Senior Health Care Solutions
Medicare and Ancillary Health Care Plans
Medicare Part A & Part B
~ Original Medicare ~ Hospitals & Doctors
The Part A premium is income dependent, usually costing $0. Part A has a hospital deductible per benefit period (can have more than one benefit period per year), and coinsurances.
Part B, which has a monthly premium, covers doctor visits and medically necessary outpatient services. It also covers lab testing and other diagnostic services and medical equipment (and more).
Part B has a small annual deductible. After your deductible is met, you typically pay 20% of the Medicare-approved amount for medically necessary services.
A cautionary note: Original Medicare does not have a Maximum-Out-of-Pocket threshold. If you only have Original Medicare coverage, Part A hospital costs and Part B 20% coinsurances can potentially get to be an intolerable amount.
Medicare Supplement Plans
Also known as Medigap Plans
Medicare Supplement plans are also known as Medigap plans, because they fill in the financial gaps Original Medicare leaves us with. They are designed to work with and to supplement Original Medicare.
There are 10 Medigap plans (Plan A, B, C, D, F, G, K, L, M, N) and they are standardized by Medicare by “letter.” The coverage by letter plan is identical. The only difference is the premium a carrier might charge for each letter plan. Different “letters” will cover different benefits.
They are very flexible, allowing you to choose your own doctors and providers, as long as they accept Medicare. There are no networks, and no referrals are needed. As with Medicare, they are good in the all 50 states and U.S. territories.
Some Medicare Supplement plans provide limited coverage when you travel abroad.
There is a monthly premium. Similar to Medicare, Medigap plans do not cover prescription drugs.
If you like to budget your monthly expenses, prefer to have freedom of choice, or you like to travel, a Medigap Plan might be just the right plan for you.
Medicare Advantage and Drug Plans
Part C and Part D Plans
Medicare Advantage (Part C) plans work in place ofyour Part A and Part B Medicare coverage. Medicare Advantage plans (MAPD) can also cover drugs. MAPD plans are privately run networks of doctors and hospitals which replace Original Medicare. They often come with low or $0 premiums, however have deductibles, copays and coinsurances, just like Original Medicare.
Some plans offer extra benefits, such as dental, vision & hearing, as well gym memberships.
A cautionary note: Medicare Advantage plans all have a Maximum-out-of-Pocket (MOOP) threshold, which differ by plan. You might have a $0 premium, but will want to make sure you can afford the MOOP, should you need to.
If you like to stay close to home and would rather have lower premiums, with a “pay as you get sick” model, these plans might interest you.
Ancillary Health Plans
Other Plans to Fill Your Needs
I offer health care plans to fill these needs, including: Lump-Sum Cancer, Heart Attack & Stroke, Hospital Indemnity, and Dental, Vision & Hearing plans.
Would you rather use the carrier’s money when you have a need, or use your own retirement savings you worked hard to save? For example, a lump sum payment to help with cancer treatment costs, or for paying household bills if you can’t work, can come in handy.
Let’s talk about how these plans can help you have more money for your retirement lifestyle.