Sign Up For A Health Insurance Plan-
One of the Benefits to signing up for Health Insurance to use with Medicare is to limit your financial exposure. With Original Medicare there is no limit to what you can spend in a calendar year. An example of this is Chemo Therapy. This Medication would be covered under Medicare Part B. Medicare will cover 80% of the cost, you will be responsible for 20%. Chemo could cost $100,000 or more therefore your cost share could be $20,000+. At the end of the year the clock will reset and you will start paying all over again. With an Insurance plan, The MOOP is the most you would take out of your pocket in any calendar year. Once reached your cost share would be reduced to $00.00 while the Insurance Carrier will continue to pay for your coverage. The 2 types of Medicare Health Insurance plans are Medicare Advantage Plans (Medicare Part C) and Medicare Supplement Plans(Medigap). Your MOOP with each is as follows:
Medicare Advantage Plans (Part C)–
Medicare Advantage Plans come with little or no Monthly Mremium(As Low As $00.00) but there will be copays for everything you do with them. Most people are used to paying copays and these plans mirror the plans that individuals have been using their whole lives. The MOOP with Medicare Advantage Plans can be as high as $7550 in network while out of network services could be as high as $11,000. These amounts will vary by State and can be lower in some instances.
Medicare Supplement(Medigap)–
Unlike Medicare Advantage Plans, Medigap Plans come with a Monthly Premium. In some States the Premium it could be as high as $300 but there won’t be any copays at the Doctor’s office or at the Hospital. This means that the MOOP will be the Premium paid over the year which equates to $3600. Again, these figures can vary by State.
Summary-
Care should be take when choosing which plan will be the most appropriate for your needs. Consult with your Medicare Advisor about your options.