Medicare Basics

My name is Evan Breedlove and I have spent most of my career working with, developing and administering health insurance plans for employees and clients. As we get older, health care becomes more important in our lives. Do you understand your options? Do you have the best plan available at the right price, to protect your wealth and your retirement? This is what we will explore.

Medicare Basics

If you have Medicare Coverage, Part A and B, as we have discussed in the past, you need to have additional health insurance coverage. Medicare is basically a 80% – 20% plan. It covers basically 80% of most medical costs, but you are responsible for the other 20%. The 20% that you would owe is unlimited. Your exposure could be a great deal of money. The good news is that there are several very good plans available to you to help you pay for that 20% at very little cost to you. These plans can help you protect your wealth and retirement.

When you look out at the market, there are many companies offering many variations of plans. The trick, is to find the best plan to meet your individual needs at the right price. You will find that these plans all have pros and cons. There is probably no perfect plan available. There are a lot of variations, however, there are basically three types of plans available. These plans are often referred to as Part C plans.

Advantage Plan “perks”

Last month, I introduced to you the concept of Advantage plans. The nice additional part of these plans is that they offer many of what I call “perks.” I want to cover many of these additional benefits: Preventative Care – These plans cover many preventative services at no cost, such as cardiovascular screening, colorectal screening, bone mass, mammograms, etc.

Emergency Care – Emergency room services.

Urgently Needed Services – Walk-In clinics.

Diagnostic Services – Labs and imaging.

Hearing Services – Help with hearing aids and exams.

Dental Services – These services have been greatly improved in the last couple years to not only include cleanings and x-rays, but most dental procedures.

Vision Services – Help with eye wear and exams.

Mental Health Services – Therapy. Skilled Nursing Facilities – Physical Therapy.

Ambulance Services – Transportation to doctor visits.

Drug Plans – Pay for drugs at no cost or greatly reduced cost.

Chiropractic Services. Podiatry Services. Acupuncture Services. Medical Equipment. Telehealth Services – The ability to call and talk to a medical professional.

Travel Coverage – If you travel out of the area, you are covered in the U.S. and sometimes out of the country.

Meal Program – Meals after hospital stays.

Reward Programs – Offer incentives or the ability to purchase over the counter medical supplies.

These plans offer a long list of additional benefits that are worth your effort to explore and consider. If you have questions, I can be reached at 479-629-2476. Stay well!