Medicare Options

Looking at Medicare Options can be a challenge for many people. If you break it down, there are really just three choices when you are going into Medicare. These choices also apply to those already on Medicare but only they can make changes during certain times of the year.

Once you see how simple the options are it’ll be much easier to decide which option will be best when going into Medicare.

Medicare Options #1

The first Medicare option is to do nothing at all. Yes, this is an option but not a very wise one. Original Medicare is great but you would be responsible for 20% of all providers billing, all the hospital co-pays, and all of the prescription drug costs. This can add up out of pocket expenses that most people could never afford.

Medicare Options #2

The second Medicare option is to enroll into a Medicare Advantage Plan. A Medicare Advantage Plan is an HMO or PPO plan for Medicare beneficiaries. In this case you give up original Medicare. You don’t lose your Original Medicare you just don’t use your Original Medicare. The plan that you enroll into handles all of your healthcare needs including some benefits that original Medicare does not offer. The upside of these plans is that there is normally little or no monthly premium. The downside is that there are normally referrals to see specialists, co-insurance and co-pays and networks. There is an annual maximum out of pocket in all plans. These plans are a great option for folks that use little or no healthcare but can get expensive for folks with many health issues.

Medicare Options #3

The third Medicare option is to stay in Original Medicare, purchase a Medicare Supplement, and purchase a Medicare Prescription drug plan. This option has the most flexibility. When you have original Medicare and a Medicare Supplement Plan G. The only thing you’ll pay out of pocket is a Medicare Part B Annual Deductible of $183.00 (2017). Following the deductible you will pay nothing out of pocket. In addition, you’ll never need a referral and never have “networks” to comply with. You can go to any doctor, and any hospital in the country that accepts Medicare without needing a referral. Medicare Supplement plans can cost as little as $100 per month on up to $400 per month. It all depends on where you live, which plan you select and your age.

You’ll also need a Medicare Prescription Drug Plan. Those plans can vary in premium from as little as $15.00 per month upwards of $100.00 per month. It all depends on the medications you are currently taking to determine which plan would have the least estimated out of pocket annual expense.

If you would like to discuss these options, please call (267) 406-0344 or email and we can answer all of your Medicare questions.

Joe DeAngelis