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 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

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: