Many seniors struggle to work their way through the options and make an informed choice regarding their health insurance. Below is a brief breakdown for each option to help you make the best decision for your healthcare needs.
Let’s start with traditional Medicare. It is made up of several parts. Here’s what you should know:
Medicare Part A will help pay for the expenses associated with inpatient care. It might be a hospital stay or a rehab stay at a skilled nursing center.
Medicare Part B covers outpatient care including physician office visits, preventive care (flu shots and screenings) and outpatient rehab services.
Medicare Part D is designed to help with prescription drug expenses. While all Medicare Part D plans must meet federal standards, not all plans are the same. It’s important to review each plan and compare it with your list of prescriptions.
Traditional Medicare generally covers 80% of seniors medical costs, and the senior is responsible for the other 20%. It is important to note that there is no limit on out-of-pocket costs for Medicare Part A and B expenses. You can purchase a supplemental insurance plan to help with this gap in coverage.
Medicare Replacement Plans
A Medicare replacement plan is legally obligated to cover the same services that a senior’s traditional Medicare would. In some cases, these plans actually provide broader coverage such as a health club membership or vision assistance.
The downside is that these plans usually limit which providers you can see. This can be especially problematic if you and your husband are one of Ohio’s many snowbirds who head south during the winter months.
Utilize the Medicare Plan Finder to search by zip code for plans that meet your criteria. You can review which providers are included in the plans and how each plan is rated based on a 5-star performance rating system.