When you reach the age where you are eligible for Medicare, you have choices. Many myths exist about advantage plans and what they do and do not cover. You may not realize all the ramifications of your decisions. At Lana Insurance Center Inc. in Wallingford, CT, we are here to help guide you and to answer your questions about the choices you must make when it comes to your Medicare coverage.
Medicare Insurance FAQs
What is a Medicare Advantage Plan?
A Medicare Advantage Plan is coverage provided by private insurance companies that covers the same things that Medicare covers. The advantage is that many of the plans include your prescription coverage. You may also get lots of other benefits, including membership in a gym, dental coverage, OTC money to spend, and more. Some cost no more than your Medicare payment, others have a monthly fee.
What does Medicare Supplement (Medigap) pay?
Medicare doesn’t cover 100% of medical care. Medigap insurance helps to fill in the gap between what Medicare pays and what is actually charged. Private insurance companies provide coverage.
What do I need to know about Medicare Part D (prescription plans)?
Traditional Medicare doesn’t have prescription coverage, you have to buy it separately. You may not be aware that you are required to have a prescription plan once you become eligible for Medicare. If you have creditable prescription coverage from another source, you may be able to avoid the penalty you are required to pay for not having it. Keep records of your other coverage to prove you had it. The penalty will be added to your Medicare prescription coverage once you do get it and it will never go away, ever. Since it is a percentage, if the premium goes up, so does your penalty.
Give Us A Call
Contact Lana Insurance Center Inc. in Wallingford, CT to discuss what options you need to consider when it comes to Medicare insurance.