Medicare Options

Medigap (Medicare Supplement Plans)

These plans are designed to work with Original Medicare (Parts A & B) and are federally standardized meaning they contain the same benefits based on the coverage letter of the plan you select.  This means there is no difference in coverage between a Plan G Supplement with Cigna and a Plan G Supplement with Mutual of Omaha.  Currently, there are 11 different Medicare Supplement plans approved by the Centers for Medicare however the most popular options are Plans F, G, N and sometimes HDF (High Deductible Plan F) depending on where you reside.  Medigap plans are commonly referred to as Medicare Supplement plans and vice versa but both terms denote the same coverage.  Since the Medigap plan is secondary to Medicare, it means that Original Medicare is the primary and the Supplement is required by federal law to pay all Medicare-approved charges.  It also means that as long as your doctor or hospital accepts Original Medicare, they are required to accept your Medicare Supplement plan, regardless of the company name. Medigap coverage provides true peace of mind as it offers the most robust benefits and flexibility to see any provider of your choice.  Prescription drug benefits are not covered by Medigap so you will want to choose a separate Part D drug plan (PDP) if you enrol in a Medigap plan.  See Prescription Drug Plan section below for details.

Prescription Drug Plans (PDP)

Also known as PDP, or Part D, a Prescription Drug Plan is a separate insurance policy designed to specifically cover your medications.  Many of the same insurance carriers that offer Medigap and Medicare Advantage also offer prescription drug coverage.  Plan formularies and copays can vary widely so it’s important to choose wisely.  Our FREE consultantation will provide a thorough analysis of your medications and help you choose the right drug plan.

Medicare Advantage (Part C of Medicare)

Where Medigap (AKA-Medicare Supplement) plans truly “supplement” your Medicare, Medicare Advantage plans actually replace Medicare with a private health plan option typically denoted as either an HMO or PPO.  A HMO is a health maintenance organization and a PPO is a preferred provider organization.  This means your health care is derived from a more restrictive “Network” of doctors and hospitals, sometimes even down to the state or county you reside in.   Also you will be responsible for a larger share of copays, deductibles, and out of pocket charges that can range to as high as $6700 per calendar year.  While these plans sacrifice on coverage, benefits, and network access, they generally include prescription drug coverage and ancillary benefits such as dental, vision, hearing, gym memberships, transportation to medical providers, etc.  Medicare Advantage plans are generally cheaper than Medicare Supplements, sometimes even offering a “zero dollar” monthly premium.

Conclusion

There is no right or wrong answer on which plan is best as it ultimately depends on a number of factors and each person’s unique situation.  The plan that works best for someone in Georgia may be completely different for another person in Kansas.  Choosing the right medicare options may seem daunting but we can certainly help guide you in the right direction.  For a free comparison, give us a call at 1-800-414-2044 or send us an email at info@themedicarehelpdesk.com