Understanding Medicare Plans

By: Adam Pearlman

Published: January 14th, 2013

With Medicare open enrollment season upon us right now (October 15th-December 7th) many seniors age 65+ are reviewing the many Medicare programs available to them. They have been inundated with marketing materials from the many health insurance companies out there to persuade them to sign up or to change their plans for the next year, effective starting January 1st 2013.

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Medicare Advantage plans can be a good option for those who are on a fixed monthly budget and who do not want to pay the higher Medigap policy premiums on top of the monthly Medicare charges. When considering a Medicare Advantage plan, check to see if your current physicians are part of the plan’s network, and if the prescription medications you are taking are among those listed in the plan’s drug formulary. Costs will vary depending on the benefits included in each Medicare Advantage plan. Some “Medicare Advantage Part C” plans require no additional monthly premium at all, beyond the standard Part B payment, not even the usual payment for Part D drug coverage.

The choice is yours, but you must make that choice among the various Medicare options for 2013 before the enrollment period ends on December 7.

To conclude, having Medicare is definitely a bonus for those lucky enough to make it this far and enjoy a golden retirement, but it does not mean that all of your medical expenses are now covered. Unless one of you is qualified for a state Medicaid program, which covers many of the excess medical charges, (20%) anyone with significant assets should expect to pay anywhere from $99-$619 a month for their retirement health insurance needs plus co-pays and deductibles, depending upon the Medicare options you have chosen. This is significantly less than the $500-700 monthly premiums typically charged for single coverage by the group insurance offered by employers, but it is not as low cost or free coverage as one may think they are entitled to once they have qualified for Medicare.

As I work with multiple carriers, I would be glad to discuss your specific needs personally, and review the best Medicare options for you to help you maximize the coverage you get for your premium dollars!

Neither Adam Pearlman & Associates nor Adam Pearlman is connected with the Federal Medicare program. Adam Pearlman is an independent agent who represents multiple carriers.