Not All Medicare Products are Created Equal by Laura Sedlacek
LENOIR, NC (September 4, 2019) — Coverage that goes along with Medicare A&B offers many different choices. But no matter how often you might think or be told the products are the same, they do differ from each other. Even going with Medicare alone could be considered a type of coverage choice in some respects.
So how do you know the difference with all the choices? Medicare A generally covers hospital stays, and skilled nursing. Medicare B generally covers doctor services. Having Medicare A&B only leaves many gaps in coverage with the biggest being a hospital deductible of over $1300 that you could pay up to 6 times a year, and more! Consider that before you decide on going Medicare alone.
Two popular choices to go along with your Medicare A&B are a Medicare Supplement plan and/or a Prescription Drug Plan (PDP) or Medicare Advantage (aka Medicare Part C). Both work with Medicare, but differently. Oftentimes you will hear folks say they took out a Medicare Supplement plan when in fact it is actually Medicare Advantage. So what’s what with these two plans?
A Medicare supplement does just that, it supplements Medicare A&B. There can be things you pay along with it such as the Part B Medicare Deductible with a Medicare Supplement Plan G or a doctor copay plus the Part B Medicare Deductible with a Medicare Supplement Plan N. There is no network of doctors – you can go to anyone that accepts Medicare. You can add an optional PDP to this as well. Medicare Advantage works differently. You have that product in lieu of Original Medicare. A Medicare Advantage has doctor copays, percentages to pay for tests or durable medical equipment, and an Out of Pocket or Coinsurance usually around $6000 on up. You can get prescription coverage added into your MA plan as well depending on the plan you choose. Plus, in this area, a Medicare Advantage has a network of doctors in either an HMO or PPO. It’s best to make sure your provider will accept this plan, if you choose to go with a Medicare Advantage.
Another difference is that a Medicare Supplement plan tends to have a higher premium and then you may have additional premium if you take out a PDP as well. Medicare Advantage plans often have a much lower premium if one at all, but if you have medical claims for anything beyond a routine doctor visit you may have lots more to pay out along with it in doctor or hospital bills than you would if you had a Medicare Supplement plan.
Whatever you do, be sure to consult an insurance professional who can compare the differences in your choices for you. You ultimately will want to get a coverage that works best overall for your situation with doctors and hospitals who accept your plan.
Bush and Associates insurance has been offering local area insurance products for more than 35 years. They specialize in Medicare Supplements (aka Medigap) and Other Medicare Products. Get in touch with them today for a free, no obligation, Quote comparison.
BUSH AND ASSOCIATES
916 Wilkesboro Blvd. Lenoir NC 28645