WELCOME TO THE MED SUPP SOURCE
THE MED SUPP SOURCE makes sure you find a Medicare plan that's right for you.
As an independent Agent, we will shop the market for the best coverage at the best price.
We are not captive to any insurance company, so we will not be trying to persuade you towards any one company's products or policies. We simply cut through all the confusion, explain the confusion in plain English, give you the advantages and disadvantages of the types coverage offered and let you decide what is best for you.
What are the parts of Medicare?
Medicare Part A - Hospital Coverage
Medicare Part A covers most inpatient hospital, skilled nursing home, home health and hospice care. For most people, they qualify for Part A for free. (Based on how long you or your spouse paid in).
The amount you are responsible to pay under part A ￼
$1364.00 deductible for each benefit period. And a daily deductible as follows:
Days 1-60 $0 Coinsurance
Days 61-90 $341 per day
Days 91 – beyond $682 per day
Medicare gives a Lifetime Reserve of 60 days, which you may only use once
Medicare Part B - Doctor Visits, Tests, etc
Medicare Part B covers routine doctor visits, including specialists to treat your medical conditions. It also covers preventative services, which is healthcare meant to prevent illness (like the flu) or to detect any early stage stage illness such as cancer, when treatment is most likely to work best. There is a monthly premium you must pay to Medicare.
Some people assume Medicare will cover all your healthcare costs... IT DOESN'T COVER ALL COSTS.
The cost for most people for Part B coverage is $135.50/mo in 2019. It has an annual deductible you pay of $185/year for 2019.
If you choose not to enroll in Part B and you do not have other “Credible Coverage” (like an employer plan) and wish to enroll in Part B at a later time. Medicare will impose a late premium on your cost which continues for as long as you are on Medicare.
Medicare covers 80% of healthcare costs, you are responsible for 20%. There is no maximum amount or maximum out of pocket cap on the 20% that you pay.
Medicare Part C (Also known as Medicare Advantage)
Medicare has contracted with insurance companies to offer plans like HMO's. The Government pays the insurance company to take over your coverage. Technically you are still with Medicare (and you pay your Medicare monthly premiums) but Medicare is not the one covering your care. Premiums and costs will vary among plans and many are "free". But not really, because if you need care they charge for copayments, coinsurance and deductibles, so it's important to compare plans in your area. Many plans have no premium up front but if you use the insurance you pay
- Medicare Advantage (MA) plans have an annual limit on out-of-pocket costs for all medical services.
- MA plans usually include prescription drug coverage (Part D), so you don't have to enroll in a separate stand-alone drug plan.
- Some plans may also include extra coverage such as vision, including benefits for eyeglasses or contact lenses.
- Some plans cover routine dental care, including cleaning and cavity treatment.
- Some plans cover hearing care, including benefits for hearing aids.
- Insurance companies offering Medicare Advantage plans must follow rules set by Medicare.
- Most MA plans are HMO or PPO plans.
MEDICARE PART D PRESCRIPTION DRUG COVERAGE
Medicare Part D Prescription Drug Coverage helps cover the cost of prescription medication. It can be purchased in addition to Medicare Part A,B or Medicare Supplement Plans, giving you broader healthcare coverage and may save your money.
- Medicare Part D plans are operated by Medicare approved private insurance companies.
- Part D plans provide prescription drug coverage for both genetic and brand name medication.
- The cost of prescription drug coverage varies depending on the plan you choose, which medications you use and if your pharmacy is in network.
- Drugs covered and plans can change from year to year.
Medicare does not cover prescription drugs. Instead it contracts with insurance companies to offer coverage. This is known as Part D Prescription Drug Coverage. It is separate coverage from Part A or B. Part D coverage can be purchased in addition to your supplement or Advantage Plan (some Advantage plans include drug coverage).
Different insurance companies have different drugs that they cover, this is known as a formulary.
Before you purchase a Part D plan, you need to know which plan(s) will cover the drugs you use and what your cost will be (they can be substantial) and vary dramatically from one plan to the next.
We can run an analysis on all the different drug plans with the drugs you take to figure which one is the best for you.