In your senior years, health insurance coverage is important. The reality is that your need for medical care, dental insurance, long-term care, and income protection become more pronounced as you age and want your seniors years to be good ones. Don't let the complexities of the changing health insurance marketplace today faze you.
Custom Health Plans can help answer your health insurance questions and put you in a senior plan that meets your needs. We have more than 30 years' experience in the market. Here are some of the frequently asked questions many current and potential clients ask us:
Yes, there are new types of consumer-directed Medicare Advantage Plans, usually referred to as Medicare medical savings account plans. Medicare MSA Plans feature a high-deductible health insurance plan combined with a special savings account that you can use to pay for and control your own health care costs, much like the health savings account plans available outside of Medicare. There are two parts to Medicare MSA plans:
High-deductible health insurance plan: This is a special type of high-deductible Medicare Advantage health plan that begins to cover costs after an annual deductible is met.
Medical Savings Account (MSA): This is a special tax-advantaged savings account that allows you to use the money to pay for health care expenses until the deductible is met.
No. Medicare Advantage plans have specific enrollment and disenrollment periods when you can switch in and out of Medicare Advantage. If you do disenroll from a Medicare Advantage plan, you can enroll in a Part D prescription drug plan at that time, too.
Yes. If you are covered by an employer’s health plan, it will be the primary coverage. It will pay first, with Medicare paying second.
No, Part B (which covers doctor visits) is optional. If you have other coverage, you probably do not need Part B. However, Part B is important if you do not have other coverage. Note also that Medicare Part C plans (also known as Medicare Advantage plans) include the coverage from Parts A, B, and usually, D. So, if you have Medicare Part C, you do not need A or B.
There are two ways that seniors who are no longer on an employer health plan can get coverage for prescription medications: Medicare Prescription Drug Plan (Part D), or a Medicare Advantage Plan (Part C) (like an HMO or PPO).
Medicare Advantage Plans are comparable to the managed care health maintenance organizations and preferred provider organization plans you may have had while working. They include Medicare Plan B outpatient and doctor visit services as well as parts from original Medicare, like emergency and urgently needed care. Most include prescription drug coverage (Medicare Part D). In addition, some Medicare Advantage Plans offer coverage for vision, dental, hearing and/or wellness programs.
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