Medicare: Senior Health Insurance Options

Medicare is a comprehensive health insurance program that provides good benefits, but leaves wide gaps in coverage that often result in high out-of-pocket costs for seniors. Attempting to fill these gaps has become a mission for many private-sector health insurance companies. Navigating the multiple options and selecting the best plan can be an overwhelming experience for many seniors. Our mission is to help seniors narrow down the selection and find the best program that meets their needs.

Traditional Medicare:

Traditional Medicare coverage includes Medicare Part A and Part B. Medicare Part A is free and covers approximately 80% of inpatient hospitalization expenses. Part B of Medicare currently has a premium of $104.90 per month and covers outpatient medical expenses with some out-of-pocket expenses and co-pays. Most medications are not covered under either part of traditional Medicare. To enroll, seniors must file an application with the Social Security Administration.

Medicare Advantage Plans:

Medicare Advantage Plans are sometimes known as Medicare Part C. The government has provided large subsidies to many private health insurance companies to help fund Medicare Advantage Plans. These plans allow seniors to pay a fixed premium and receive all of their traditional Medicare benefits through the private insurance plan, as well as some additional coverage that regular Medicare doesn't provide. These additional services may include dental, vision, prescription drug coverage, and others. The out-of-pocket costs such as premiums and co-pays will vary based upon the selected plan.

Medigap Plans:

Medigap plans are a type of supplemental insurance that helps to fill the gaps left with regular Medicare coverage. Like Medicare Advantage, these plans are offered by private health insurance companies. Medigap plans provide some additional coverage options that are not offered by traditional Medicare. Unlike Medicare Advantage, this is a separate plan that a senior can elect in addition to Medicare Part A and Medicare Part B. The unique feature of these plans is that they are guaranteed renewable as long as seniors continue paying the premium.

Medicare Drug Coverage:

Prescription Drug Plans, or Medicare Part D is an optional plan that Medicare beneficiaries can elect. This coverage is easy to obtain. Seniors who already have Medicare Part A and Part B are eligible simply by enrolling in one of the Medicare approved plans with a private insurance company. There are no health screenings or limitations for seniors who currently takes a lot of prescription medications. Available plans will vary depending on geographic area. There are no income requirements to enroll, but some low income beneficiaries can get assistance paying for the plan by filing an "Application for Extra Help" with the Social Security Administration. These plans operate either independently as a stand-alone plan (PDP) with your Medicare Part A and Part B, or through one of the Medicare Advantage Plans (MA-PDs).