Medicare Plans – Options for Low Cost Medigap and Medicare Insurance

Understanding Medicare

Medicare is made up of various PARTS. For a complete details, please refer to CMS Publication Medicare & You


Medicare Part A

Medicare Part B

Hospital Insurance

Medical Insurance

Medicare Part A covers Hospital Stays. You are responsible for a deductible and possible co-pays with Part A coverage. There is not premium for Part A This portion of Medicare covers your medical care out of the hospital, such as doctors visits. Part B has an annual deductible of $148. and you are responsible for 20% coinsurance thereafter. There is a monthly premium that will be taken from your Social Security check or you will be billed quarterly if not collecting Social Security. The (standard) monthly premium in 2012 is $104.90
 Learn More About Part A Coverage  Learn More About Part B Coverage

Medicare Part C

Medicare Part D

Medicare Advantage Plans

Prescription Drug Plans

Medicare Part C, are Medicare Advantage (MA) plans, and is another way to get your Medicare coverage. A Medicare Advantage plan is offered by private insurance companies approved by Medicare. These health plans become your primary coverage. They may be an HMO or PPO plan. MA plans may offer a $0 premium or some premium, addition to the Part B premium. Depending on the MA plan selected, there may be deductibles, co-pays and coinsurance. Many MA plans offer extra benefits, in addition to what Original Medicare offers. Medicare Part D, is the prescription drug component of Medicare. These plans are provided by private companies approved by Medicare. The premium for Part D coverage varies by the plan selected. Medicare beneficiaries can receive Part D coverage two ways: 1. Standalone Part D- Along with Original Medicare Parts A & B, plus a separate Medicare Supplement Plan. 2. Included in your Medicare Advantage plan.
 Learn More About Part C Coverage  Learn More About Part D Coverage

Medicare Supplement Coverage have different PLANS.


Medicare Supplement (Medigap)

Medicare Supplement and Medigap are two words that mean the same product.  A Medigap policy fills in the “gaps”(the deductible/co-insurance/co-payments)  in Original Medicare Plan coverage. Medigap policies help pay some of the health care costs that the Original Medicare Plan does not cover. For the most part, with a Medicare Supplement Plan,  you must have medicare Part A & Part B. In addition to your Part B premium, you will have to pay a premium for the Medicare Supplement Plan. Some of the key features of a Medicare Supplement Plan:
  • There is no network. You are free to see any provider as long as they participate with Medicare.
  • There are no referrals.
  • These policies help to reduce or eliminate copays, deductibles and coinsurance in Original Medicare Part A and B.
  • Medigap plans do not include prescription drug coverage. This allows you to choose any Medicare Part D prescription plan in your area.
  • The insurance company cannot change your benefits.
  • If you select a Medigap plan when you are first eligible there is no medical underwriting.  Any other time you may be subject to medical underwriting and could be declined
  • See below for the various Medicare Supplement Plans that are available. Please note that not all the plans will be available in your area. Two of the more popular Plans are Medicare Supplement Plan F and Medicare Supplement Plan N.

Medicare Supplement Plans