Medicare-Related Insurance in North Central Indiana
If you are currently on Medicare or nearing Medicare eligibility, then you know there are additional, supplemental coverages to Medicare to consider. You may receive lots of calls and mailings and see advertisements that can make the process and choices seem very confusing.
Here at Norris Insurance, we understand your confusion and are here to help you understand your options so that you can make a choice that fits your unique needs. Our knowledgeable agents have been working with clients for years in this area.
The annual open enrollment period runs from Oct 15th to Dec 7th each year. But that open enrollment period only applies if you choose Medicare Advantage instead of Medicare Supplement and the Prescription Drug coverage, which almost everyone needs. If you choose a Medicare Supplement instead of Medicare Advantage, that can be done any time of year, although there is a special benefit to enrolling near your 65th birthday. Read on for a little more background and then request a quote or contact today.
Medicare options vary by location, which is why we strive to only offer the most optimal selection of policies for all our neighbors. Residents of North Central Indiana can rely on us to provide optimized policy services both during open enrollment and beyond.
Your policy options include:
Original Medicare is the base form of Medicare created and administered by the federal government. It contains two types of coverage – Part A & Part B coverage. Part A is hospital insurance that pays for most inpatient care services. Part B is medical coverage that you use to pay for outpatient services, like your regular checkups.
Medicare Supplement/Medigap Coverage
A Medicare supplemental plan will offer coverage for out of pocket costs you might have to pay after your Original Medicare pays. Also called a Medigap plan, this coverage can help you pay for co-payments, deductibles or coinsurance obligations. There are many different Medigap plans available. While medicare supplement plans examine insurability; an important benefit during the 3 months before and after you turn age 65, insurance companies are required to provide this type of policy to you regardless of health conditions. So, don’t delay talking with us during this important time.
Medicare Advantage or Part C
A Medicare Advantage plan, also called Part C coverage, can provide expanded benefits outside of your Original Medicare. It offers all the benefits of Original Medicare plus coverage like prescription coverage, dental and vision coverage. These are private plans, but enrollees remain in the Medicare program. The Medicare Advantage plan can be chosen in place of a Medigap Supplement policy at the time you first enroll in Medicare and then annually thereafter during the Oct 15th – Dec 7th open enrollment period.
Medicare Part D Prescription Drug Coverage
Original Medicare does not cover most prescription drug costs. However, you can buy a privately administered Medicare Part D prescription drug plan to make up the difference. There are many Part D plans on the market, and each will cover a variety of drugs at different costs. The Prescription Drug plan is an additional coverage to a Medicare Supplement policy and may be additional or part of a Medicare Advantage plan. The coverage helps with affordability of prescriptions, but there is a penalty for late enrollment, which occurs after you turn 65. Once again, don’t delay talking with us about this important coverage.
Knowledgeable Agents Available to Review Medicare Options
Our team is always willing to explain each Medicare recipient’s different policy options. Whether you are a new or seasoned policyholder, we can guide you through the process of reviewing your benefits this open enrollment season. Please request a quote or contact us to get started.