Plan IV

MEDICARE PLANS

Medicare plans include Original Medicare, Medicare Advantage, Medicare Part D prescription drug coverage, and Medicare Supplement Insurance, also called Medigap. Plan IV helps Michigan residents compare available options, understand how costs, provider access, prescription coverage, and plan benefits differ, and choose coverage that fits their healthcare needs and budget.

Understanding Your Options: Navigating Medicare Insurance Plans

In addition to what you will receive in a standard Medicare plan, Medicare supplement insurance plans are known to be supplementary to an existing Medicare plan. The main objective of a Medicare supplement insurance plan is to help alleviate the accumulating costs of healthcare services.

 

How Medicare Supplement Insurance Works

Medicare Supplement Insurance works with Original Medicare to help pay certain deductibles, copayments, and coinsurance. The exact benefits depend on the standardized Medigap plan selected.

 

Basic Benefits Included in Medicare Supplement Plans

Then retain the hospitalization, medical expenses, blood, and hospice information beneath it. This allows the page to introduce the broader Medicare category while keeping the existing Medigap content accurate.

All plans offer the basic benefits, which include:

Hospitalization:  Coverage for Medicare (Part A) daily copays, plus 365 additional days after Medicare benefits end.

Medical expenses:  Coverage for Medicare Part B co-insurance (20% of Medicare-approved costs) or copays for doctors’ services, hospital outpatient services, and other medical services.

Blood:  First three pints of blood each year.

Hospice:  Co-insurance for inpatient respite care and copays for hospice outpatient prescription drugs.

Contact Plan IV for assistance with Medicare Supplement Plans to ensure that you and your loved one are covered for the new year. We are your local insurance experts, yet we have access to a wide variety of healthcare plans – just like the big companies. However, we offer a personalized touch that is difficult to find with larger providers. As a leading company enrolling residents in the best insurance plans in Michigan, we understand the specific needs and concerns shared by Michiganders, and we can find solutions for all types of situations.

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Frequently Asked Questions About Medicare Plans

Plan IV helps Michigan residents understand the main Medicare coverage choices, how Medicare Advantage and Medicare Supplement plans differ, when enrollment is available, and what to compare before selecting coverage.

What are the main ways to receive Medicare coverage?

There are two main ways to receive Medicare coverage. Original Medicare includes Part A hospital insurance and Part B medical insurance. People with Original Medicare may also add a separate Part D prescription drug plan and Medicare Supplement Insurance. Medicare Advantage is an alternative offered through a Medicare approved private insurance company and generally combines Part A, Part B, and often Part D coverage.

Original Medicare is the federal Medicare program. Part A helps cover eligible hospital services, while Part B helps cover eligible medical and outpatient services. People enrolled in Original Medicare may purchase separate prescription drug and Medicare Supplement coverage.

A Medicare Advantage plan, also known as Part C, is another way to receive Medicare benefits through a Medicare approved private insurance company. These plans include Part A and Part B coverage and usually include prescription drug coverage. Provider networks, authorization requirements, premiums, and additional benefits vary by plan.

Medicare Supplement Insurance, also called Medigap, is additional insurance sold by private insurance companies to help pay certain out of pocket costs not fully covered by Original Medicare. Medigap works with Original Medicare rather than replacing it.

No. Medicare Supplement Insurance works with Original Medicare. It cannot be used to pay Medicare Advantage plan deductibles, copayments, or other costs. Someone choosing coverage generally selects Original Medicare with optional supplemental coverage or a Medicare Advantage plan.

Medigap policies sold after 2005 do not include prescription drug coverage. Someone with Original Medicare and Medigap may enroll in a separate Medicare Part D plan for prescription coverage.

Medigap plans generally do not cover routine dental care, routine vision care, hearing aids, glasses, private duty nursing, or long term care. Separate insurance or another Medicare coverage option may be needed for these services.

Medicare Part D is optional prescription drug coverage offered through Medicare approved private insurance companies. It may be purchased as a separate drug plan by someone with Original Medicare or included in many Medicare Advantage plans.

For most people who become eligible at age 65, the Initial Enrollment Period begins three months before the month they turn 65, includes their birthday month, and continues for three months afterward. Enrollment timing can differ for people who continue working or qualify for Medicare for another reason.

Medicare Open Enrollment runs from October 15 through December 7 each year. During that period, eligible individuals can join, switch, or drop Medicare Advantage and prescription drug plans. People already enrolled in Medicare Advantage may also have certain changes available from January 1 through March 31.

Compare monthly premiums, deductibles, copayments, coinsurance, provider networks, prescription coverage, medication costs, maximum out of pocket limits, travel needs, and whether preferred doctors and hospitals participate. Costs, benefits, provider networks, and drug coverage can change from one year to the next.

Yes. Plan IV helps Michigan residents compare Medicare Advantage, Medicare Supplement, and Part D options and understand how available plans may differ in coverage, costs, provider access, and prescription benefits.

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