Medicare Supplements/ Medicare Advantage Plans (MAPD)/Part D Prescription Drug Coverage
Medicare Supplements
You probably know that at age 65, you are eligible for Medicare health benefits. What you may not know is that Medicare alone will not cover all of your medical expenses. You may be responsible for co-pays and deductibles that can add up to significant out-of-pocket expenses. That’s where Medicare supplements come in. Medicare supplement insurance (also referred to as Medigap coverage) helps pay some eligible expenses not paid for by Medicare Part A and Medicare Part B.
Financial Benefit group offers affordable Medicare supplement coverage from Mutual of Omaha and Blue Cross Blue Shield of Georgia. If you are 65 or older and apply within six months of your initial Medicare enrollment, you are guaranteed acceptance regardless of your health status.
Medicare Part D Prescription Drug Coverage
Medicare Part D pays for prescription drug coverage. If you are turning 65, you must enroll in a Part D prescription drug plan within the 3 months before or 3 months after your birthday or you could incur a 1% per month penalty for every month that you wait to enroll.
If you are not in your initial enrollment period or you are unhappy with your current Medicare Part D prescription drug plan, the ONLY time you can enroll or make a change is during the Annual Enrollment period which occurs between November 15 and December 31 of each year.
Medicare Advantage Plans (MAPD)
Medicare Advantage Plans (also known as Medicare Part C) cover both medical and prescription drug coverage needs. When you receive medical care or get a prescription filled, you pay a copay or a percentage of the costs (coinsurance). Monthly premiums for Medicare Advantage Plans are significantly lower than the monthly premiums for Medicare supplements. If you have already turned 65, but would like to switch to a Medicare Advantage Plan, you must make the change during the Annual Enrollment period, which occurs between November 15 and December 31 of each year.