Medicare is a wonderful program that has all kinds of great benefits for seniors. The one problem is it’s confusing.
With limited enrollment periods, many different “parts”, and supplemental insurances, it’s hard to know exactly what is best for your individual needs. Plus, the state you live in could affect rates as well.
Medicare Basics
Medicare is essentially basic health insurance for Seniors. It is comprised primarily of Part A (which covers hospital), and Part B (which covers doctors). There’s also optional Part D, which covers prescription drugs.
You can sign up for Medicare only at certain times of the year.
- Anytime withing 3 months before or after your 65th birthday
- Jan 1 – March 31 – This is if you missed signing up. There’s a small penalty.
- You can add part D April 1 to June 30.
- Open enrollment (where anyone eligible can sign up) is from October 15 – December 7th.
There are other special enrollments, but the above covers most folks.
The issue with Medicare is it doesn’t cover everything – there are deductibles, copays, and limitations. That’s where both Medicare Advantage and Medigap (supplements) come in.
Medicare Advantage And Medicare Supplements
So since Medicare doesn’t cover everything, people have two options:
- Medicare Advantage.
- Medicare Supplements (also called “Medigap”)
Medicare Advantage is essentially Medicare coverage you buy through a third party. It will include Parts A and B, usually includes part D, and may, depending on the company offering it, also include other coverages, like vision, dental, etc.
Medigap is Medicare Supplements that cover things Medicare does not. There are 11 different plans you can buy (all designated by a letter). We won’t list all 11, but the three most popular are:
Plan N, which essentially covers hospital and doctor copayments.
Plan F, which covers 100% of the hospital and doctor expenses that regular Medicare doesn’t cover.
Plan G, which is essentially Plan F with a deductible.
Making this trickier is the fact you cannot have both Medigap AND Medicare Advantage. You have to choose, so which is right for you?
Choosing The Best Medicare Advantage Or Medigap Option
There are several factors to consider, which include:
- Cost
- Out-of-pocket deductible coverage
- Type of coverage you want (have bad eyes? then make sure you get vision)
- What types of prescriptions are you on?
- Your state, and do you travel abroad frequently?
- Whether you are a veteran
- Many more.
It can be confusing. But the very best way to compare these services is to visit a website like medicareplan.com, which is a free service that shows you various Medicare plans for your state and needs, and compares them side by side.
Comparing plans is easily the best way to get both the best coverage, and the best prices. Better still, medicareplan.com is fast and simple to use, and they also have agents standing by to help you.
Free, easy, and fast – it doesn’t get much better.
Ready to see what options you have? Begin by selecting your state below
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