Three Goings, one episode. “Uncle Jim” offers his expertise in how those on Medicare can navigate the coverage gap.
“There are two different ways that you can cover the 100%. And that 20 % is either through what’s referred to as Medicare supplement plans or Medicare Advantage plans.” (Jim Going)
Medicare is comprised of Part A (hospital coverage) and Part B (medical coverage). Original Medicare covers 80% of costs, leaving 20% to be covered by supplemental insurance.
Supplemental insurance options include Medicare supplement plans (Medigap) and Medicare Advantage plans. Medigap plans have higher premiums but offer more flexibility in choosing doctors and have no co-pays. Medicare Advantage plans often have zero premiums and include additional benefits like dental, vision, and hearing coverage.
Enrollment periods allow for changing plans, including special enrollment periods for moving or changing service areas. Annual enrollment periods occur from October 15th to December 7th.
When choosing a plan, it’s important to ensure that doctors are in-network, consider the maximum out-of-pocket costs, and compare the benefits and costs of different plans.
Seeking education and asking questions is key when navigating Medicare and supplemental insurance options. Agents are paid the same commission regardless of the plan, so their focus should be on providing information and helping individuals find the best plan for their needs.