Medicare Supplement Plans - Medicare Advantage Plans

Recommended Books About Medicare

If you want to learn more about Medicare and how to plan your financial future after retirement, I recommend the following books:

Are you approaching retirement and not that familiar with Medicare? You will find these books very helpful in understanding Medicare, Social Security and the financial planning process that needs to be followed to best determine how much to save and how much to withdraw during retirement. Whether you are new to retirement and Medicare or already in the program, you will navigate the system with more ease and confidence, avoid pitfalls and scams, and have plenty of help choosing the plan that is right for you. These books will save you a lot of confusion and help you tremendously getting through all the "red" tape.

Social Security, Medicare & Government Pensions: Get the Most Out of Your Retirement & Medical Benefits

Medicare Prescription Drug Coverage FOR DUMMIES (Volume 1 of 2)

The AARP Retirement Survival Guide: How to Make Smart Financial Decisions in Good Times and Bad

How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor

Which Options Do I Have To Add Additional Coverage To My Medicare Health Plan?

When you are enrolled in original Medicare, you usually have basic coverage with Part A (hospital insurance) and Part B (medical insurance). As you might know, the health care cost coverage through Medicare are limited.

So which options do you have to add additional health care coverage to the traditional Medicare plan?

 

1. You could add a Prescription Drug Plan (Plan D) to add drug coverage
2. You could add a Medicare supplemental insurance plan, also referred to as 'Medigap', to cover the gaps in your traditional Medicare
3. You could switch to a Medicare advantage plan (Plan C), as an HMO or PPO plan, that provides all your Part A, Part B, and often Part D coverage, many times at no additional cost over the Plan B premium you already pay

Medicare Supplement Plans

Supplemental insurance works in conjunction with the traditional Medicare Plan. Typically, you must have Medicare Part A and Part B in order to be eligible for a supplement plan. Your application will be accepted if you are 65 or older and apply within six months of your initial enrollment in Plan B of Medicare.

Medigap policies are regulated by Federal and State Laws and the policies are standardized for each State. However, each provider can select which policies they want to sell and set their own prices, so Medicare supplemental insurance comparison is very important in order not to overpay!

Medicare Advantage Plans

You can generally join a Medicare Advantage Plan if you meet these conditions:

1. You have Medicare Part A and Part B 
2. You live in the service area of the plan
3. You don't have End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis

Benefits and costs will vary depending upon the Medicare Advantage plan you select. Some Medicare Advantage plans even offer health coverage at no additional cost over your Part B premium .