Finding the right Medicare Supplement Insurance Plan to fit your medical and financial needs can be a needle in a haystack. The best thing to do is to speak with an insurance agent about the types of plans. Medicare Supplement plans are priced based on your age, sex, your home zip code and your smoking status. The following are how they can be rated:
Attained Age Rated: These plans are based on the age you were when you first purchased your policy and costs can increase as you get older.
Community No Age Rated: These plans are not discriminatory of age, all premium costs are the same, no matter how old.
Issue Age Rated: These plans are based on when you first enrolled for your policy. The younger you applied, the lower your premium will be.
Medicare Advantage Plans
Medicare Part C – also known as Medicare Advantage – are plans that are purchased through private insurance companies. They are approved by Medicare and most Medicare Advantage plans are treated like managed care plans.
It is required that Medicare Advantage plans provide at least the same basic services and benefits as “Original Medicare,” also known as Medicare Parts A and B. Advantage plans may also offer dental, vision and hearing benefits along with prescription drug plans. Accordingly, an enrollee must be entitled to Part A and enrolled in Part B to qualify for a Medicare Advantage plan.
Medicare Prescription Drug Plans
Medicare Prescription Drug plan also know as Prescription Drug Plan (PDP) are plans that are purchased through private insurance companies. They are approved and managed by Medicare.
Prescription Drug Plan are required by Medicare to provide at least two drugs in each therapeutic category. Enrolling in a Prescription Drug plan helps to lower the every day cost of drugs and protects against annual out of pocket expenses. Enrollees are required to be entitled to Medicare part A and/or enrolled in Medicare part B. These plans are contracted for a one year period and it is important that enrollees check their current prescriptions for the best plan during each open enrollment.
Hospitalization, Cancer, Dental and Vision
Hospitalization insurance can fill the gaps of daily copays or deductibles for inpatient care that can be costly.
Cancer policies pay the policy holder a flat amount at the time of a serious cancer diagnosis. This can help with travel or rooming for out of town care or for any need you may have during this time.
Original Medicare does not cover dental or routine vision care. Many seniors feel more secure knowing these services are covered with plans that meet their needs.