Which Medicare insurance plan should I choose?

Which Medicare insurance plan should I choose?

Are the abundance of choices with Medicare confusing you, leaving you wondering, “Which Medicare insurance plan should I choose?”

Expert Insurance Team is here to explain the key differences in Medicare Advantage, Supplements, and Part D plans.

Medicare Advantage

Medicare Advantage, or Part C plans, are a good choice for those who, for the most part, are happy with Original Medicare but would like an out-of-pocket maximum and some additional benefits.

Part C provides an out-of-pocket maximum of $6,700 for in-network services and $10,000 for out-of-network services. After that, your Medicare Advantage plan pays 100% of any other eligible expenses you receive.

It also gives you additional benefits like: 

  • Adult day-care services
  • Dental
  • Vision
  • Hearing
  • Nutrition programs
  • Prescription drugs
  • Over-the-counter drugs
  • Wellness programs
  • Services for those with chronic health conditions

Your plan offerings may be different. Check with Expert Insurance Team to see plan benefits in the Lombard, Illinois area.

Medicare Supplements

Are you concerned about copayments/coinsurance related to lengthy hospital stays? Do you travel and can’t have a plan that requires care in a network?

A Medicare Supplement plan may be best for you. Also known as Medigap, Medicare Supplements are accepted anywhere Medicare is. There are 10 plans lettered A through N and each cover a different percentage of:

  • Medicare Part A coinsurance or copayment and hospital costs
  • Medicare Part B coinsurance or copayment
  • First three pints of a blood transfusion
  • Part A hospice care coinsurance or copayment
  • Skilled nursing facility coinsurance
  • Medicare Part A deductible
  • Medicare Part B deductible*
  • Medicare Part B excess charges¬†
  • Foreign travel emergency (up to plan limits)

* If you turn 65 after January 1, 2020 you are not eligible for plans that offer this benefit

Part D plans

Do you simply need your prescription drugs taken care of? A Part D plan can do that for you. Of course, you could get this coverage bundled with a Medicare Advantage plan. But, if you just want a standalone plan, that is something we can do too!

Each Part D plan covers both generics and brand name medications and includes at least two drugs in the most commonly prescribed categories and classes.

If you’re interested in Part D, be sure to get it when you first become eligible for Medicare. Part D has a late-enrollment penalty that tacks on an additional 1% to your premium per consecutive month that you went without coverage (rounded to the nearest 10 cents).