3 options for people turning 65 and going onto Medicare

There are basically three options when you turn 65 and go on Medicare.

Option #1: Use your original Medicare card and purchase a Medicare Supplement is a very popular option for many seniors. This option is normally the most expensive option on a monthly basis however, when care is needed, most if not all of your medical expenses are covered by your plan. This option does not require referrals and you can see any doctor that agrees to accept Medicare. This option will also require you to purchase a stand alone Medicare Prescription Drug Plan.
Option #2: Medicare Advantage covers doctors, hospitals, and prescription drug all in one plan. Medicare Advantage has been a very popular option for many seniors because the monthly premiums can be as low as 0 however, when you use the plan it will require co-pays, deductibles, and in some cases referrals prior to seeing a specialist. This can be a great option for some one using little or no health care.

Option #3: MSA plans (Medical Savings Accounts) are a relatively new type of Medicare plan. They have no monthly premium but have a $3000 annual deductible. In addition, the insurance company will contribute $1500 towards the $3000 annual deductible leaving the beneficiary with just $1500 to pay out of pocket. Any monies not used in the account in a given year are rolled over to the next year therefore, reducing the patients potential out of pocket for the following year. Any monies accumulated in the account are transferred to a named beneficiary upon the death of the account holder.

By Joe DeAngelis
Joe @MyMedicareQuotes.com
www.MyMedicareQuotes.com

04/14/2014