While Medicare will provide coverage for your doctor or hospital bills it was never intended to cover all of your expenses. A hospital stay or prolonged outpatient treatment could be financially devastating if you are relying on Medicare alone. For this reason, we recommend you also enroll in a Medicare supplement and Part D coverage (prescription drugs) plan.
Deciding which Medicare supplement and Part D coverage to enroll in once you become Medicare eligible can be a difficult decision. Given the complexity of the Part D programs, the number of Medicare plan options available and insurance companies offering not only the traditional supplements but also Medicare advantage plans, it can be a very time consuming and intimidating process.
It is very important to give careful consideration to your choice of Medicare Supplements. Coverage is initially guaranteed when you are turning 65 or losing group coverage. Once you are beyond the initial enrollment period, any changes you want to make will require medical approval, and can be denied.
Many plan options are available for prescription drug coverage, Part D. While most benefit plans have similarities, there are several issues to consider when deciding which plan is best for you. An insurance company’s drug formulary, the monthly premium and reputation are key factors to consider when making your decision. Unlike the Medicare supplement coverage, you can change Part D plans and/or insurance companies annually during the ‘Open Enrollment Period’ without having to qualify for the coverage.
JME Insurance Agency can help you navigate the multitude of plans available to determine which Medicare supplement and Part D coverage is best for you.