Nevada Medigap options are an addition to a person’s Medicare coverage. You will often hear about a ‘gap’ in coverage when it comes to Medicare. There is confusion about this topic with many of my Medicare clients. Many people are under the impression that Medicare covers all their health care needs. The fact is that there are many facets to Medicare. There is Original Medicare which includes Parts A & B as well as Part D which includes the prescription drug plan. It is important for you to understand that Original Medicare only covers roughly 80% of a person’s health care costs. The remaining 20% is the ‘gap’ in coverage. Therefore, let’s look at Nevada Medigap options.
Covering the Gap
Remember the gap is about 20% of the remaining health care costs. A hospital bill could be in the tens of thousands of dollars. If that is the case, you do not want to be stuck with 20% of the medical bill. The first way is to sign up for a Medicare Advantage (MA) with a Part D plan (MAPD). This will provide additional benefits to Original Medicare. The other option is to sign up for a Medicare Supplement Plan and a Part D plan. The key difference here is that most MA plans have a built-in drug plan. There’s a separate cost for the drug plan on a Medicare Supplement plan.
Medicare Supplement – Medigap
Enrolling in a Medicare Supplement plan is ideal when you turn 65. On the other hand, if you attempt to sign up a year or two in the future after enrolling in a Medicare Advantage plan the insurance company will ask health questions. This is to keep the pool of customers as healthy as possible, which in turn helps keep costs down. These plans are rich in benefits, and the doctor’s list is broad. In fact, any doctor that accepts Medicare is in-network. There’s a maximum out of pocket cost.
Medicare Advantage plans offer other benefits, however, there are distinct differences compared to a Medicare Supplement Plan. These plans are limited to the doctors in-network and there are copays and a deductible. However, many times there are no premiums. Additional benefits may include vision, dental, and hearing aid benefits are included. As a result, a Medicare Advantage plan is oftentimes a great option. Because of this, it makes the decision a difficult one.
In conclusion, there are two options to cover the 20% that Original Medicare does not cover. The two options are Medicare Supplement and Medicare Advantage. They both provide additional coverage to Original Medicare. Nevada Medigap options are fairly bountiful. Keep in mind that it is important to talk to a licensed health insurance professional to make sure there is a complete understanding of your Medicare options.