Medicare Insurance

Being new to Medicare can be really confusing and generate a lot of questions. Many of the plans have deadlines and penalties if you don’t enroll in time. Already have a plan? Great! Let me help you put the plan into motion. Still looking at your options? No problem. Take a look at the different coverage options below. Click on the one that sounds best to you to learn more.

Original Medicare

This option consists of enrolling into Medicare Parts A & B. You then augment the benefits by purchasing a separate Medicare Supplement Plan and a Prescription Drug Plan.

Medicare Advantage

Medicare Advantage Plans are special private insurance plans you can enroll into. Medicare pays these plans a portion (or all) of your insurance premium so that the insurance company administrates your coverage, like a traditional health plan.

Pros

  1. You can get much stronger benefits and coverage with a properly configured plan.
  2. Since you only have to worry about whether your doctor accepts Medicare, you’ll have access to a much wider variety of doctors and hospitals.
  3. You could have the most comprehensive coverage available.
  4. You always have the option to self-refer. You’ll be able to switch doctors without approval from the insurance company and you don’t need approval or a referral from your PCP to see a specialist.

Pros

  1. These plans feel much more familiar they come in HMO and PPO flavors, just like traditional health insurance plans. They look, breathe and feel just like a plan similar to the one you’re probably on now.
  2. Most Medicare Advantage plans have embedded prescription drug coverage. But not all of them, so look before you buy.
  3. The overall costs can be much lower than buying Medicare Supplements and Prescription Drug coverage.

Cons

  1. The cost is generally higher. Although it’s still generally not as expensive as private insurance.
  2. The coverage can be a bit more fussy than Medicare Advantage, because you’ll have to manage 3 plans instead of just 1. Having a good agent to help you with this method is important.

Cons

  1. Moving to a Medicare Supplement is considered an “upgrade.” In order to do that, you’ll have to answer medical questions to see if you’re accepted by the health plan. This can be difficult to do if you begin to experience expensive medical complications and need stronger coverage later in life.
  2. Depending on your level of usage, the money you save on premiums may be lost on copays, deductibles and/or coinsurance.
  3. You will have a more more limited network of doctors. If you select an HMO, you won’t have the ability to self-refer and will require a referral from a PCP to see a specialist.