Are you confused or overwhelmed by Medicare?
Medicare beneficiaries receive a lot of information about Medicare, not to mention agents are trying to give them information about Medicare Advantage Plans and Medicare Supplement Plans. To make good decisions, you need honest and correct information. When you are fully informed, you feel more confident about taking action. Taking the right action is the key to saving money on your healthcare costs.
Every year, thousands of seniors are tricked into enrolling in Medicare Advantage plans, which are NOT original Medicare. (Please see our post explaining what a Medicare Advantage plan is). Just know that if you enroll in a Medicare Advantage plan YOU WILL NOT BE ENROLLED IN ORIGINAL MEDICARE.
When you enroll in Original Medicare, your healthcare is managed through the federal government and you have the right to go to any doctor or hospital ANYWHERE in the United States that accepts Medicare patients. When enrolled in Original Medicare, you will have the opportunity to enroll in a Medicare Part D prescription drug plan and a Medicare Supplement plan.
Original Medicare pays 80% of medical costs, while a Medicare Supplement plan pays the 20% that Original Medicare doesn’t cover. There are many plans to choose from, but the ones that cover the most are Plan F, G and N. The coverage’s are as follows.
Plan F – pays 100% no copay or deductibles
Plan G – pays 100% after a once a year $166.00 deductible
Plan N – pays 100% after a once a year $166.00 and a $20 copay to the doctor and $50 copay to the ER.
With Original Medicare and Plan F, G or N, you have:
• The right to choose any hospital, doctor or specialist that accepts Medicare patients
• No networks to worry about
• No doctor referral needed to see a specialist
• No prior approval required.
Stay tuned for more information about Medicare and frequently confused aspects of the program as we will post a new article every week.