Medicare Supplement - Gerber Plans & Rates | Anthem Medicare Supplement

Gerber Medicare Supplement – Anthem Medicare Supplement

What type of Medicare plan are you looking for?

6 August 2010 No Comment

Approaching age 65 or coming off of your group plan? Retirement can be a confusing time. Not for the fact you are retiring or are now age 65, but simply because Medicare is now part of your life. And with Medicare, comes the massive stack of mail, and fliers you are flooded with from just about every insurance company in your state. Most will either pile it up in the corner, or throw the junk out. So what type of Medicare plan are you looking for. That’s a tough question to answer, because there are so many options.

What are your immediate options:

Medicare Supplement plans; A, B, C, D, F, High Deductible F, G, K, L, M and N:

There are twelve “Modernized” (effective 6/1/2010) Medicare Supplement plans all with different benefit levels, designed to work alongside Medicare, and to add coverage to the coverages which Medicare does not cover, such as hospital deductibles (part A), outpatient and doctor visit deductibles and 20% coinsurance (part B), and extended hospital stay daily costs. Plus – depending on the plan you choose your medical care can be covered at 100%. Minus – Monthly premiums will increase as you age.

Medicare Advantage plans: HMO’s, PPO’s & Private Fee for Service plans:

This type of coverage is called Medicare Part C, which is a combination of both Parts A and B, although instead of Medicare providing the coverage, the benefits are covered by an insurance company. Plus – Usually a very low and sometime no monthly premium for these plans. Minus – You will most likely be tied to a network of physicians and hospitals, and you will have more out of pocket costs such as; deductibles and co-pays.

Medicare Part D Prescription Drug Plans:

There are hundreds of companies offering Part D Rx coverage. The companies and coverage are narrowed down to what is available in your county. If you have a Medicare Supplement you will need to also purchase a Part D plan. Some HMO’s and PPO’s include Part D coverage within their health plan. Part D Rx plans are provided by Insurance companies. Some plans may include an annual drug deductible up to $310. Then the initial coverage limit provides coverage up to $2,830, which most drugs are covered with a co-pay. Then from $2,830 to $4,550 there is typically no prescription coverage (donut hole), some companies will cover generic drugs. After $4,550 in prescription costs, the insurance companies will pay 95% of the drugs costs for the balance of the calender year. The insurance companies will all have different premium amounts for their plans, along with different “formulary” drug lists. Meaning each company pays for prescription drugs in a different way. Medicare.gov is a good place to compare companies and plans.

So the problem when moving into Medicare and all the peripheral plans affiliated with Medicare, most people have had a traditional health insurance policy for most of their working life. Now, instead of keeping a similar style insurance plan, Medicare turns everything upside down. With it’s different�open enrollments, separate prescription drug plans, Parts A, B, C, D and Medicare Supplement plans A through N.