Medicare Advantage programs resemble the health insurance programs that many Americans have used for decades. Policies may be sold on an issue-age basis or an age level basis. The same insurance company may offer Part D policies separately. Few Medigap policies include Part D coverage. They reduce the risk of high co-pays and deductibles in exchange for a known monthly fee. With the exception of foreign travel coverage, these plans are simple risk transfer programs. The plans differ in terms of co-pays by service, foreign travel coverage, out of pocket limits, and a few other features. The three named states have plans that are unique to their states. ![]() Except for Massachusetts, Minnesota, and Wisconsin, all Medigap plans must conform to one of the Medicare-approved categories. A Medigap Plan ‘K’ program in New Mexico will have the same benefits as a ‘K’ plan in Virginia, though the monthly premium may be different. There are roughly 10 standard plan variations. They may add features but must cover 100% of the services paid for by Medicare Part A and Part B. Medigap plans offer standard Medicare features by law. Enrollees continue to pay Part B premiums. Those insured continue to use the same doctors who accept Medicare. With just a few exceptions, these programs are strictly financial – they include no direct medical care. Medigap plans are private insurance programs that restructure the payments required and potential liabilities incurred under Medicare Parts A and B. Medicare does not cover dental, optical, or some other medical needs.These are often less than payments offered by health insurance companies. Medicare specifies limits on medical payments by service. Physicians and other medical providers do not need to accept Medicare patients.Co-pays are required, and they are unlimited. Medical expenses under Medicare do not have a payment cap.There are a few key takeaways that one needs to know to put explanations of Medicare Supplement programs (Medigap) and Medicare Advantage plans into context. The doughnut hole left Medicare Part D patients paying a higher rate for drugs for a few thousand dollars’ worths of annual purchases for several years. Part D coverage has a coverage gap known as a ‘doughnut hole’.This coverage gap is scheduled to close by 2020.Offers catastrophic coverage for very high costs drugs.It is an optional service offered by private sector organizations. (These plans are discussed in greater detail in this article.) Part DĬovers prescription drugs. These programs often include Part D benefits and may also offer ancillary medical services, such as dental or vision care, not covered under Medicare. These are private insurance programs, typically run on an HMO or PPO basis, that offers Medicare-like services. If a person is working and covered under a company medical plan, it is critical to speak with HR about possible conflicts with Part B benefits.Annual wellness visit and some preventive services require no payment by the insured.Requires co-pays on most Part B services.Requires a monthly insurance premium ranging from $134 (2018) for individuals earning $85,000 or less increasing to $428.60 (2018) for individuals earning $170,000 or more. ![]()
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