MEDICARE PLANS
Medicare plans for 2024 – what’s new, how do they work, what choices do I have, what do they cost? All good questions. The options can be confusing for sure but it doesn’t have to be. We are here to assist with questions and concerns.
Types of Medicare Plans
Situation:
I have Original Medicare A and B, what are the different types of plans associated with Medicare?
Let’s take a quick look at each of theses options in the section below.
Medicare Supplement
Medicare Supplement Insurance (Medigap) helps fill “gaps” in Original Medicare and is sold by private companies. Original Medicare does NOT cover ALL of the cost for health care and supplies. This type of policy can help pay some of the remaining health care costs, like:
- Copayments
- Coinsurance
- Deductibles
Supplement Plans have a premium that is typically paid monthly.
Medicare Prescription Drug Plans
Medicare Prescription Drug Plan (PDP) helps pay for prescription drug costs. Drug coverage is optional and is offered to everyone with Medicare. Each plan can vary in cost and specific drugs covered.
These plans are often “paired” with a Medigap plan or a Medicare Advantage plan that doesn’t have drug coverage.
Medicare Advantage Plans
Advantage Plans are another way to get your Medicare Part A and Part B coverage. Advantage Plans, also called “Part C” or “MA”, are offered by private companies that must follow regulations set by CMS. Most Advantage Plans include drug coverage (Part D).
In many cases, you’ll need to use health care providers who participate in the plan’s network and service area. These plans set a limit on what you’ll have to pay out-of-pocket each year for covered services. And some plans offer premiums as low as $0 a month.
Request Quote
