Step 1: Pick your Medicare Coverage
To see how Original Medicare and Medicare Advantage compare, visit:
www.medicare.gov/what-medicare-covers/your-medicare-coverage-choices
Step 2: Want prescription drug coverage?
Medicare prescription drug coverage is referred to as Part D. Part D is offered by private insurance companies who follow rules set by Medicare. You don’t need it right away if you have drug coverage from other sources such as an employer or union, but be sure to sign up if that coverage is ending soon. (If you decide not to sign up for Part D coverage once you’re eligible and your other drug coverage isn't creditable prescription drug coverage, you may be subject to a late enrollment penalty once you do sign up.)
To find out more about Part D coverage, visit:
www.medicare.gov/drug-coverage-part-d
Step 3: Want to reduce out-of-pocket costs?
Medigap plans, also known as Medicare Supplement insurance, can help pay your share of costs for services covered by Original Medicare (Part A and Part B) including deductibles, co-payments, and co-insurance.
While each standardized Medigap plan offers different benefits, all plans must offer hospital co-insurance coverage after 365 days of Medicare coverage is used, full or partial coverage for Part B’s 20% co-insurance or co-payment costs, and Part A hospice co-insurance or co-payment costs. Some plans also include out-pocket-maximums, and cover services that Original Medicare doesn’t cover, like foreign travel emergency care.
View what each Medigap plan covers at:
www.medicare.gov/health-drug-plans/medigap/basics/compare-plan-benefits
For more information and to gain a basic understanding of Medicare... Download your Medicare Decisions Made Easier Guide Today!
*Medicare Advantage is not available in Alaska.
This article is intended to explain Medicare in simple terms and will help you with some things to consider before selecting a Medicare insurance plan.
Please consult your personal independent professionals for answers to your specific questions.
Medicare overview information on this brochure/website was developed by Transamerica Resources Inc. to help consumers understand certain aspects about Medicare. Viewing this Medicare overview does not require you to enroll in any Transamerica plans. Plans are insured and offered through separate Transamerica companies.
Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. is an Aegon company and is affiliated with various companies which include, but are not limited to, insurance companies and broker dealers. Transamerica Resources, Inc. does not offer insurance products or securities. The information provided is for educational purposes only and should not be construed as insurance, securities, ERISA, tax, investment, legal, medical or financial advice or guidance. Please consult your personal independent professionals for answers to your specific questions.
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