If you’re approaching the age of 65, in addition to considering life without an alarm clock, you need to consider your health insurance options very carefully. A form of Medicare most likely will be your main health insurance.
Because there are so many options, it can be complicated. I’ll break the basics down and share some resources to help you make the right decision. Don’t wait to think about your options! When you turn 64, here is a great month by month checklist of things to consider. THE BASICS
THE OPTIONS MEDICARE PART A AND B PLANS (ORIGINAL MEDICARE)This is what we call original Medicare which the government administers. The premium is deducted from your monthly social security check.
Original Medicare does not cover most prescription drugs or other services private insurers may offer. MEDICARE SUPPLEMENT (MEDIGAP)A Medicare Supplement (Medigap) policy is an additional option when purchasing Original Medicare. It’s sold by private insurers and helps pay some or all the health care costs that Medicare doesn’t cover, like copayments. coinsurance. deductibles. MEDICARE ADVANTAGE PART C PLANSThis type of plan is administered by a private health insurer. These plans, in addition to offering everything Original Medicare provides, offer additional features and benefits that you may not get with a Medicare Supplement plan.Most of these plans include prescription drug coverage and have in-network doctors. You would pay your premium directly to a private insurer and maintain lower out of pocket costs if seeing network doctors. When selecting a Medicare Advantage Plan you would still be required to pay your Medicare Part B premium, normally deducted from your social security check. MEDICARE PART D (PRESCRIPTION DRUG COVERAGE)This type of plan is administered by a private health insurer. Medicare Part D is a standalone prescription plan that helps cover your prescription needs and is typically paired with a Medicare Supplement plan. Many Medicare Advantage plans have Part D drug coverage, but there are some that offer medical benefits only. You are not allowed to have both a Medicare Advantage plan and a stand-alone Part D drug plan.
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“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or call 1.800.Medicare to get information on all of your options.”
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