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Choosing Insurance After Retirement
In this post I am going to be discussing Ohio Medicare Advantage Plans and Ohio Medicare
Supplement Insurance Plans also known as Medicare Part C ( Medigap ) and how they can benefit you. To enroll in a medicare advantage plan you go through a private insurance company which has there plan approved by the medicare system. Medicare advantageplansarevery great for seniors who are healthy and want to save money on there insurance premiums.One of the biggest advantages of a medicare advantage plan is the cost, in most cases your premium is zero dollars, that right you don't pay anything in monthly premium expenses, as with traditional medicare supplements you will have a premium to pay. However you still need to pay for your Part B coverage through Medicare no matter which plan you are on. So where's the catch right, well here's how it works, instead of paying premiums you pay co-pays and deductibles which are typically a lot lower than regular medicare till you hit the ceiling of the plan and then it will pay all your expenses beyond the ceiling amount which is generally around four or five thousand dollars but some plans do go as high as ten thousand dollars.
If you choose a medicare supplement plan you can expect to pay one hundred twenty dollars to around three hundred dollars a month pending your age and health. One thing nice is that you know what your going to pay each month for your health each month and budget for it. With medicare supplements there are generally no co-pays but you still have deductibles to meet. You also have to purchase Part D prescription coverage separately as well which will run you an additional twenty five dollars to forty five dollars depending on where you live.
Medicare Advantage plans also have additional benefits as well such as vision care, dental and some preventative care services, in addition to that some plans include fitness benefits and nurse help lines to advise you on your health. Many seniors love the additional benefits because of the help they get in deciding on there diets and how to exercise to stay fit and healthy through their retirement years.
Medicare Advantage Plans also have Medicare Part D built right into the plan in most plans, which saves you even more money on your insurance premiums. With regular medicare Part D must be purchased separately. Part D covers your prescription needs in which one you pay your deductible amount Part D will take over and pay your for your prescriptions up to a certain dollar amount per year.
One downside of the Medicare Advantage Plans is that you must use a doctor or facility that is contracted with them to recieve medical care, as with medicare alone you can choose almost any doctor. You shouldn't worry to much about this though, there are many doctors who accept these plans and finding a qualified doctor should not be that difficult.
If you are unsure whether to invest in a Medicare Advantage Plan or a medicare Supplement Plan you should consult an experienced agent to help choose the right plan for you. Just be sure to realize that insurance is a risk business and do want to take a risk and not pay a premiumor have a set budgetwith a set premium each month.
Choosing Insurance After Retirement
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