Sign Up For A Unlimited Health Insurance Plan-
One of the benefits of signing up for Unlimited Health Insurance with Medicare is that it limits your financial exposure. With Original Medicare, there is no limit to what you can spend in a calendar year. An example of this is chemotherapy. This Medication would be covered under Medicare Part B. Medicare will cover 80% of the cost, and 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 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 will 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 premium (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 individuals have used for their whole lives. The MOOP with Medicare Advantage Plans can be as high as $7550 in a 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 the Hospital. This means that the MOOP will be the Premium paid over the year, equating 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.
Mike Miligi- Owner- Michael M Insurance Services
For over 10 years, Mike has been assisting Seniors and other Medicare-eligible individuals in understanding the ins and outs of Medicare and Medicare Health Insurance options, including Medicare Advantage Plans(Part C), Medicare Supplement Plans(Medigap), Prescription Drug Plans(PartD) and Dental and Vision programs.
Mike is Licensed in 7 States and Certified with 11 Insurance Carriers and has helped thousands of individuals decide on the best course of action for their particular Health Insurance needs. Because Mike is an independent Medicare health insurance broker, he works for the client, not the insurance carriers, and he is able to provide his clients with accurate and unbiased health insurance options.
