There are two ways to get your health care once you are on Medicare.
The first way is Medicare supplements plans. These plans will help pay the health care cost that Medicare Part A and Part B won't pay such as copayments, coinsurance and deductibles. These plans vary in monthly premium based on your age and the type of coverage you desire. There are 10 supplement plans from which to choose. The more popular plans are the F Plan and the G Plan. Plan F will pay 100% after Medicare pays their approved amount. Plan G offers less expensive monthly premiums because you share in some of the cost.
Current Illinois supplement monthly rates for Plan F and Plan G:
65 $118 $93 $130
70 $132 $105 $150 $121
75 $153 $124 $175 $143
80 $178 $150 $205 $167
Many of these plans offer spousal discounts so rates can be even lower.
The second way is Medicare Part C or "Medicare Advantage" plans.
These plans can be a HMO or PPO or both and are administered by private insurance companies contracted by Medicare. They provide your Part A and Part B coverage and many of these plans will also provide your Part D (prescription drug plan) coverage. If you already have a Medicare health plan you usually enroll in these plans at a certain time of the year (This year it is October 15th through December 7th).
The premiums of these plans vary by insurance company. There are usually co-pays and co-insurance with maximum out of pocket limits. The monthly premiums are very attractive. Some are at $0 per month.
The last topic is Medicare part D or prescription drug coverage. It is important to review these plans because there are many plans from which to choose. It is NOT a one plan fits all situation. It pays to shop around and we can help with that. We represent most companies that offer plans that help cover the cost of prescription drugs. These plans vary in monthly premiums and copays and are usually partnered with the Medicare supplement plans or included with a Medicare Advantage plan.
The above information is basic and does not include all the issues involved with Medicare health care. Call us today for more information.
Brakeville Insurance Agency
322 State Street Suite 207
PO Box 187
Alton, IL 62002