Types of Medicare Plans in Oklahoma

There are two main types of Medicare plans in Oklahoma that you can apply for in addition to your Original Medicare. These are Medicare Supplement plans and Medicare Advantage plans.

The reason why you might want to enroll in one of these plan types is to add extra benefits to your Original Medicare. Another reason might be to lower your out-of-pocket (OOP) costs. Or both for extra benefits and lower OOP costs.

Oklahoma gives you multiple options within each plan type. That way you can enroll in a plan that is most suitable for your needs. There are 10 supplement plan options and many different forms of Medicare Advantage plans in Oklahoma.

The 10 Supplement Plan Options

Medicare Supplement plans are named Plan “Letter”. Be careful to not confuse these with Medicare Parts. For instance, you will notice that there are Plans A and B, as well as Parts A and B. These are two very different things.

The ten standardized plans offered in Oklahoma are Plan A, B, C, D, F, G, K, L, M, and N. Each plan covers a different amount of costs that Original Medicare leaves behind for you, the beneficiary, to pay for. Things such as copays, coinsurances, and deductibles that you would normally be responsible for could be covered by your supplement plan.

Someone who endures multiple trips to the hospital and doctor could really benefit from having a supplement plan. Especially if that plan was Plan F or Plan G. Plan F and Plan G are the two most comprehensive supplement plans available.

Plan F covers everything that Original Medicare leaves behind, while Plan G covers everything except the $183 annual deductible for Part B. 

The monthly premium for each plan is mostly determined by the amount of coverage it provides. Other things that could influence a monthly premium are age, gender, and tobacco use.

Medicare Advantage Plan Options

Medicare Advantage plans are sold by private insurance companies. Each company offer many different programs and plan options. Programs are forms of advantage plans and within each program are plan options.

The two main programs for Medicare Advantage plans are HMO and PPO. Each program has its own set of rules that each plan option follows. Also, the amount of coverage you get is different with each plan.

Some rules that HMO plans have is that you have to stay within a network or providers and you need a referral to see a specialist. PPO plans are less strict in these ways. If you have a PPO plan, you don’t always have to stay within network and you will most likely not need a referral for specialists.

With advantage plans you will still have copays and deductibles for most things, but they may be cheaper than Original Medicare’s costs. Also, most advantage plans offer coverage for medications, dental, vision, and hearing.

Because you are still expected to pay copays and deductibles, Medicare Advantage plans monthly premiums are much lower than Medicare Supplement plans. Premiums can even get as low as $0 a month.

Which Plan Type is Right for You?

Depending on what type of patient you are, will determine what type of plan you need. If you’d like to hear detailed options that are available to you, call Boomer Benefits. Boomer Benefits is an independent Medicare insurance brokerage that offers plans from multiple insurance companies.

Working with a brokerage that specializes in Medicare will allow you to lay out all the options and prices that way you can make an informed decision.