If you’re approaching 65 and retirement’s around the corner, you’re likely looking at healthcare options and planning
Medicare Supplement plans can help pay remaining costs such as copayments, coinsurance, or deductibles that are not covered by Original Medicare. The ten standardized supplement plans you can choose from are Plan A, B, C, D, F, G, K, L, M, and N.
Why do I need a Medicare Supplement Plan?
When you turn 65, you will need to choose whether to stick with Original Medicare, which is Part A and Part B, or switch to Medicare Advantage. The difference between the two is Original Medicare gives you more flexibility and freedom to choose whatever doctor or hospital you would like to use. Medicare Advantage Plans are more for a Health Maintenance Organization (HMO) type of environment where you will have a lower cost to pay for your premium but will pay a higher amount for out-of-pocket expenses. You will also be limited to a specific network that will not allow you to use any doctor or hospital outside of that network.
By choosing to stick with Original Medicare, you need to understand that there will be certain costs that it does not cover. That’s where Medicare Supplement plans come in. Medicare Supplement plans will help cover remaining costs like copayments, coinsurance, or deductibles. However, it generally will not cover long-term care, vision, dental, hearing aids, or private-duty nursing.