Is Medicare Right For Me?

Is Medicare Right For Me?

Medicare is one of the best health insurance plans available, but there are details every Missouri resident should consider before signing up. Here’s what you need to know to see if Medicare is right for you.

Medicare for Missourians

The first thing you should know is that more than 1 million Missouri residents are currently enrolled in Medicare.

Part A and Part B (Original Medicare) is the most common, basic Medicare plan. Then there’s Medicare Advantage, which you can get once you’re enrolled in Original Medicare. It is considered an alternative to Original Medicare as it provides the same coverage and may even offer additional benefits.

You can also purchase Medicare Part D or a Medicare Supplement plan in Missouri. Part D covers prescription drug costs, while supplements cover many of the costs associated with Original Medicare.

Original Medicare Details You Should Know

No matter what other Medicare coverage you choose, you’ll always start with Original Medicare. You have to have both Part A and Part B to be eligible for any other Medicare plan(s).

Medicare Part A is hospital insurance. You’ll receive coverage for emergency hospital and skilled nursing facility care up to 60 days each year. 

If you’ve worked for ten years while paying Social Security taxes (and most people have), you don’t have to pay a monthly premium for your coverage. That means you will only be responsible for any cost-sharing fees and your deductible, which is currently $1,556 in 2022 and will need to be paid each benefit period.

You will have to pay a separate premium, deductible, and cost-sharing fees for Part B. It covers general medical needs, including preventive care. The premium for 2022 is $170.10, and the annual deductible will be $233.

Things to Consider with Medicare Advantage, Part D, and Supplements

But what if Medicare Advantage is right for you? It covers the same benefits as Original Medicare, with some important cost and coverage bonuses to consider.

By coordinating your healthcare in a network of providers, you’ll pay less out-of-pocket for the same care you’d pay for with just Original Medicare. And, with many plans, Part D is included. There are 126 Medicare Advantage plans available in Missouri for 2022, and the average premium is just $8.93.

You can get coverage for various prescription drugs with a Medicare Part D plan, either included with your Advantage plan or purchased alongside Original Medicare. For Missourians, there are many options for Part D, and you can find the provider and plan that works best for you.

You can get help with your Original Medicare costs with a supplement plan. You cannot get an Advantage plan alongside a supplement, so to decide which plan is right for you, consider which coverage would benefit you most.

We’ll Find the Best Plan for You—Call InvoBH

InvoBH helps Missourians just like you get the Medicare coverage that is right for them. Call today at 314-669-4308 for more information.