Medicare and More | Additional Information
Need more help deciding?Jeff Skeesick can answer questions you may have. 866.696.3154 orjskeesick@aiin.net
What is Medicare?
Medicare coverage is provided to eligible US citizens at age 65, 66 or 67 (depending on the year you were born) as well as to those of any age who the Social Security Administration has determined to be disabled and to those who have end-stage renal (kidney) disease. Medicare, the nation’s largest health insurance program, is available to meet various needs.
Basic healthcare needs are covered by four Medicare “parts.” An Overview of the Medicare Program is available on this website, as well as on the US Department of Health and Human Services website. Below are some frequently asked questions regarding Medicare and options that are available.
How can I get affordable health insurance (I’m retired, but not yet 65)?
Many people– for various reasons – want or need to retire before they are eligible for Medicare. At times, finding affordable health coverage can be difficult.
An individual health insurance plan is typically the answer. In most states, individual health insurance plans are rated on the basis of the purchaser's age. Younger persons may have a lower monthly premium while those older are required to pay more.
However, in Washington State, those aged mid-50 to 65, can purchase what is known as a “catastrophic” individual health insurance plan at a competitive rate. These plans typically pay up to two million dollars in claims, offering excellent financial protection against the high cost of medical bills.
Compared to the cost of extending an employer's COBRA coverage for 18 months as is allowed under the law, an individual health insurance plan is often the best value. Our inova team can help you to compare the cost of several individual health insurance plans so you are able to make an appropriate choice.
What is a Medicare Advantage Plan?
An option for those eligible for Medicare is a Medicare Advantage plans. Medicare Advantage plans replace Medicare and often offer benefits that exceed those offered by the typical setup of Medicare plus a Medicare supplement. However, Medicare Advantage plans require purchasers to follow insurance company plan rules.
The rules range from requiring the individual the use a defined list of doctors and hospitals to requiring the use of a primary care physician. Again, it is of great value to use the advice of a trusted professional. Contact our inova team to learn more about individual health insurance, Medicare and Medicare supplement plans for Washington State residents.
Why should I purchase a Medicare Advantage Plan?
Medicare Advantage plans contract with the federal government and are designed to reduce out-of-pocket expenses and provide more coverage than traditional Medicare alone, providing all the benefits of Medicare Parts A and B, plus additional benefits. The beneficiary continues to pay the Medicare Part B premium as well as any additional premium charged by the Medicare Advantage plan. These plans offer a terrific value to many eligible people; however, they are not for everyone. Call inova today to learn more about our Medicare plans for Washington residents only.
Why Buy a Medicare Supplement Plan?
Medicare supplement plans fill in the gaps left by Medicare such as the Medicare part A deductible, the Medicare part B deductible, prescription drug coverage as well as some of the cost shares that Medicare requires. These plans have fewer restrictions than Medicare Advantage plans and are well suited to individuals who travel frequently throughout the United States and desire a type of stable coverage that has changed little over the past 20 years. inova works with a number of top-quality insurance companies to provide a variety of Medicare supplement plans for Washington residents.
Do I have to decide to join a Medicare drug plan as soon as I am eligible for Medicare?
If you already have other prescription drug coverage that pays at least as much as Medicare’s standard prescription drug coverage, you can wait and sign up for Medicare drug coverage later. However, even if you don’t take many drugs now, you still may want to join a Medicare drug plan to avoid being without coverage. There is a late enrollment penalty for going beyond 63 continuous days and you may have to wait to be covered. Make a list of the prescriptions you take and calculate how much alternative plans would cost. For help deciding, call 1-800-MEDICARE to get the contact information for the Washington State Health Insurance Assistance Program (SHIP).
What is Medigap?
Medigap is a term sometimes used to describe supplemental insurance policies sold by private insurance companies to help fill “gaps” in Part A and Part B coverage. Once you have Medicare coverage, most people want a Medicare Supplement plan to fill in the coverage gaps of Medicare. These plans are also called Medigap plans. However, if you choose a Medicare Advantage Plan, you don’t need and can’t use a Medigap policy.
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