Medicare Plan comparison
Medicare plans fall into three choices. Original Medicare, Medicare Supplement insurance (Medigap) and Medicare Advantage plans.
Original Medicare has two basic components. Part A and part B. Part A essentially covers the costs incurred if you were to be hospitalized for lets say an accident or illness or surgery. The part B is for services given outside of a hospital such as doctor visits, lab work such as a blood test, xrays or an MRI or a surgery or procedure that doesn't require being admitted to a hospital. Original Medicare allows you to seek treatment from any doctor or medical facility as long as they accept Medicare. There are no referrals needed to seek treatment. Original Medicare covers 80 percent of medical costs while your share is 20 percent. There is no yearly cap on the 20 percent out of pocket so if you had an accident or illness that required a hospitalization, that 20 percent could cause a financial disaster. Also, since Medicare does not cover prescriptions outside of a hospital, a part D plan for prescriptions will be needed.
Medicare Supplemental Insurance
Medicare Supplement Plans ( Medigap) are offered by private insurance companies to help pay what Medicare doesn't cover. That means whichever plan you have, once the yearly deductible and copays are met, the plan covers 100 %. Medigap offers ten standardized plans in most states across the country. That means, which ever plan you choose, the benefits of the plan are exactly the same no matter which insurance company you choose. for example, plan G from one company is exactly the same as plan G from another company. As with Original Medicare, you can use any doctor or Hospital that accepts Medicare without referrals. And your Medigap plan is guaranteed renewable as long as you continue to pay your premiums. Note: Plans C and F are no longer available to people that are Medicare eligible after Jan 1, 2020. Guide to choosing a Medigap Policy
Medicare Advantage Plans
Medicare Advantage Plans are also known as "Part C" of Medicare. These plans are an optional, alternative way to receive your Medicare benefits. Medicare Advantage plans are managed care plans, ( like HMO and PPO plans) utilizing networks offered by private insurance companies that contract with Medicare. By law, all Medicare Advantage plans must provide at least the same level of coverage as original Medicare part A and B. However, some plans may also provide additional benefits, such as prescription drug coverage (part D), vision, hearing and dental, or health -wellness programs. Medicare Advantage plans differ in cost and benefits based on your location. These plans are also calendar year contract plans, so plan benefits may change each year.
To review your plan options, we 're here to help. Call us at 800 854-0997
Medicare Supplement FYI
We provide unbiased help on selecting a Medicare Supplement plan by shopping the market for you. This service is FREE and could save you $1,000 per year or more. In fact, different insurance companies often charge vastly different premiums for the exact same coverage. If you were going to buy your dream car, we're certain that you would compare the price at several dealerships. Why not do the same when shopping for a Medigap plan?
On page 77 of the Medicare and You 2024 handbook provided by the U.S. government, it tells us that all Medigap (Medicare Supplement insurance) plans are the same. The benefits must be identical as they are strictly enforced by the government.
What's the difference?
Price
The price is the ONLY difference between a plan F* from company A and a plan F* from company B. The benefits are all the same. Today, all companies utilize electronic claims payment. They absolutely MUST pay the bill on Medicare approved claims. While it is important to shop for "A" rated carriers for financial strength, it is equally important that Seniors not fall in love with a brand name with Medigap plans. Why? Because a policy with one company does not pay any more benefits than the policy with a lessor known company brand. They ALL function the same.
Seniors often tell us "Well I'm happy with the company I have had for years because they pay all the bills"
The truth is, All the companies selling Medigap plans pay all the claims. That is the legal requirement of each and every participating company that offers Medicare Supplement insurance.
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Medicare and YouYou will not find one thing different between your bills being paid by a more expensive company than your bills paid by the less expensive companies. You can pay for expensive television commercials, blimps flying over sporting events or for salaried insurance agents all in order to get that brand name, but the cost IS reflected in your monthly premiums and the rate increases you experience.
The best possible solution is to have an independent insurance brokerage provide you with all the available options in your specific area. When you contact us, we can show you right on your computer screen all the carriers offering YOUR exact same plan side by side.
Our FREE shopping service typically saves hundreds of dollars per year for a single person, and for a married couple the savings can be over $1000 per year! Simply by having us shop for the best rate and value for your situation. What changes? Only the name of your insurance company. The service will not go down, only your monthly premium. The bills will still get paid and YES your doctor will still accept the insurance as it billed electronically through Medicare.
*Plan F is no longer available to people new to Medicare on or after January 1, 2020. However, if you were eligible before January 1, 2020, but haven't yet enrolled, you may be able to buy plan F
Medicare Supplement rate increase again?
*We shop the market independently FOR YOU
*We don't work for the insurance companies
*We secure your same benefits at a much better price
*We work to find the best priced plans in the market with "A" rated companies
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Medicare and You
