Ways to Use Your Medicare

One of the first decisions you’ll need to make is whether you will use original Medicare in conjunction with a Medicare supplement, or a Medicare Advantage plan. How you use your Medicare benefits will depend-on your personal needs, as there is not a one-size-fits-all plan. View the brief description of each plan type below to help you decide which Medicare plan is right for you.

NOTE to VA eligibles: VA coverage alone will typically leave gaps in your coverage, potentially exposing you to unexpected financial costs if you require emergency care outside the VA hospital. There are Medicare Advantage plans specifically for those with VA benefits. Be sure to speak with an advisor to take advantage of this  program. Click here to read what the VA says about using them as your sole coverage (pay particular attention to the question “should I give-up my private health insurance…”).

Medicare Supplements

Medicare supplements, sometimes referred to as medigap plans work in conjunction with Medicare Parts A and B, and “fill-in the gaps” that Medicare alone does not address. As a result, you have more complete coverage. One of the glaring holes in Medicare is the lack of prescription drug coverage. Fortunately, you can purchase a Medicare Part D plan to fill this need. More on Part D plans in a moment. To learn more about Medicare supplements, visit our Medicare supplement page, here.

Medicare Advantage

Under these plans, your Medicare benefits are delivered by a private insurer. These plans are more akin to the employer sponsored health plans you may have had in the past. While enrolled in a Medicare Advantage plan, you are still on Medicare, but now insurance company is responsible for delivering benefits at least as good as traditional Medicare. Important to note about these plans is that the benefits are almost always significantly enhanced from traditional Medicare. Often times, Medicare Advantage plans will cover prescriptions, hearing, vision, and dental coverage at no additional cost. Some Medicare Advantage plans even refund all or a portion of your Part B premium! Enroll in a Medicare Advantage Plan here, or view our Medicare Advantage Plans page here to learn more.

Part D Prescription Plans

Part D Plans help cover your prescription drug costs. Prescription drug plans under Medicare Part D are offered by private insurance plans, according to very specific governmental operating requirements to ensure they meet minimum standards.

These plans are available as a standalone plan, or you may enroll in a Medicare Advantage plan that has prescription drug coverage. Regardless of the option you choose, you will want to enroll in a Part D plan when you become eligible to ensure you are not penalized for late enrollment. For instance, your cost to participate in Part D will increase permanently if you do not enroll on-time.

Once you decide how you will participate in Part D, however, you will will want to pay particular attention to the copays, monthly premium, and whether your specific prescriptions will be covered by each plan you are considering.  There will be differences in cost and covered medications, so be sure to have your Florida Medicare Advantage.com advisor compare Part D plans for you, or you may use our online Medicare Plan Finder here. For a more detailed explanation, visit our Medicare Part D page