Medicare Options

4 TYPES OF MEDICARE COVERAGE

4 Coverages Have Different Levels Of Benefit And Financial Risk

Benefits and risk levels will influence how you choose your Medicare coverage. Of the 4 types of coverage, Basic (or “Original”) Medicare gives you the fewest benefits and the greatest risk. The other 3 types of coverage extend your benefits and transfer your financial risk to an insurance company in exchange for a premium.

4 Coverages Have Different Levels Of Benefit And Financial Risk

After you have viewed the Medicare coverage options on this page you are ready to continue on your path to Medicare protection with these 3 success steps: connecting with Social Security, getting coverage options with your priorities, and enrolling in your preferred plan.

At each step of the way we’re at your side making Medicare easy and personal.

Having a skilled, accessible and independent Medicare agent at your side has many advantages when compared with an ever-changing national call center that is more about a new sale and less about personal service year after year. Because Griset Medicare Solutions wants an on-going personal relationship with you, we deliver annual Medicare reviews and coverage options as plans change each year.

Basic ("Original") Medicare

Medicare Supplement

Medicare Advantage

Prescription Drug Coverage

Basic ("Original") Medicare

This plan provides you with a combination of in-patient hospital (Part A) and out-patient (Part B) medical benefits. In each benefit area there are deductibles and co-insurance that change annually and can require out-of-pocket costs without any financial limits. These substantial (often bankrupting) costs represent what you are obligated to pay if you neglect the other 3 available Medicare coverages.

Since most providers of medical services accept Medicare, this kind of plan operates like a fee-for-service plan where you can access care throughout the United States.

Since most Medicare participants (known as “beneficiaries”) have paid Medicare taxes during their career, Part A benefits are available without the need to pay a monthly premium; Part B benefits, however, require enrollment and a monthly premium (in 2024, it begins at $174.70). This premium, however, can increase in relation to a participant’s higher income history. Follow this link to see additional information about Basic Medicare’s benefits and costs

In addition to having substantial financial risks, Basic “Original” Medicare does not include any drug benefits. As a result, most seniors add one of the other 3 coverages, a prescription drug plan (called Part D of Medicare). This coverage offsets what otherwise can be significant maintenance medication expenses

Medicare Supplement ("Medigap")

A Supplement (MediGap) plan transfers the major out-of-pocket costs of Basic Medicare to an insurance company. Like Basic Medicare, it allows you to get medical care from any provider in the United States who accepts Medicare.
This kind of plan “wraps around” Basic Medicare benefits and can eliminate the various deductibles and co-insurance you would need to pay.

Medicare has authorized 10 different Medicare Supplement plan designs that are identical in every state. Insurance companies sell these plans and set premiums for each geographic market.

Some carriers offer benefits that go beyond Basic Medicare by adding vision and hearing benefits, and free gym/health club memberships.

Most individuals who choose a Medicare Supplement when they are first eligible add a prescription drug plan (called Part D of Medicare) to minimize risks when paying for maintenance and other medications Click here for more information on Plan D.

Medicare Advatange

These plans (known as Part C in Medicare) include all the coverages of Basic Medicare and much more. These plans frequently include drug benefits, eliminating the need to purchase a separate Prescription Drug Plan (Part D). Even better, in certain areas these comprehensive healthcare plans are available without requiring any monthly premiums.(You do continue to pay any Part A or Part B Medicare premiums, however.)

In contrast, to Medicare Supplement plans, Medicare Advantage Plans are coordinated care plans like HMOs. A medical group of primary care and specialty physicians provide medical services, along with related acute care hospital coverage. Seniors who choose this kind of plan usually do so for convenience, low out-of-pocket costs and the quality of care provided by a preferred medical group.

In addition to coordinated care, Medicare Advantage plans deliver a wide array of benefits that go beyond Basic Medicare or Supplement plans. These added benefits can include:

Prescription Drug

This coverage can be added to Basic Medicare or a Supplement Plan. The timeliness of your enrollment, however, is important: a late enrollment penalty is an added monthly cost you will pay for your lifetime. As with a MediGap plan, a drug plan transfers the risks of substantial future drug expenses to a private insurance company in exchange for a premium.
Since most Medicare Advantage plans include drug benefits, purchasing separate drug coverage is unnecessary.

This link explains a Part D plan premium adjustment related to income

At each step of the way we’re at your side making Medicare easy and personal.