Medicare pays 80% for hospital and doctor/provider bills. You are responsible for the other 20% out of your pocket. These Medicare Insurance plans help you pay that 20% of the bill. You must be enrolled in Medicare Part A & B found at ssa.gov. When Turning 65 - 3 months before your birth month and three months after birth month is guaranteed accepted ( no "prior health issues/conditions" are considered).
- A) Medicare Supplementalso called Medigap plans are a higher monthly premium, but one can go to any doctor/hospital that accepts Medicare payments. (There are no "network" doctors one must use).
And the only co-pay out of your pocket is the Annual Part B Deductible that everyone must pay.
- B) Prescription Drug (Part D)plans are required (even if one does not need drugs, there is a lifetime penalty for not enrolling in a plan when one is 1st eligible) must be purchased separately from a Medicare Supplement
- C) Medicare Advantageplans are less expensive monthly premiums. However, one MUST go to doctors/hospitals in the "network" of that particular insurance company. If one goes to a doctor/hospital not "In Network", then the co-pays are higher. There are other co-pays out of your pocket for specified services, which are particularly explained in writing in the brochure from that insurance company (so you do know ahead of time what those costs can be).
For Medicare Advantage plans, the Annual Enrollment Period is every October 15 - December 7 to be guaranteed Accepted for the next year. Before or after these dates, one must go through Underwriting - identifying your medical history- to be accepted by the Insurance company.
As an independent Health Insurance agent we can show you specific plan details for plans in your zip code in Tennessee, Mississippi and Alabama.