Before You Sign Up for Medicare - Know Your Options! | Felinton Elder Law Estate Planning Asset Protection

Before You Sign Up for Medicare – Know Your Options!

If you are approaching 65 years of age, you are probably considering Medicare. There are so many options when it comes to Medicare; therefore it is important that you research this thoroughly before you make a decision. The following are some of the basic medicare options you ought to know about regarding Medicare.

One of the basic options for Medicare is the traditional option. This option has part A and part B. Part A pays for hospital stays whereas Part B pays for physicians and outpatient charges. There is also Part D which deals with prescription medications.

Medigap policy is an option that fills the gaps of Medicare’s part A and B. Medicare pays for about a half of all the medical costs incurred by American senior citizens. Most of the balance can be covered by getting a Medigap policy. A Medigap policy has 10 packages that are classified using the letters A to N. Each package consists of a combination of benefits that enables buyers to opt for a combination that suits them. However, each package is standard across all insurance companies. Therefore, package C from one insurance company is identical to package C from another insurance company. The main benefits provided by all types of Medigap policies are:

• Coinsurance starting from days 61-90 of hospital stay
• Coinsurance starting from days 91-150 of hospital stay
• All hospital bills that have been approved starting from day 151- 365

Another of the medicare options you should consider is Medicare Advantage-Part C. This option enables the beneficiaries of Medicare to get medical attention from private institutions and dismisses the need to purchase a Medigap plan. To join Medicare Advantage, you have to be enrolled in the Medicare traditional options: Part A and B. Traditional Medicare give you more flexibility when choosing doctors whereas Medicare Advantage plans are managed care policies. This means under Medicare Advantage, only specific doctors or medical practitioners are covered.

Managed care is an important plan that is part of the medicare options meant to reduce the costs of health care by discouraging medical practitioners from performing unnecessary services and through encouraging preventative medicine. If you were to choose to get Medicare Advantage, you would get all the coverage that is under the original Medicare apart from the large deductibles and copayments that you are supposed to pay. Moreover, you would stand to be covered for products or services that the original Medicare does not cover like custodial care and prescription drugs. Generally, when you choose Medicare Advantage, there is no need for a Medigap policy.

If you are confused about what Medicare plan is best suited for you, call Felinton’s services to get assistance in speaking with the right professional to help make this decision.