It’s a fact: Medicare insurance is confusing! Our private insurance clients appreciate that they can sit down with a real person who understands the ins and outs of Medicare insurance. They also appreciate being able to ask questions face-to-face and to receive knowledgeable answers without spending more time researching on their own.
Maybe a Medicare Supplement works for you, or maybe you prefer a Medicare Advantage Plan. Perhaps there is a prescription drug plan that better fits your needs. As an experienced Medicare insurance agent, Jeff Lamphere can clearly explain the features of each type of plan and help you understand your options.
If you need help enrolling in Medicare coverage for the first time, or if you have questions about obtaining plans during Medicare’s annual enrollment period (October 15 – December 7), contact Lamphere Insurance at (360) 354-5333.
Medicare Supplement Insurance (Medigap)
Medicare Supplemental Insurance is designed to help pay for some of the costs of Medicare-approved services that are not paid for by Original Medicare (Part A and Part B). Some of the gaps the plan may fill are copayments, coinsurance and deductibles. There are 10 standardized plans that are offered by private insurance companies. These plans give you the freedom to choose your doctors and hospitals (no networks), and they enable you to see any doctor or provider that accepts Medicare. The New Modernized Medigap plans do not include built-in Part D Prescription Drug Coverage.
Medicare Advantage Plans
This is a type of Medicare health plan that covers at least all of the services that Original Medicare (Part A and Part B) provides, and most include a Medicare Prescription Drug Plan (Part D). Plans are offered by private insurance companies that contract with Medicare. For most plans, you need to use plan-approved doctors, hospitals, and other providers or you may pay more, or all, of the costs. Medicare Advantage Plans often have a lower out-of-pocket risk compared to Original Medicare. They may offer extra benefits such as vision, hearing, dental, and/or health and wellness. Some of those benefits may require an extra premium. Costs for items and services vary by plan and by insurance company.
Medicare Prescription Drug Plans (Part D)
Original Medicare covers a limited number of prescription drugs. Part D is a prescription drug insurance coverage offered by private insurance companies and approved each year by Medicare. Except for certain situations, you should enroll in Part D when you first become eligible to avoid penalties that will be assessed if you enroll at a later date. Part D was designed to aid people with Medicare, lower their prescription drug costs and protect against future costs. These prescription drug plans will allow you to have access to medically necessary prescription drugs.