With over 50 plans in Middle TN, what is the best Medicare option?
This is a complicated question. In addition to Original Medicare, your choices include Advantage Plans or Supplement Plans.
How do we choose?
Which option is best for you?
How can you be sure?
For most of us, costs are a major concern when it comes to choosing our health insurance. It is also important to minimize financial gaps. Besides premiums, there are deductibles, coinsurance, and copayments to consider in calculating total Medicare spending. Other issues like prescription drug coverage and provider networks also factor into your choices.
What is Medicare and What Does it Cover?
Original Medicare is Part A (hospitals) and Part B (doctors). You can choose any doctor or hospital that takes Medicare. Medicare pays 80% and you pay 20%. Who pays the $20,000 from a $100,000 hospital invoice? Look no further than your mirror.
Does Medicare Cover My Prescriptions?
Original Medicare does not have prescription coverage, so dig back into that wallet or purse and enroll in Part D Prescription Drug Plan. Lots of choices here.
Are there plans available to cover the 20% that Medicare does not cover?
Yes, Supplement plans cover the 20% for a monthly fee. Just like Original Medicare, you will need to purchase a prescription plan with Part D.
What Types of Plans Do Most People Choose?
The most popular option is the Advantage Plans (Part C). This is similar to group health insurance that you’ve had during your working years. The plans have networks, which is important to consider if your doctors are out of the network. You will pay for medical services as you go along. Advantage Plans have routine vision, dental care and some also include wellness programs, gym memberships, and 24-hour nurse hotlines. Most of us are attracted to these plans because the cost is $0 per month. You must be mindful to purchase prescriptions at Preferred Pharmacies as costs are astronomical at out of network pharmacies.
As you can see, the choices are vast. The Oak Tree Advisors offers a free analysis of your plan, will offer valuable tips to lower your monthly prescription costs and can check which networks your doctors work with. We can help. Harry@theoaktreeadviors.com 615-715-5830