Medicare

Medicare Couple  There are over 10,000 people turning 65 every day within the United States that are eligible for Medicare.  As people live longer and more people turn 65, a very large portion of the population will be receiving Medicare benefits.

Medicare Choices:

When people turn 65 they have a few choices when it comes to Medicare.  1st, they can stick with original Medicare and purchase a prescription drug plan (not purchasing a drug plan will cause you to have to pay a penalty for life), 2nd, you can purchase a Medicare supplement with a PDP plan and 3rd you can purchase and sign up for a Medicare Advantage Plan.

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Medicare Advantage:

Medicare Advantage plans are the most popular form of Medicare plans.  These plans include Part A (Hospitals) & Part B (Doctors) as well as Part D (Drugs).  Medicare advantage plans are also called Part C as well as Medicare replacement plans and are sold by private insurance companies.

In most states, there is no additional cost to these plans.  You just need to continue to pay your Part B premium.  These plans will typically include some form of Dental & Vision as well as some basic Hearing services.

Additional Benefits:  Medicare

Dental

Vision

Hearing

OTC Drugs

Transportation

Nurse Line

Gym Memberships

3 types of Medicare Advantage plans are PFFS (Private Fee for Service), HMO, and PPO plans.

PFFS Plans:

Each type of plan has advantages and disadvantages.  PFFS plans are circling the drain because your Doctor may not see you even though you may have seen the Dr. yesterday.  These plans are more available in rural markets.

HMO Plans:

HMO plans are gaining in popularity because they are true managed care networks.  More and more markets around the United States are moving to the HMO model because it is more profitable than PPO and PFFS plans.  The more money insurance companies make the more money they put back into their plans in the form of additional free benefit.

PPO Plans:

A lot of people like going to a Doctor without needing referral.  These plans also have a network but will you allow more freedom to go to any Doctor in or out of the network.  The downside is that PPO plans cost more and insurance companies are dropping PPO’s in favor of the HMO model.

MedicarePhoto  Medicare Supplements:

These plans allow you to go to any Doctor within the United States that accepts Original Medicare.  You do not need a referral just your card.  These plans are great for people who travel and who spend time in different states.

You will be required to purchase a Drug plan on top of the Medicare Supplement.  Ask your broker which PDP plans are available in your area.

These plans will cost you a monthly premium.  You will have to pay for the Medicare Supplement plan in additional to a Prescription Drug Plan.  These prices can rise from year to year.  When you turn 65, you can join a Supplemental plan (one time) without underwriting.

Original Medicare:

The other option people can choose is nothing at all.  You can stay on Original Medicare but you must purchase a Prescription Drug plan.  If you throw away the form, at some point you will be subject to penalties (deductions) from your Social Security check.

Original Medicare was never designed to be a full health insurance plan.  Should you need coverage you will be subject to pay 20% of all fees including deductibles.  The #1 reason why people over the age of 65 in the United States go bankrupt is because they have Original Medicare.

Related Links:

Video-Best Medicare Advantage Plans

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