Q&A about Medicare Advantage and Supplemental Plans
1. What is Medicare Supplemental Insurance?
It is an insurance policy that covers medical expenses, which are allowed by Medicare but not paid by Medicare.
2. What is a Medicare Advantage Plan?
A Medicare Advantage Plan is a Medicare replacement policy offered by a private insurance company that contracts with Medicare. These plans are relatively new in Mississippi and may be an option to original Medicare and a supplemental plan. Some of these plans also include prescription drug coverage at no cost or a very reasonable monthly rate.
3. Why would I want a Medicare Advantage Plan?
Medicare Advantage Plans eliminate the need for supplemental plans and prescription drug plans. Since Medicare Advantage Plans include prescription drug coverage the monthly premium for a supplemental plan is eliminated, you could see a substantial savings in monthly premiums.
4. Who can purchase a Medicare Supplemental Plan or Medicare Advantage Plan?
To purchase one of these plans, the applicant must have Part A and Part B Medicare coverage. When someone turns 65 years of age and they enroll in Part B coverage, they have a six-month open enrollment period to purchase a plan. They have a right to purchase any Medicare Supplemental Plan or Medicare Advantage Plan without having to answer any health questions. After this open enrollment period expires, applicants have to answer health-related questions when purchasing a supplemental plan. No health questions are asked when applying for a Medicare Advantage Plan.
5. Where can I use my Medicare Supplemental Policy or Medicare Advantage Policy?
Applicants who purchase a Medicare Supplemental Policy may use any hospital or physician that participates in the Medicare Program. Medicare Advantage Plans will usually have a specific provider network that must be used. This requirement is waived in the case of emergency care.
6. Which Supplemental Plan should I purchase?
Plan F is the most popular plan because it covers all medical expenses that are approved by Medicare but not paid by Medicare. These covered expenses include the inpatient deductible, the outpatient deductible, the 20% coinsurance on outpatient services and any Part B excess charges from a non-participating physician. Therefore, this means that if someone has Medicare Part A and B, and Plan F Medicare Select, they will not have any out-of-pocket expenses for Medicare approved services.
7. Who did I need to contact if I have questions?
You can call Jack Gay at 601-288-8161. He will be happy to talk with you about all of the products offered by Care Management Organization, give quotes, and send more information to you by mail. Or you can call to make an appointment for a consultation.