Medicare Beneficiaries – Options and Choices
According to the Social Security Administration, roughly 10,000 Americans turn 65 every day. With that important birthday, many things can change – perhaps retirement, travel plans, time with family, or new hobbies. Among those life, changes are eligibility to be one of many Medicare Beneficiaries.
Medicare Beneficiaries Have Access To Hundreds Of Coverage Options And Choices
When working full time, you probably had access to a few insurance options offered by your employer’s personnel department. But as a Medicare beneficiary, you have access to literally hundreds of different coverage options. Each option has different benefits, rules, doctor networks and so on.
One option is to have “original Medicare” (Part A and Part B). While it is less expensive than other Medicare options, it can expose you to significant financial risk in the form of co-insurance with no maximum out of pocket limit.
Because Original Medicare doesn’t pay for most prescription drugs, a Part D prescription drug policy is often necessary, and declining such coverage can trigger a potentially expensive government penalty. Every Part D policy has its own formulary (drug list) and pharmacy network.
Other Popular Insurance Options Available
There are popular insurance options available to help pay for the things Medicare doesn’t cover – for example, annual deductibles and hospital co-insurance. A person with Medicare can also get their insurance benefits from a private company with a Medicare contract. These plans usually include extra benefits not found in Original Medicare and frequently also include Part D drug coverage at little or no extra cost.
The right coverage for you depends on your individual situation. Choosing the best plan can be complicated. At Insurance Advisors, we can help you understand your plan options and provide INDEPENDENT ADVICE that’s tailored to your unique needs. Our help is offered at no cost to you and with no obligation to enroll in a plan.