You may have heard that the Medicare advantage policy can help reduce the cost of Medicare. If you want to buy a Medicare advantage policy, here are the steps:
- Before you buy, be sure to qualify for a Medicare advantage policy and that you are in your open enrollment period.
The open enrollment period for the Medicare advantage is a great time to sign up for Medicare advantage policy. It is a period that last for 6 months and starts on the 1st day of the month when both are age 65 years or older and are enrolled in Part B of Medicare. You may purchase any plan available in your area during your Medicare advantage open enrollment period, and you will not be refused based on medical history.
After the 6-month period, insurance companies could consider your medical history and health status when they decide to sell a plan or not, and can reject or charge you more if you have an existing medical condition.
You do not qualify for a Medigap plan until you have enrolled in Medicare Part A and B. Find an advantage plan here www.medicareadvantage2019.org/ to prepare for 2019.
If you are below 65, you may not qualify for Medicare advantageal policy, even if you have Medicare Part A and B. Federal law does not obligate private insurance companies to sell Medicare advantageal plans to people below 65. Some states however, oblige private insurers to sell advantageary Medicare policies to people below 65 years of age. Check with your state insurance department if you can buy a Medicare advantage plan below 65 years of age.
- Determine which Medicare advantage policy meets your needs.
In many states, there are up to 10 complementary Medicare plans that are standardized and labeled as A, B, C, D, F, G, K, L, M, & N. These plans can cover different Medicare costs with different percentages (e.g. 50%, 75% or 100%). It is not all plans that may be available in every area. Massachusetts, Wisconsin, and Minnesota unify their plans in different ways.
Medicare Advantageal Plan A is the most basic plan. Plan A may include:
- 100% of Medicare Part A hospital and coinsurance costs for up to 365 days after Medicare benefits have been used
- 100% coinsurance or copayments for Medicare Part B
- Blood (the first 3 pints required for a medical procedure)
- Medicare Part A Palliative care Co-insurance or 100% copayment
The most complete of these standardized lettered plans is the Medicare Advantageal Plan F. This plan covers all aspects of Plan A, as well as:
- Nursing with 100% qualified care.
- Medicare deductible from Part A 100%
- Medicare Part B 100% deductible
- Medicare Part B 100% in excess
- International emergency trips up to 80% plan limits.
- Plan K and Plan L are the only two plans that set limits.
- Understand price differences in Medicare advantage plans.
Advantageal Medicare plan with extended coverage may have more expensive premiums. However, the same plan from another private insurance company may result in different costs depending on how the company rates its plans.