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Medicare Unbiased Help

 
Medicare has multiple parts and options involved. Below is a brief description of these parts and options to help you make an educated decision when choosing your coverage choice.

  • Part A - Hospital
  • Part B - Doctor
  • Part C - Medicare Advantage (administered through private insurance carriers)
  • Part D - Prescription Drug (administered through private insurance carriers)
  • Medicare Supplement (Medigap) - Pays for the "gaps" that Medicare does not. Multiple options available (administered through private insurance carriers)

There are two MAIN options when it comes to your Medicare coverage:

  1. Medicare administered through the government with Part A and Part B. You have the option to choose a Medicare Supplement policy and Prescription Drug (Part D) plan. You may be penalized for not taking a Prescription Drug Plan when first eligible.
  2. Medicare administered through a private insurance carrier-Medicare Advantage (Part C). This option combines your doctor, hospital, prescription drug, and additional benefits through one carrier. Most options are a network of doctors and hospitals (HMO and PPO).

Four Words You Need To Know:

  • Premium:
    Premium is a fixed amount you pay to participate. Most Medicare premiums are charged monthly.
     
  • Deductible:
    Deductible is a preset amount that you have to pay first, before Medicare or a private insurance company begins to help with your costs.
     
  • Copayment:
    Copayment is a fixed amount that you pay, like $10, for a service or product. Some people call this “copay.”
     
  • Coinsurance:
    Coinsurance is spitting your health care costs with the plan on a percentage basis. For example, you pay 20% and the plan pays the remaining 80%.
     
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