What are my Medicare options

The main difference between a Medicare Advantage plan and a Medicare Supplement plan is that a Medicare Supplement plan acts in addition to your Original Medicare policy. A Medicare Supplement plan will help to cover deductibles and extra co-payments that are not fully covered by Medicare A and B.

In contrast, a Medicare Advantage plan completely replaces your Original Medicare plan. These plans work in a similar fashion to a group health insurance plan and have set copays for various services and a network of doctors that participate. One major perk of a Medicare Advantage plan is that your coverage includes the costs of prescriptions, whereas with Original Medicare you would have to purchase Part D prescription drug coverage separately from an insurance company.

• Did you know that Medicare currently accounts for 14 percent of the federal budget?
• The Baby Boom Generation will make it so that the number of people who are on Medicare will rise from approximately 47 million to about 78 million between 2010 and 2030.
• Before Medicare was signed into law in 1965, 19 percent of an individual’s income was dedicated to health care.

Q1) How do I enroll in Medicare?

Those who are receiving Social Security or Railroad Retirement benefits are typically automatically enrolled in Medicare. If you were not automatically enrolled, you can enroll simply by calling Social Security. If you or your spouse have obtained 40 quarters of credit with Medicare, you will receive Part A benefits at no cost. There is a cost to enroll in Part B of Medicare, which can increase based on income. You do not need to enroll in Medicare Part B if you or your spouse are actively working and get benefits from an employer.

Q2) What does Medicare cover?

Medicare was put into place to ensure that those in need are able to receive both health care services that are determined to be medically necessary and reasonable. In complying with this requirement, Medicare coverage includes:

• Medicare Part A – Covers inpatient skilled nursing facility stays, home health care, hospice care, and inpatient hospital stays.
• Medicare Part B – Covers outpatient medical services, including diagnostic lab tests, preventative care, and doctor visits.
• Medicare Part D – Covers the cost of many prescription drugs.

Q3) Since Medicare won’t be able to cover all of my health care costs, is there a way to offset the remaining balance?

There are a few options available to you to supplement Medicare so that you are not left with substantial out-of-pocket costs. We can help you determine whether a Medicare Supplement or Medicare Advantage plan would better suit your coverage needs.

Always remaining on top of the latest happenings in the industry and their impact on Medicare, the experienced professionals at Crowe & Associates are here to help you determine whether a Medicare Advantage plan or Medicare Supplement plan would best suit your insurable needs. Simply fill out the “Custom Quote” form to the right to get started.