What Are My Medicare Coverage Choices?
The chart to the right helps you decide the type of coverage that is best for you. Original Medicare (the left column) is the most popular choice. All seniors turning 65 are eligible for this plan without exception.
Under this plan you will first receive a card for covering hospital and doctor's bills. You will receive a separate card for Prescription Drug coverage, should you choose opt in.
A Prescription Drug Plan is not required. However, it is best to sign up for it when you first become eligible under Medicare Part A or you will be penalized each month after your Part A eligibility, unless you have credible coverage by another carrier offering the same or similar benefits as the Medicare Drug Plans.
Medicare Advantage Plan
A Part C Plan (right column) combines Medicare Part A and Part B and may include a drug plan. It is only available during open enrollment or when you first become eligible for Part A and B Medicare.
There are two ideal recipients for this product. One is an individual who does not have chronic conditions. A person that goes to the doctor four or six times a year.
Another recipient would be an older individual who has several chronic conditions and has a high-cost supplement to help with medical expenses. The Medicare Advantage plan has no underwriting questions except concerning kidney dialysis an renal failure.
A Medicare Advantage plan also has a stop loss. A stop loss limits the total out-of-pocket cost in a calendar year. The premium is lower than a regular supplement but the potential for cost sharing is greater.
An experienced agent is someone who can help you navigate through the various programs. He can make recommendations of coverage, regardless of your health or other conditions. He represents a number of companies which offer products to meet the needs of most individuals.