Medicare Advantage Plans
The Balanced Budget Act of 1997- Medicare beneficiaries are given more options on the private market through Medicare Part C – Medicare Advantage. Known initially as Medicare HMOs or “Medicare+Choice,” the new private plans ultimately offered add-on benefits such as prescription drug coverage for new enrollees.
To enroll in a Medicare Advantage Health Plan, you must be enrolled in Part A and Part B and reside in the Medicare Advantage Health Plan’s service area.
Benefit coverage in a Medicare Advantage Health Plan must be actuarially equivalent or better than coverage under Medicare Parts A and B.
Many Medicare Advantage Plans have low or no monthly premium.
Medicare Advantage Health Plans may include health and wellness benefits not covered by Medicare Parts A and B, such as dental, vision, gym, transportation, and acupuncture.
Medicare Advantage Health Plans may include a Part D prescription drug plan.
Medicare Supplement Plans
Available through private insurance companies, Medicare Supplement Insurance covers the financial gaps in Medicare’s deductibles, coinsurance, and copayments.
The Medicare Supplement Insurance benefit chart details each lettered Medicare Supplement Plan and its coverage of Medicare’s deductibles, coinsurance, and copayments. None of the plans cover Part D prescription drugs. If you want drug coverage with a Medicare Supplement plan, you must also purchase a stand-alone prescription drug plan.
If you turn sixty-five in 2020 or later, you are not eligible to enroll in Plan F. If you have turned sixty-five prior on or before January 1, 2020, you are eligible to enroll in Plan F anytime. Plan F covers 100% of all Medicare deductibles, coinsurance, and copayments. At a lower monthly premium, Plan F with a high deductible is also available from some insurance companies.
Plans M and N with coinsurance and copayments are priced competitively with other plans. For Plans K and L, there is a yearly maximum out of pocket maximum.
Value-added benefits, such as wellness benefits, are not included on the chart as each insurance company has the latitude to provide these benefits on a plan basis. Before purchasing a Medicare Supplement plan, check with the insurance company as to the value-added benefits available to you.
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