Is Medicare my only healthcare option?

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, read our latest Medicare related blog post, Medicare Supplement Insurance Q&A or 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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