All Medicare plans are designed by the federal government, so all insurance companies must offer the same minimum benefits and coverages. Although these plans are standardized, each company will have different pricing and could have additional points of value for their plans.
Medicare is a government health plan where the insured is required to select either a Medicare Supplement plan and Prescription Drug (Rx) coverage (Part D) or enroll in an all-in-one plan called Medicare Advantage. There are advantages and disadvantages to each.
Medicare Supplement Plans
Medicare Supplement plans, for example, cost more but give the insured more choices. When you select a Medicare Supplement plan you should enroll in a Medicare Part D plan (Drug or Rx) at the same time.
This is prescription drug coverage for Medicare subscribers. There are a few choices in plans and many companies that offer coverage. If you do not enroll in part D when you join Medicare, but you want it at a later date, you will be penalized. When enrolling late, there’s a per month penalty for every month you are not enrolled.
Medicare Advantage is an all-in-one plan (HMO). Although it is less expensive to the insured, it does have some serious limitations. TexasFamilyBenefits.com has a partner that handles this special coverage for you.
The following resources can help with your Medicare decisions. Call on your agent for more information. If you live in Texas and do not have an Insurance Agent, please give us a call.We will be happy to meet with you, in our office, by appointment.
Medicare Coverage Choices from the US Government site and or give us a call.
Medicare Plan Finder from the US Government site.
Your Guide to Medicare’s Preventative Services
The official government booklet with important information about what disease prevention is and why it’s important; which preventive services Medicare covers and how often; who can get them and what you pay.
Choosing a Medigap Policy (A Guide to Health Insurance for People with Medicare)
Medicare Supplement plans by letter including benefits.
The 12 Standard Medicare Supplement Insurance Plans (Charts from TDI)
For even more timely information please see our blog and search for “medicare” and other topics.
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