208-664-8980

1875 N. Lakewood Dr.
Suite 102
Coeur d'Alene, ID 83814

Insurance Read Time: 4 min

Ways to Supplement Your Medicare Coverage

There are a number of ways to fill gaps in your Medicare coverage and/or to get assistance with Medicare costs:

  1. Job-based insurance: If you or your spouse is still working, and you have insurance through that job, it may work with Medicare to cover your health care costs. You should find out whether your employer insurance is primary or secondary to Medicare. Primary insurance is health insurance that pays first on a claim for care. Secondary insurance pays after primary insurance—but may not pay at all in the absence of primary insurance.

  2. Retiree insurance: Some employers provide health insurance to retirees and their spouses to fill in the gaps of Medicare coverage. Retiree insurance always pays secondary to Medicare.

  3. Veterans Affairs (VA) benefits: If you are a veteran and qualify for VA benefits, health care and prescription drugs that you get through the VA may be the cheapest. The VA may also cover services that Medicare will not cover for you. VA benefits do not work with Medicare, and if you receive care outside of a VA facility you might need Medicare. Medicare does not pay for any care at a VA facility.

  4. Supplemental insurance (Medigap): A Medigap policy provides insurance through a private insurance company and helps fill the cost-sharing gaps in Original Medicare, for instance by helping pay for Medicare deductibles, coinsurances, and copayments. Depending on where you live, you have up to 10 different Medigap plans to choose from: A, B, C, D, F, G, K, L, M, and N. (Note that plans in Wisconsin, Massachusetts, and Minnesota have different names.) Each type of Medigap offers a different set of benefits. Premiums vary, depending on the plan you choose and the company you buy it from.

  5. Stand-alone Medicare private drug plan (Part D): If you have Original Medicare and want Medicare drug coverage, you need to sign up for a private drug plan (PDP). All Medicare drug plans have different costs and a different list of drugs that they cover (known as the formulary). Make sure the plan you choose covers the drugs you need at a cost you can afford. Also know that if you do not sign up for a Part D plan when you first become eligible, you may incur a premium penalty later on.

  6. Medicare Advantage Plan: These plans contract with the federal government to provide Medicare benefits. They must provide at least the same set of benefits offered by Original Medicare, but may have different rules, costs, and restrictions. For instance, Medicare Advantage Plans may require that you see health care providers in their network, and/or that you get a referral from your doctor before seeing specialists. Some private health plans offer extra, Medicare-excluded benefits, such as vision or dental care. While premiums may be low, service costs may be higher than in Original Medicare for certain services (or vice-versa). You also may pay more for your care if you do not follow the plan rules. Medicare Advantage Plans must have annual limits on out-of-pocket costs. Although these limits are usually high, they should protect you from excessive costs if you need a lot of health care. Benefit packages may change every year, so it is important to review your current coverage and options annually.

There are also several programs for beneficiaries with limited incomes.

© Medicare Rights Center. Used with permission.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

What Does That Mean? IDK

What Does That Mean? IDK

Financial acronyms you should know.

Ways to Turn Spending into Savings

Ways to Turn Spending into Savings

Sometimes it can feel overwhelming. It seems like our financial needs outstrip our ability to meet them.

Retirement Planning With Your Special Needs Child in Mind

Retirement Planning With Your Special Needs Child in Mind

Having a special needs child adds another layer of complexity to retirement planning. A special needs trust may help.

 

Have A Question About This Topic?







Thank you! Oops!

4 Ways Thinking Long-Term Can Improve Your Everyday Life

Financial planning often doesn’t take place on a beach. But the next time you find yourself there, try this experiment, courtesy of management and motivational guru Stephen R. Covey: You’ll need a mason jar and an assortment of big rocks, smaller gravel, sand, and water.

Protection Against Uninsured Drivers

You’re hit by an uninsured driver. Now what? Are you protected against financial losses?

3 Estate Challenges for Blended Families

If you’ve been re-married or divorced, these family structures may present some unique challenges. This article will help your clients with blended families think and prepare their estate strategy.

View all articles

Contributing to an IRA?

Determine if you are eligible to contribute to a traditional or Roth IRA.

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

View all calculators

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

Don’t Myth Out on Whole Life

Whole life insurance can help protect what matters most: your family, your assets, and your legacy.

Questions to Consider When Buying a Vacation Home

Doing your research is key before buying a vacation home.

View all videos