Now that you’ve retired and are 65, you will want to know all about Medicare and what is available for your health insurance needs. There is Medicare Part A and Medicare Part B which you may consider with a Medicare Supplement plan to add to these. There is also available Medicare Advantage Plans. Medicare Part A and Medicare Part B will cover your hospital expenses, physician visits and medical services you may need. Only 80% of these costs are covered by Medicare Part A and Part B. You will need to get an Aetna Medicare supplement plan to help cover the additional 20% costs that you will have left. These Medicare supplement plans will not cover vision, dental, hearing or prescription drug costs. You may purchase these plans from independent insurance agencies that sell these plans and pay a monthly premium. Each Medicare supplement plan covers various medical issues and you will need to see which plan is beneficial to your needs.
Medicare Advantage Plans seem to be liked by many seniors because much of the medical issues affecting a senior are covered in one plan. These plans are also available from private insurance companies and will have premiums that will cost according to what they cover and where you reside in the United States. An insurance company makes their profits on the premiums they charge and then through their investments.
Medicare Part A and Medicare Part B plus a Medicare supplement plan will cost more than a Medicare Advantage Plan. One needs to have Medicare Part B to get a Medicare Advantage Plan and some of these plans are free, which can be an incentive to getting one of them. Usually the premium for Medicare Part B will have to be paid by the senior getting one of these plans. The copayments and deductibles you may acquire will depend on which Medicare Advantage Plan you may choose. Some of these advantage plans will also cover, vision, dental, hearing and prescription drugs. The premiums may increase for these added benefits, so you should be aware of the cost of premiums. These added benefits are not available if you only have Medicare Part A and Medicare Part B and a Medicare supplement Plan. You will also need a Medicare Part D for your prescriptions, so that too is an added expense to your monthly budget. It is important to review all the options for your medical needs in your senior years.