MEDICARE SUPPLEMENTS, ADVANTAGE & PART D PLANS
Are you approaching a time in your life where you are beginning to research about Medicare? Are you feeling overwhelmed, even frightened, and have more questions now than when you began? You are not alone. When you are new to Medicare there are so many parts, plans and "letters" to sort through. We are here for you!
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THE ABCD's OF MEDICARE & MEDICARE ADVANTAGE
Part A) Hospital Services- Begin at age 65 ( or under 65 for qualified disabled individuals) and are provided by the government, with no premiums due.
Part B) Medical Services- Begin at age 65 ( or under 65 for qualified disable individuals) and are provided by the government, and has a monthly premium due based on your income, which is typically withdrawn from your Social Security.
Part A & B DO NOT cover everything, Part C, D, and Medicare Supplements can be paired with Part A & B
Part C) Medicare Advantage Plans- Simply put, Advantage plans are a result of the government outsourcing Medicare duties, such as claims processing, to private insurance companies. Deductibles, co-pays, and additional monthly premiums apply and not all doctors are in network. Depending on the type of plan you choose, monthly premiums can be as low as $0.00, but average $50/month.
Part D) Your prescription drug coverage is purchased separately from a private insurance company ranging $30 to $100 monthly, depending on your choice of drug coverage.
Medicare Supplement) The "Plans" of Medicare Suppliments-Supplements are the gaps of coverage in Part A & Part B. They can be purchased from a private insurance company. There are several supplements plans, differing based on the coverage you want and what your budget will allow. You can purchase a supplement with a rich benefit that will leave you with no out of pocket expense after your monthly premiums are met.