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Is Medicare my only healthcare option?

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When it comes to your healthcare coverage, Medicare isn’t your only option. Here are three types of plans available to you:

Medicare Supplement insurance

These plans can help you pay for the health care costs that Medicare doesn’t cover. Features and benefits include:

  • Choice of several standardized plans (plans not available in all states)

  • No provider networks

  • No specialist referrals

  • All plans pay for:

    • Part A co-pays and coinsurance

    • 365 additional days hospital coverage

    • Part B co-pays and coinsurance

    • Hospice care coinsurance

  • Certain plans pay for:

    • Skilled nursing facility coinsurance

    • Part A deductible

    • Part B deductible

    • Part B charges over the Medicare-approved amount

    • Foreign travel emergency care

  • Prescription drug coverage available under Medicare Part D

Medicare Advantage Plans

Medicare Advantage Plans can be a cost-effective alternative to Original Medicare. Features and benefits include:

  • May have provider networks

  • May require specialist referrals

  • Usually charge co-pays for services

  • May offer additional coverage benefits, such as:

    • Low or no deductible

    • Lower coinsurance

    • Vision or dental care

  • Plan benefits vary by company and the county you live in

  • Often includes prescription drug coverage (MA-PD)

  • Usually less expensive than supplemental insurance

  • Reduced or zero monthly premiums

Long-term care insurance

Purchasing a long-term care insurance plan is a common way of funding care costs.

When would you use long-term care?

  • You’re unable to perform the activities of daily living on your own for an extended period and need personal assistance

  • You need supervision due to a cognitive impairment, such as Alzheimer’s disease

For more information, watch our Medicare Supplement video:

Read more about what Medicare Supplement insurance can do for you or talk to a Bankers Life agent to learn more.

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