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What Do I Have to Choose From?

Medicare offers several different policies, with variations as to what’s covered and how the policies themselves work. You have choices such as: 

• Medicare Part A

• Medicare Part B

• Medicare Part C (Medicare Advantage)

• Medicare Part D

What is Original Medicare? Who is it Ideal For?

The common choice is Original Medicare, which is made up of Medicare Part A and B. This offers coverage such as:

• Inpatient - Hospital stays, hospice care, and skilled nursing facility care

• Outpatient - Durable medical equipment, preventive care (e.g. screenings and exams), and immunizations

Original Medicare does not cover things such as:

• Dental

• Vision

• Hearing

If you are looking for an insurance plan that covers standard treatments, then Original Medicare is the one for you. It may not offer a few services, but it is a great policy in its own right. It should also be noted that you need Part A and B to enroll in other Medicare-related policies.

What About Medicare Advantage?

Medicare Advantage has the most variety, both in terms of cost and coverage. Its selection makes it the ideal choice for those who have specific healthcare needs and/or payment preferences. There are multiple forms of it.

Medicare Advantage plans come in such forms as:

• Health Maintenance Organization (HMO)

• Preferred Provider Organization (PPO)

• Private Fee-for-Service (PFFS)

• Special Needs Plans (SNPs)

• Medicare Savings Account (MSA)

HMOs are ideal for those who want basic health insurance coverage. This one covers all the bases, with inpatient, outpatient, and prescription drug coverage included. It is often the cheapest out of all plans. However, policyholders are restricted to getting coverage from a network.

PPOs are for those who prefer to see specific healthcare professionals, as this plan gives policyholders higher discounts to certain professionals within the network. Out-of-network coverage is possible, albeit at a higher cost.

PFFS plans make costs predictable, and these are purchased because individuals will know exactly what they will pay for any appointment.

SNPs are for those who have special needs, whether that be financial or because of serious ailments. All of these are required to offer prescription drug coverage as well.

MSAs work differently from the other Medicare Advantage plans in that these deposit funds into your account. You can then use those funds to pay Medicare-related expenses. Funds left over in your account at the end of the year will remain there the next year.

How Do I Know If I Need a Drug Plan?

Medicare drug plans are unique because of how medication coverage can be different from one plan to another. If you choose a drug plan, it is ideal to do so if you do not already have creditable drug coverage. It is also a good idea to be ready to provide your insurer with the list of medications you take so that you can find a plan that gives you the best coverage for your current needs.

Get Your Plan With Us!

If you’re unsure as to what Medicare plan you should get, don’t fret! Cashmore Financial Group will help you make the best choice and bring you peace of mind, because we will ensure that we help you make the right decision.

How can we help you?