When turning 65 you will have the option of getting Medicare for your health insurance. You will note that Medicare will only pay 80% of your medical expenses. The remaining 20% will be coming out of your pocket. There are Mutual of Omaha Medicare supplement plans to help with these added expenses and there is also available Medicare Advantage plans. All plans will be governed by the government and are standardized so they will be the same no matter what insurance company you purchased them from. You cannot have a Medicare supplement plan and a Medicare Advantage plan. The differences will be discussed now.
Your personal health issues will help determine which plan you will want. In order to have a Medicare supplement plan, one must first have Medicare Part A and Medicare Part B to obtain one. Medicare Part A will cover hospital expenses and Medicare Part B will cover physician visits and medical tests one may need. These supplement plans do not cover prescription drugs, dental, hearing or long term care. One will be able to purchase Medicare Part D which covers prescription drugs. There are various companies that provide these plans. Depending on the Medicare supplement plan you choose, you may have to pay the Medicare Part B deductible before your supplement plan starts to pay for the additional expenses. Some plans will cover deductibles and some may not, so it is important to look carefully at all the plans to see what will meet your medical issues. These plans are sold by private insurance companies and the monthly premiums are determined by where you live and the plan you choose. Each insurance company can have different premiums, so one must look carefully at all the plans and companies available.
Medicare Advantage Plans are health insurance plans that incorporate Medicare but are a little different. You must live in the state you are applying for coverage and not have end stage renal disease with some exceptions. Some of the Medicare Advantage Plans will cover dental, hearing and prescription costs. One must be aware that one may need a referral to go to a specialists or have approval to get a medical test that a doctor may want you to have.
These Medicare plans are very beneficial to a senior with health issues. One needs to really look at each plan to see what will be the most beneficial and how much each costs