Retirement is an exciting and overwhelming time. Exciting
because you get to finally have free range of your day to day life and
overwhelming because of all the changes that are about to happen in your life.
Medicare is just one change, but it can be a BIG change! Understanding all the
options of Medicare
in Alaska will help make that change not so overwhelming.
Your first thing to learn about Medicare is that it has two
parts: Part A and Part B, easily known as Original Medicare. Part A is your
hospital coverage. Part B is your outpatient coverage.
The second thing that’s good to know is that you have a
choice, “Do I add supplemental coverage
or not?”
What is supplemental coverage, you might ask? In Alaska they
are known as either Medicare Supplement plans or Medicare Advantage plans.
Alaska Medicare Supplement Plans
One reason you might want to consider having a Supplement is
if you don’t want to deal with all those nasty bills from doctors that Original
Medicare doesn’t pay for. “But I thought
Medicare pays for everything!”
Nope, not true. You will have deductibles, copays, and
excess charges, just to name a few. That’s where your supplement kicks in.
Medicare is billed first then the remaining balance is billed to you
supplement. However, not all supplement plans cover everything.
There are many different plan options to choose from, ten to
be exact. If you’re one of those people that after retirement, wants to travel
the world and doesn’t want to deal with any bills what-so-ever, you should look
into Plan F. Plan F is the most comprehensive supplement in Alaska, as it
covers 100% of all expenses you would normally be responsible for.
Maybe you want a comprehensive plan but are looking to save
a little money each month for your gas while you’re traveling. Plan G comes in
at the second most comprehensive plan while covering 100% of your expenses
except your Part B deductible. Which as of 2018 is $183/year.
The third most comprehensive plan is Plan N. With Plan
N you can get all the benefits from Plan G, but in addition to paying your
Part B deductible, you will also be required to pay your Part B excess charges.
An excess charge can be up to 15% higher than what Medicare allows a doctor to
bill. This is a plan for someone who may
not need to go to the doctor as much or have lab work done as often.
Medicare Advantage Plan
One thing that Original Medicare and Supplement plans don’t
include is Part D. That’s additional. However, if you choose a Medicare
Advantage Plan, Part D is most likely included. Part D is your Prescription
Drug Coverage that you need. That’s one benefit about going the Advantage plan
route.
This type of plan can be considered for the type of retiree
that wants a much lower monthly premium but is okay with paying those co pays,
deductibles, and excess charges out of pocket. Now, for those of you who plan
on traveling throughout your retirement, keep in mind that Medicare
Advantage Plans are generally an HMO or PPO styled plan. This means you
will have a network you need to stay within, unlike the supplement plans that
do not have network restrictions.
Knowing what kind of lifestyle you want after retirement is
helpful information when choosing your supplemental coverage. You may want
limitless options with doctors while traveling or if you plan on staying put,
perhaps you are okay with having a network to stay within. These are just a few
factors to consider. No matter which route you take Boomer Benefits can be with
you every step of the way.
Call us today at 1-855-732-9055.
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