If you are 65 or older and considering supplementing your Medicare coverage there are several options on the market. These are the four main options for Medicare supplementation.
1. Medicare Advantage Plans
Medicare health insurance Goldsboro NC Medicare Advantage plans are supplemental plans offered by private insurance companies that have been approved by Medicare. These plans include Health Maintenance Organizations, Private Fee-for-Service Plans, Preferred Provider Organizations, Medicare Medical Savings Account Plans and Special Needs Plans. When you enroll in one of these plans, your Medicare services are covered through the plan, rather than directly through Medicare. The plans are county-specific and most include prescription drug coverage.
2. Medicare Supplement Plans
Medicare supplement plans are also sold through private insurance companies and they pay for all or a portion of Medicare’s co-payments and deductibles. Some of these plans also pay for services that are not covered by Medicare, such as foreign travel emergency medical care. These plans are not network-based, which provides patients with more flexibility in choosing their healthcare providers.
3. Prescription Drug Plans
Medicare Prescription Drug plans add coverage for prescription drugs to Medicare insurance. These plans provide some coverage for prescription drugs, supplies, vaccines and biologicals not covered by Medicare Part A and Part B. Even if you do not take any prescriptions, you may want to purchase a prescription drug plan to cover future needs and avoid a penalty from the government.
4. Private Insurance
If your employer or your retirement benefits provides you with private insurance, you can use it to supplement your Medicare coverage or delay enrolling in Part B. Your insurance company will coordinate with Medicare to determine who pays first for services.
Even if you have private insurance, your insurance coverage may change as you become eligible for Medicare. Familiarizing yourself with these four options for supplementing your Medicare coverage will help you make the right insurance choice for you.