Best Most Affordable Medicare Supplement Insurance Plan
The Best Most Affordable Medicare Supplement Insurance Plan rates are available from carriers such as, Mutual of Omaha, Aetna, American Continental, Blue Cross, Gerber, Heartland National, Medico and many more.
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Medicare Part ABCD are explained below. Please keep in mind there is much to the Medicare program, this is a short understanding of how it works.
Medicare Supplement Insurance covers the gaps in your Original Medicare Fee For Service, Medicare Parts A and B. Upon turning age 65 and having worked at least 40 quarters in your lifetime you are entitled to Medicare Part A automatically.
Medicare Part A – Hospitalization, Skilled Nursing Care, Hospice, Home Health Care
Medicare Part A has a $1156 deductible, that could be charged up to five times in a year, if you were hospitalized and released and then readmitted. This is highly unlikely but it is a possibility.
Medicare Part B – Physician Services, Laboratory Tests, Blood and Medical Equipment are covered under Medicare Part B, that does have a annual deductible of $140 per year
If you do chose to purchase Medicare Part B, which is voluntary, it will cover 80% of medical costs, but if you do not take Medicare Part B and you have a change of mind, you will most likely have to pay a penalty of 10% for each year you do not take it after your were first eligible.
Medicare Part C - also known as, Medicare Advantage. Medicare Advantage plans are overseen by the Centers for Medicare and Medicaid. Private insurance companies are contracted by the Federal Government to offer Medicare Advantage plans.
Medicare Advantage plans must cover all Medicare Part A and Medicare Part B coverages, but may also offer lower premiums and have a maximum out of pocket that can be charged.
For further information on Medicare Advantage plans please call 888 833 1755 to discuss options. Medicare Advantage plans have very strict guidelines to help protect individuals.
Medicare Part D - Prescription Drug Program, also overseen by the Centers for Medicare and Medicaid. Prescription Drug Plans are sold by private insurers that are contracted by the Federal Government to offer Prescription Drug Coverage to individuals. The plans sold by the private insurer must have the following and must be just as good or better than the model established by the Federal Government.
The Prescription Drug Program
Part D plans are required to cover at least the Part D standard benefit or an equivalent
In 2012, the beneficiary may pay:
*25% of prescription drug costs between $320 and $2,930 = $652.50
*Part of the costs in the “Coverage Gap” – After total spending on drugs by the beneficiary and the plan reaches $2,930 the beneficiary pays for 86% of generic drug costs and 50% of brand name drug undiscounted costs.
*Drug manufacturers provide a 50% discount on brand name drug costs.
*A new law enacted in 2010 eliminates the coverage gap by 2020 by reducing the amount beneficiaries pay while in the coverage gap by a small percentage each year until 2020 when they will be responsible for only 25% of brand and generic drug costs.
*Costs under catastrophic coverage: Once a beneficiary reaches a total of $4,700, the beneficiary will be moved from the Coverage Gap and reaches the Catastrophic Coverage.
*Future prescriptions will cost either a co-pay of $2.60 for generic drugs or $6.50 for brand name drugs or a co-insurance of 5%, whichever is greater.
Questions? 888 833 1755, Advisor Bradley D Pyles
Information for 2012 plan year. Medicareplaninfo.com and Bradley D Pyles are not associated with Medicare or CMS, information on this site are purely Pyles’ views and understanding