Medicare Frequently Asked Questions

 

 

Medicare Supplement FAQs

1. What is Medicare Supplement Insurance?

Medicare Supplement Insurance is a insurance offered by private insurance companies to supplement the Original Medicare insurance plan. Medicare Supplements pay for some or all of what Medicare doesn't pay (such as co-pays, deductibles, and co-insurance).

2. Do Medicare Supplement Plans Cost the Same?

No. In most states, all Medicare Supplement plans must offer "stadardized" coverage. For example, a Plan F from Company 1 might cost $100 per month and the same exact Plan F from Company 2 might cost $200 per month. Both plans offer the same benefits, but one plan costs $100 more per month. This is why it really does pay to shop around.

3. Do Medicare Supplement Plans Cover Drugs?

No. When you purchase a Medicare Supplement Plan (also known as a Medigap Plan), you should also purchase a separate Prescription Drug Plan (Part D). While some Medicare Advantage Plans do cover prescription drugs, Medicare Supplement plans do not.

Medicare Advantage FAQs

1. What is Medicare Advantage?

Medicare Advantage is Part C of Medicare. Medicare Advantage Plans are offered by private insurance companies and cover you instead of Medicare. When you enroll in a Medicare Advantage Plan, your plan pays for your health care costs, rather than Medicare.

2. With a Medicare Advantage Plan, Can I See Any Doctor?

Many Medicare Advantage Plans work with networks (HMO's and PPO's). With these types of plans, you generally must choose a Primary Care Physician who provides referrals if you need other care.

3. Can I Switch Plans If I Am Not Happy with My Plan?

Medicare allows you to change your plan during certain times of the year (such as the Annual Election Period) and because of special circumstances (you move out of your plan's area).

4. How Can Some Companies Offer Zero Premium Plans?

While not all Medicare Advantage Plans are Zero Premium plans, there may be plans in your area that do not charge a "plan premium." There are many reasons why they can do this. With these types of plans, you normally "share in your health care costs" by paying co-pays (like $25 when you see a doctor) and co-insurance (like 20% of certain Medicare Approved charges).

5. Is a Medicare Plan the Same Thing as a Medicare Supplement?

No. A Medicare Advantage plans (sometimes referred to as a Medicare Plan) are not the same as a Medicare Supplement.

A Medicare Plan works "instead" of Original Medicare, whereas a Supplemental plan works "alongside of" Original Medicare.

 

Medicare Part D FAQs

1. What is Medicare Part D?

Medicare Part D stands for Prescription Drug Coverage. Prescription Drug Plans are offered by private insurance companies and regulated by Medicare.

2. Are All Prescription Drug Plans the Same?

No. Prescription Drug Plans have different lists of approved drugs (called formularies). Although there are many similarities, choosing the best plan for you really depends on what medications you are taking and how much the plan pays for those drugs.

3. Does a Prescription Drug Plan Pay for All of My Medications?

No. Drug Plans pay a certain amount, depending on the medication. After you and your plan pay $2,830 (in 2010), you will need to pay for all of your drugs costs until you have paid $4,550. After that, you will only have to pay small co-pays for your medications. This "gap" in coverage is often referred to as the "donut hole."

Some plans do pay for most "Generic" drugs in the gap, so it is important to shop around.

A good insurance broker can help you compare different plans to find the best plan for your situation.

To find the best plan, tailored for you, call 1-877-7-MEDIGAP, or click here to get a personalized quote.