MEDICARE

Medicare

Medicare is our country's health insurance program for people age 65 or older. Certain people younger than age 65 can qualify for Medicare, too, including those with disabilities and those who have permanent kidney failure. The program helps with the cost of health care, but it does not cover all medical expenses or the cost of most long-term care. You have choices for how you get
Medicare coverage. If you choose to have Original Medicare (Part A and Part B) coverage, you can buy a Medicare Supplement Insurance (Medigap) policy from a private insurance company.

When it comes to considering your Medicare options, you can spend hours doing your own research or you can make a single call to Good Life Insurance. We’ll search all available plans from nationally recognized companies to find the coverage that’s
right for you … at a price that fits your budget. And we’ll do it at no cost to you.

Your options with Medicare:

Medicare Advantage

Medicare Advantage, also known as Medicare Part C, is health coverage offered by private insurance companies. Medicare Advantage plans offer the same benefits as Original Medicare (Part A and Part B) and often includes additional coverage such as prescription drugs, dental, vision, and hearing.
One difference between Original Medicare and Medicare Advantage is that most Medicare Advantage plans have dedicated networks of doctors and hospitals, much like employer or individual insurance you may have had in the past. With Original Medicare, you can use any provider that accepts Medicare.
Good Life Insurance can help you determine which Medicare plan is right for you. Contact us today!

It’s good to understand the different parts that make up medicare.

Medicare Part A (hospital insurance) helps pay for inpatient care in a hospital or limited time at a skilled nursing facility (following a hospital stay). Part A also pays for some home health care and hospice care.

Medicare Part B (medical insurance) helps pay for services from doctors and other health care providers, outpatient care, home health care, durable medical equipment, and some preventive services. Other parts of Medicare are run by private insurance companies that follow rules set by Medicare.

You have a choice between 2 types of plans.

Are Medicare Advantage plans a good option?

For many Medicare-eligible Americans, these plans are the right choice. In fact, enrollment in Medicare Advantage almost doubled from 1999 to 2019. Medicare Advantage plans (Medicare Part C) provide all your Part A and Part B benefits through private insurance companies instead of the government. They also may offer additional benefits such as Part D prescription drug coverage, dental, vision, hearing, and services such as acupuncture, meals, caregiver support, and more. And many plans are available for
$0 per month.

Medicare HMO Plans

A health maintenance organization (HMO) gives you access to a network of doctors and hospitals that you must use in most cases. There are typically limited out- of network benefits with an HMO plan. Like all Medicare Advantage Plans, HMOs must provide you with the same benefits, rights, and protections as Original Medicare, but they may do so with different rules, restrictions, and costs.

Medicare PPO Plans

A Medicare PPO Plan is a type of Medicare Advantage Plan (Part C) offered by a private insurance company. PPO Plans have network doctors, other health care providers, and hospitals. You pay less if you use doctors, hospitals, and other health care providers that belong to the plan's network. You pay more if you use doctors, hospitals, and providers outside of the network.

Medicare Supplement (Medigap)

Medigap is Medicare Supplement Insurance that helps fill "gaps" in Original Medicare and is sold by private companies. Original Medicare pays for much, but not all, of the cost for covered health care services and supplies. A Medicare Supplement Insurance (Medigap) policy can help pay some of the remaining health
care costs, like:

Copayments
Coinsurance
Deductibles

All policies offer the same basic benefits but some offer additional benefits, so you can choose which one meets your needs.
Join the rising number of seniors with a Medicare Supplement plan. Between December 2015 and December 2016, enrollment grew from 12.3 million to 13.1 million. Medicare Supplement Plans, cover many of your Medicare Part A and B out-ofpocket costs such as deductibles and coinsurance. Whether you prefer higher premiums or lower out-of-pocket costs, there’s a Medigap plan that could be right for you. The best time to buy a Medigap policy is during your 6-month Medigap Open Enrollment Period. During that time you can buy any Medigap policy sold, even if you have health problems. This period automatically starts the month you're 65 and enrolled in Medicare Part B (Medical Insurance), and it can't be changed or repeated. After this enrollment period, you may not be able to buy a Medigap policy. If you're able to buy one, it may cost more due to past or present health problems.
A Medigap policy covers only one person. Spouses must buy separate policies.

Understanding the different options with Medicare Supplement

Plans A and B

Medicare Supplement Plans A and B cover basic co-insurance and copayment costs for hospitalization, medical expenses, and hospice care. Medicare Supplement Plan B provides additional coverage for Part A deductibles.

Plans C and D

Medicare Supplement Plans C and Plan D cover the basic Medicare benefits, plus skilled nursing care, the Medicare Part A deductible A and emergency care abroad. Plan C also covers the Medicare Part B deductibles.

Plans F

Medicare Supplement Plan F covers the basic Medicare benefits, plus coverage for Medicare Part A and B deductibles, skilled nursing care, emergency care abroad and 100% of Part B excess charges— this is the difference between what a provider charges and the amount Medicare will pay up to Medicare’s limiting amount. A high-deductibles option is available that can lower your premium.

Plans G

Medicare Supplement Plan G covers basic Medicare benefits plus coverage for additional costs like Part A deductibles, skilled nursing care, Part B excess charges (charges above what Medicare pays) and emergency care abroad.

Plan K and L

Medicare Supplement Plans K and L cover a range of medical costs, including doctor’s services and hospital care. The plans pay a percentage of your costs, and then you are responsible for the remainder. Each Medicare Supplement Plan K and L has its own out-of-pocket maximum, which limits the amount you have to pay each year.

Plan N

Another lower-premium option offering the same basic benefits; however, Plan N includes an office copayment of up to $20 and an emergency room copayment of up to $50. Medicare Supplement Plan N also covers Medicare Part A deductibles, skilled nursing care and emergency care.