If you’re on Medicare, you’re probably aware of the obvious benefits that come with it—free or low-cost healthcare coverage during retirement. However, there are many more benefits that you might not know about that can help you save money and live comfortably in your retirement years. Here are just some of the ones you might be overlooking right now…
Medicare Advantage PPO Plans
Medicare Advantage plans are HMOs, PPOs or local health maintenance organizations that include Medicare coverage. Medicare Advantage (MA) offers an alternative to traditional Original Medicare (also known as Medicare fee-for-service). When you have MA, you receive all your Part A and Part B benefits through a single health plan. Depending on your circumstances, you may be able to combine both programs in order to get more coverage at a lower cost. There are some requirements for enrollment, so if you meet them, it’s worth considering whether or not it’s right for you. The following are some of their most popular features
Medicare Advantage HMO Plans
These are medical insurance plans that are provided by private companies approved by Medicare to provide benefits that are covered under Original Medicare or other types of insurance. These plans often have lower premiums, higher out-of-pocket costs, and more services than original Medicare. However, if you choose a plan that has extra benefits such as dental and vision coverage, check to see if they can be used after you turn 65 or enroll in another type of insurance plan. When choosing a Plan D remember there is no Part D coverage for those with HMO’s so it is advised for those looking for low cost prescription drug assistance they should look into MediGap policies.
Medicare Supplement PPO Plans
When it comes to health insurance, Medicare Supplement PPO plans are a good choice for seniors because they cover a wide range of services and have better co-pays than other supplemental plans. Most PPOs don’t offer prescription drug coverage, but if you’re looking for a comprehensive supplemental plan that will let you see any doctor or buy prescriptions from any pharmacy without getting stiffed by those high co-pays, a PPO is usually your best bet.