Carrollton Medicare Plans

If you are retired and have a health plan provided by your former employer, then you need to sign up for Medicare Parts A and B. Medicare is usually necessary in this case because it takes precedence over a retiree health plan. If you neglect to enroll, you could be penalized for not signing up for Medicare on time. You’ll also want to sign up for Medicare if you’re a retiree whose former employer doesn’t offer a retirement plan. Signing up for Medicare at age 65 will help you avoid late fees, delays in coverage, and lost social security benefits.

If you’re still employed and work for a company with twenty or more employees, there are a few Medicare options available for you. If you work for a large company, you may want to enroll in Medicare Part A and delay Medicare Part B. You can do this because your employee group plan acts as your primary coverage. When you have creditable employer coverage, you can delay signing up for Medicare until that coverage is gone. Many people enroll in Part A and delay Parts B and D until they retire.

Medicare Advantage and Medigap plans are two diverse types of insurance plans that can help people with Medicare cover healthcare costs that are not covered by Original Medicare (Parts A and B). Here’s an explanation of each:

1. Medicare Advantage: Medicare Advantage (MA) is a type of health insurance plan offered by private insurance companies approved by Medicare. MA Plans combine all the benefits of Original Medicare (Parts A and B) into one plan and often include additional benefits like prescription drug coverage, vision, and dental care. MA plans have an annual limit on out-of-pocket costs, which means that once you reach the limit, the plan pays for all covered services for the rest of the year. However, MA plans typically have a restricted network of providers, and you may need a referral to see a specialist.

2. Medigap: Medigap, also known as Medicare Supplement Insurance, is a type of private health insurance that helps pay for some of the costs that Original Medicare (Parts A and B) does not cover, such as deductibles, copayments, and coinsurance. Medigap plans are sold by private insurance companies and work alongside Original Medicare. Unlike MA plans, Medigap plans don’t have a restricted network of providers, and you don’t need a referral to see a specialist. Medigap plans generally have higher monthly premiums than MA plans but can offer more flexibility and predictability in healthcare costs.

In summary, Medicare Advantage (MA) plans and Medigap plans are two different types of insurance plans that can help people with Medicare cover healthcare costs that are not covered by Original Medicare. MA Plans combine all the benefits of Original Medicare into one plan and often include additional benefits, while Medigap plans work alongside Original Medicare to cover some of the out-of-pocket costs. It’s important to understand the differences between these two plans to choose the coverage that best meets your healthcare needs and budget.

The clarification you’re looking for on Medicare can be found by contacting Ashford Insurance. Call us to review your specific circumstances and what steps, if any, you need to take to avoid any future enrollment penalties with Medicare. There is no obligation, and we promise your experience with us will be pleasant and most certainly educational.