WEDNESDAY, DECEMBER 30, 2020
If you run an insurance agency that is geared towards the needs of senior citizens, then you will likely want to offer them Medicare benefits. After all, the Medicare program is one of the primary providers of health insurance for seniors and others with disabilities or special health needs. 
Though the primary Medicare insurance benefits, Original Medicare, are part of a government-supported system, the overall Medicare program today offers numerous private health care plans. Private Medicare benefits are designed to build upon the solid coverage that Original Medicare offers and allow policyholders the ability to further customize their benefits to their advantage.
Your agency can play an important role in helping seniors enroll in and maintain additional Medicare benefits. Let’s take a closer look at three of these options—Medicare Advantage, Medicare Part D and Medicare Supplements—and how you can make sure they are delivered to your clients.
Medicare Advantage
Original Medicare provides two types of coverage—Part A & Part B. The former covers hospital care and related services, while the latter provides coverage for more everyday medical needs, like check-ups. However, they will not cover certain costs, such as dental or vision care, or prescription drugs.
Medicare Advantage plans are sometimes called Part C coverage, and they offer you all of the coverage of Original Medicare, plus other benefits like:
Additionally, the cost-sharing requirements and physician networks within Advantage plans will be different from those of Original Medicare. Therefore, you might have better flexibility to use these benefits as you choose.
Medicare Part D Coverage
If you are not in need of a full Medicare Advantage benefits, then a Part D plan might prove to your benefit. This coverage provides prescription drug coverage, which is not a benefit offered by Original Medicare. All Part D plans are different, but they will all offer coverage that will extensively reduce your personal cost for prescription benefits.
Medicare Supplements
Also known as Medigap plans, Medicare supplements are policies that will help you pay for costs that you will still owe under Original Medicare, such as:
-
Coinsurance
-
Deductibles
-
Copayments
Therefore, while you might have to pay certain out-of-pocket costs under Original Medicare, a Medigap plan could considerably lessen this cost burden.
All of these plans are offered by numerous major insurance carriers, and each will contain its own terms, benefits and coverage networks. However, they must all meet standards set by Medicare law. Therefore, any agency that wishes to offer these plans to their customers must make sure they do so in compliance with the law, and with the goal of ensuring that their plans guarantee their policyholders the benefits they deserve.
No Comments
Post a Comment |
|
Required
|
|
Required (Not Displayed)
|
|
Required
|
All comments are moderated and stripped of HTML.
|
|
|
|
|
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.
|
Blog Archive
|