Mississippi Medicare Plans

In most states, there are two primary types of coverage that you can add to your Medicare benefits. Mississippi Medicare plans are no different. You can choose between traditional Medicare supplements and Medicare Advantage Plans.

While supplemental coverage is technically optional, most people find it difficult to pay for their Medicare cost-sharing without it. The Part A deductible alone in 2018 is $1340, and then you also must pay an outpatient deductible and 80% of your Part B medical costs. With no out of pocket maximum protection from Medicare, a serious illness or major surgery can set you back quite a bit.

Medicare Supplements in Mississippi

The most comprehensive coverage comes from traditional Medicare supplements like Plan F and Plan G. Medicare supplements pay after Medicare and fill in some of the gaps that Medicare didn’t pay. You can see any provider that accepts Medicare nationwide.

Your healthcare providers will bill Medicare and if Medicare approves the claim, it will pay its share and send the rest on to your Medicare supplement company. People with a Medicare Supplement Plan F will owe nothing at all – not even a doctor copay. People with Plan G will incur only the small annual Part B deductible.

In recent years, we’ve also seen some of the more affordable Medigap plans grow in popularity. Plan N is one example. In this plan, you pay the Part B deductible, your excess charges and some doctors and emergency copays. Premiums are lower though, and that’s why it appeals to some people. After all, ANY Medigap plan can be used nationwide with any provider that accepts Medicare. People who enjoy flexibility in their treatment options will find Medigap plans appealing.

One thing Medicare supplements do not cover is outpatient prescriptions. You can buy a separate Part D drug plan, or you can look at your other coverage option, which is Medicare Advantage.

Mississippi Medicare Advantage Plans

Medicare Advantage plans are managed care plans with coordinated networks of providers. When you enroll in a Medicare Advantage plan, you are typically locked into that plan for the rest of the calendar year. You will seek your treatment from the network’s providers. It’s therefore important to check with your doctors before you enroll to see if they participate in your chosen plan.

Many Medicare HMO and PPO Advantage plans have drug coverage rolled into the plan. The built-in Part D plan functions just like a standalone drug plan, with the same 4 stages of coverage: deductible, initial coverage, coverage gap and catastrophic coverage. The difference is that since the Part D plan is built into the Medicare Advantage plan, you have just one ID card that you use at the hospital, for outpatient care, and for prescriptions. You’ll still pay copays for your medications according to the plan’s outline of coverage though.

One reason that a Medicare Advantage plan might be better than just straight Medicare alone is that all Advantage plans have an out of pocket maximum to protect you. If your copays and coinsurance under the plan add up to the OOP Max during the year, the plan must then pay 100% of your Part A and B costs afterward for the rest of the year. This gives many people peace of mind.

Some Medicare Advantage plans also include ancillary benefits like hearing and vision coverage. While you might pay a copay for these services, it’s more than what Original Medicare would provide. Each plan decides whether or not to include these kinds of extras and the benefits can change from year to year. Carefully review the Plan’s Summary of Benefits to find out how to take advantage of these extra benefits built into your plan.

Conclusion

It’s important to mention that you do not need both a Medicare supplement and a Medicare Advantage plan. The two additional coverages do not coordinate with one another, so you’ll need to select one type of coverage or the other. People with limited budgets often prefer Medigap plans because of the more predictable back-end spending. Those who choose Medicare Advantage plans would be wise to make sure they have some money set aside for any future years where health conditions may cause you frequent copays and coinsurance spending on an Advantage plan. For help deciding which type of coverage best suits you, contact us at Boomer Benefits for a free consultation with an agent licensed in your state.