Monday, May 25, 2020

Medicare in 2020. How to Get What You Deserve


Medicare has Four Parts
Part A is hospital insurance; Part B is medical insurance, covering doctors' services and supplies; Part C covers Medicare Advantage plans, and Part D covers prescription drug plans.

Part A, which is free for most Americans, and Part B, which currently charges a monthly premium of $114.60 for most people, provides the foundation of health insurance for Americans 65 and over.

But you'll want more. Medicare Part A has large deductibles (for example, $1,408 for a hospital stay of 60 days or less). Medicare Part B has no cap on out-of-pocket costs after Medicare pays 80 percent of approved expenses. Once the annual $198 Part B deductible is met, as an example,  Medicare will pay 80 percent of a $500 bill or 80 percent of a $500,000 bill, and you owe the rest.

Medicare Additional Coverage
Limitations of Parts A and B prompts an estimated 89 percent of people on Medicare to buy additional insurance, such as a  Medicare Advantage Plan or a Medicare Supplement plan (also known. as Medigap) and Part D prescription drug plan.

Medicare Advantage plans are offered by private companies approved by Medicare. Besides services included in Medicare Parts A and B, they usually offer additional coverage, including vision and dental, and both prescription drugs and transportation. Each plan is free to set premiums, out-of-pocket costs and rules for how you get services, such as needing a referral for specialists or having to use in-network doctors and hospitals.
                                   
Based on the features and costs of the plans available where you live, you may opt for a Medicare Supplement Plan rather than a Medicare Advantage Plan that may restrict your choice of doctors. This would be your  personal and not my endorsement of one type of plan over the other.

Medicare Supplement plans, which you also buy from private insurance companies, include Plans A, B, C, D, F, G, K, L, M and N. While coverage is standardized for each type of plan (Massachusetts, Minnesota, and Wisconsin have their own plans) associated costs can vary significantly among insurance companies. Plan  A is the most basic. Plan F is the most comprehensive. You can wait on Part D and can apply for up to three months after your birthday.without penalties.