Medicare has two main options. Original Medicare & Medicare Advantage
Original Medicare covers 80% of your medical care. You are responsible for the remaining 20% of your medical care. You also pay a one time Part B deducible before Medicare starts to pay their share. Everyone pays Part B premiums monthly on either plan. Your doctor & you choose your treatments plan and the Govt pays their portion. There is no dental, vision, hearing or gym memberships included. You may also purchase a Medigap plan that will cover your 20% with no limit.
Medicare Advantage is a private company who will administer your Medicare for 1 year if you choose. They will take over your account for the year and pay your medical bills. You will have copays but no Part B deductible. You will pay Part B monthly premiums and any Max Out of Pocket premiums over the year as need. The MOOP can be over $5000 per year. These plans change benefits from year to year. CMS regulates them so the core medical plan covers your health.
Original Medicare or Med Advantage?
Original Medicare allows you and your Doctor to decide your health care. Medicare Advantage is your Doctor, the Plan and you. The 3 of you will decide your Health care. Both plans have fees and we will teach you the differences.
Different Parts of Medicare
Part A covers your Hospitalization. Part B pays for your Doctors, Medical equipment & some drugs administered by the Doctor or at the Office.
Hospital Indemnity Plans from GTL fills the Gaps that come with Medicare Advantage Plans. These plans renew after 60 days of no hospitalization. Your plan is Guaranteed to renew, as long as you Pay the premiums.
Maximum Out Of Pocket/MAPD
The maximum out-of-pocket (MOOP) found only in a Medicare Advantage Plan is an annual limit on your out-of-pocket costs. When your health care costs reach a certain threshold, the plan will bill you. Once you reach this amount, you will not owe cost-sharing for Part A or Part B covered services for the remainder of the year. All Medicare Advantage Plans are required to set a maximum out-of-pocket.