09/03/2019
Quesion:
What are the options for , and does it feel like or group employer health insurance?
Answer:
There are many options for health insurance when you become eligible for Medicare. The two main options are Medicare Advantage plans, otherwise known as Part C. The other route is using your Medicare card, called original Medicare with a Medigap also known as Supplement plan. Depending on what option you choose, you must also have credible drug coverage.
We all would like to know what a product feels like that we are familiar with. Many clients are very confused when understanding Medicare Advantage (MA) plans. To break down the feel of how these cost-sharing plans work, I will say the medical services can act and feel somewhat like group employer and individual plans in that both have cost-sharing, co-pays, co-insurance and maximum out of pocket. You’re probably wondering why I didn’t use the word deductible.
Typically, there are no medical deductibles in Medicare Advantage plans, however, deductibles may relate to prescription drug plans when you are taking a Brand prescription drug. One major difference to note is the prescription drug coverage. While individual and group insurance drug cost count toward max out of pocket, Medicare prescription drug cost do not.
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