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Evaluating Medicare Plans

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Advantage Plans

Assurance Life Group offers Advantage plans, which provide comprehensive health coverage through private insurance companies. These plans are designed to offer the same level of benefits as Original Medicare, but some plans may include additional coverage, such as dental, vision, hearing, and prescription benefits.

Advantage plans are tailored to provide broader coverage options, giving you flexibility and extra benefits to meet your specific needs. To learn more about how these plans can fit into your healthcare coverage, explore the detailed overview below or follow the link for additional information.

Supplement Plans

Assurance Life Group offers Supplement Plans, also known as Medigap, which are designed to work alongside your Original Medicare. These plans help cover the out-of-pocket costs that Original Medicare doesn’t fully cover, such as the remaining 20% of medical expenses.While not a comprehensive plan on its own, a Supplement plan can significantly reduce your out-of-pocket costs and provide additional financial protection. Explore the section below, or click the link for a detailed overview of how Supplement Plans can complement your coverage.

What to Know About Supplement Plans

Who sells Medicare plans?

Supplement Plans are sold by private insurance companies, similar to Medicare Advantage plans. However, these plans are standardized at the federal level (with exceptions in Massachusetts, Wisconsin, and Minnesota, where they are structured differently).

This standardization makes it easier to compare plans, as all plans with the same letter designation offer the same core benefits. The primary difference you’ll encounter is the price set by different insurance companies, so you can choose the plan that best fits your budget without worrying about variations in coverage.

What are the types of Supplement plans?

There are ten standardized Medicare Supplement (Medigap) plans available in most states, identified by the letters A, B, C, D, F, G, K, L, M, and N.

However, it’s important to note that Plans F and C are not available to new Medicare beneficiaries who became eligible on or after January 1, 2020. Additionally, states like Massachusetts, Minnesota, and Wisconsin have their own unique Medigap plans that differ from the federal standard.

What do Supplement plans cover?

Supplemental Insurance Plans

Supplemental insurance plans are designed to cover additional costs that standard health coverage may not cover. These plans help with out-of-pocket expenses such as deductibles, copayments, and coinsurance.

Key Coverage:

  • Hospital & Medical Care: Covers expenses that exceed what your primary insurance covers for hospital stays and medical care.
  • Doctor Visits & Outpatient Care: Helps cover the costs for outpatient services and specialist visits.
  • Excess Charges: Covers any additional charges by healthcare providers that exceed the standard rates.
  • Blood Transfusions: Helps cover the first 3 pints of blood needed for transfusions.
  • Emergency Care: Some plans offer emergency medical care when traveling outside your primary coverage area.

What do Supplement plans cost?

Assurance Life Supplement Plan Costs

The costs of Assurance Life plans vary based on factors like the plan type, the insurance company, location, and potential discounts.

Key Factors Affecting Costs:

  1. Plan Type: Plans with more comprehensive coverage generally cost more.
  2. Insurance Company: Premiums differ between insurers for the same plan.
  3. Pricing Methods:
    • Community-rated: Everyone pays the same premium.
    • Issue-age-rated: Premiums are based on the age when you first sign up.
    • Attained-age-rated: Premiums increase with age.
  4. Location: Your location can impact the cost due to local regulations and healthcare costs.
  5. Additional Discounts: Some insurers offer discounts based on factors like marital status, non-smoking, or annual premium payments.

Estimated Premium Range (for a 65-year-old non-smoker, Kansas City, MO, 2024):

  • Comprehensive Plan: $192 – $410
  • Standard Plan: $150 – $349
  • High-Deductible Plan: $53 – $102

Prescription Coverage Options

Prescription coverage is an essential aspect of your overall health plan and shouldn’t be overlooked. It plays a significant role in managing health care costs related to medications.Choosing the right prescription coverage can be complex, with various plans, coverage options, and out-of-pocket costs to consider.

To ensure you’re covered, you have two main options for prescription drug plans:

  1. Standalone Prescription Coverage: If you have a basic insurance plan, you can opt for a standalone prescription plan to help manage your medication costs.

  2. Comprehensive Coverage Plans: If you’re enrolled in a more extensive health plan, you can select one that includes prescription coverage, offering more convenience and broader coverage.