When considering which Medicare insurance plan to choose, the first step is to make sure you work with a licensed insurance agent that understands Medicare and the supplemental plan choices. The knowledgeable staff at Rhodes-Warden Insurance can assist individuals who qualify for Medicare to choose a plan that best fits their needs. We work closely with our customers to provide personal and trustworthy service. Allow us to share our knowledge about the options so you can confidently choose a Medicare insurance plan that represents the greatest value to you.
- Part A - Hospital Insurance
- Part B - Medical Insurance
Original Medicare consists of two parts, Hospital and Medical insurance benefits. But what most people don't know is that Medicare was never intended to cover all hospital and medical costs. In some instances, Original Medicare may have a premium to pay along with deductibles and co-insurance costs with no limit on out-of-pocket expenses. It also does not cover routine vision, hearing, dental or prescription drug.
- Part D - Prescription Drug
Since Original Medicare does not include prescription drug coverage, private insurance companies will sell a supplemental prescription drug benefit plan under what is known as Part D. There are many difference Part D drug plans available for purchase. Because Part D prescription plans differ in their cost, the drugs they cover and pharmacies they work with, it is important to fully understand your choices.
- Part C - Medicare Advantage Combines Part A, Part B and usually Part D
For people that want more health care coverage than Original Medicare offers, they can purchase a Part C Medicare Advantage plan. They may still have a premium to pay as well as co-payments, co-insurance and deductibles but Part C plans also have a set maximum for yearly out-of-pocket expenses. Some Part C plans may also cover prescription drugs, routine vision, hearing and dental that are not covered under Original Medicare.
- Medigap Plans - A, B, C, D, F, G, K, L, M and N
- Medigap High Deductible Plan - F
Medigap is another name for Medicare Supplemental Insurance. With Original Medicare, beneficiaries must pay some of the cost such as decuctibles and co-insurance. Because of these gaps in Medicare Parts A and B coverage, private insurance companies sell Medicare Supplemental Insurance palns to fill in those gaps. If you are in the Original Medicare plan and have a Medigap policy, it is important to understand that although the plan benefits are all standardized, cost can vary. You can compare the different Medigap plans side-by-side on the Medicare.gov website at https://www.medicare.gov/supplement-other-insurance/compare-medigap/compare-medigap.html
You may only apply for an Oregon Medigap plan if you reside within the State of Oregon and are enrolled in Medicare Parts A and B. Some people get Part A and Part B automatically, others have to sign up for Part A and/or Part B. You can check online to see if you have signed up for Part B at https://www.medicare.gov/find-a-plan/enrollment/check-enrollment.aspx or call the Social Security office at (800) 772-1213.
What type of plan would be a good fit for you?
While many people prefer the options offered by Medicare Advantage or Medigap Plans; others may prefer just having Original Medicare coverage and purchase a supplement prescription drug plan. When considering all of your options, it is a good idea to work with a licensed agent that understands Medicare and the available plans. Rhodes-Warden Insurance can help you navigate the maze that insurance can be and simplify the challenge of understanding your choices for Medical supplemental insurance.
To get help with deciding which options may be best suited for your needs, contact us at (541) 258-2131 during our business hours of Monday through Friday, 8:30 a.m. to 5:00 p.m. PST.
This article is meant as general overview of information only and does not include all rules, conditions and exceptions that govern Medicare or the purchase of Medicare supplemental insurance.