or an individual insurance plan, a Medicare advantage plan may look like the plan you’ve had. Because of the deductible, copays and network of providers, the monthly premium you pay is less than a Medicare supplement plan’s premium. In fact, based on where you live, the premium may be -0-. Yes, no monthly premium. Having a Medicare Supplement plan does offer peace of mind allowing you to budget your annual medical costs and not being concerned about a network of providers but . . . does the premium fit in your monthly budget? Having a Medicare Advantage plan has a lower monthly premium but . . . you may have to pay every time you go to the doctor or have a test run or are hospitalized. You will also need to check to make sure your provider is in your plans’ network. Which plan fits you, your health needs/concerns, and your budget? 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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