Rest easy knowing you have help covering your healthcare expenses

Medicare Supplement Insurance Plans

Medicare Supplement policies help pay all or some of the health care costs that Medicare approves but does not cover, like:

• Copayments
• Coinsurance
• Deductibles

Some Medigap policies also cover services that original Medicare doesn’t, like medical care when you travel outside the U.S.

If you have original Medicare Parts A and B and you buy a Medicare Supplement plan, here’s what happens:

• • Medicare will pay it’s share of the Medicare-approved amount for covered health care costs.
  • Then, your Medigap plan will pay it’s share, depending on the plan benefits.
  • Finally, if there is a balance owed, you will be responsible for that.

Medigap policies don’t cover everything.

Medigap plans generally don’t cover long-term care, vision or dental care, hearing aids, eyeglasses, or private-duty nursing.

Part C or Medicare Advantage Plans

Medicare Part C, also known as Medicare Advantage, is offered by private insurance companies. These plans cover health care costs the same way original Medicare covers them, and in many ways even better. They also offer other benefits and services that original Medicare will not cover. In many cases, these plans also include Part D coverage.

As a note, Medicare Supplements and Medicare Advantage plans do not work together. If you have a Medicare Supplement and you are purchasing a Medicare Advantage policy you will want to cancel you Supplement when the Advantage plan is in force.

For more detailed information on which type of plan would work for you please contact me.

Part D or Prescription Drug Coverage

Medicare Part D, the prescription drug benefit, is offered through many private insurance companies and covers most prescription drugs. Each plan offers it’s own formulary, or list of covered drugs. Each individual plan may differ from the others.

Most Medicare drug plans have a coverage gap (also called the “donut hole”). If you fall into the gap during the calendar year there will be a temporary limit on what the drug plan will cover.

The coverage gap begins after you and your drug plan have spent a certain amount for covered drugs. Once you have spent $4,020 on covered drugs in 2020, you’re in the coverage gap (aka donut hole). This amount may change each year. Also, people with Medicare who get Extra Help paying Part D costs won’t enter the coverage gap.

Extra Help

If you meet certain income and resource limits, you may qualify for a program called EXTRA HELP from Medicare to pay the prescription costs, premiums, deductibles, and coinsurance of Medicare prescription drug coverage.

In 2020, prescription costs are no more than $3.60 for each generic/$8.95 for each brand-name covered drug for those enrolled in the program.

Some people pay only a portion of their Medicare drug plan premiums and deductibles based on their income level.

To qualify for extra help with Medicare prescription drug plan costs in 2020, your annual income must be less than $19,140 for an individual ($25,860 for a married couple living together).