Is Medicare my only healthcare option?
November 28, 2016
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.
