Medicare is a government insurance plan primarily providing benefits to Americans 65 years of age and older who qualify for coverage. Certain younger people with disabilities and/or renal failure may also be eligible for benefits.
Most Americans are familiar with the name Medicare, but are often unaware of how it works and what it covers. They are often shocked to learn that there are gaps and out of pocket expenses in Medicare that can run into the thousands or tens of thousands of dollars. Peter Jundt understands Medicare, it's limitations,
and what can be done to mitigate them.
In order to help Medicare Beneficiaries deal with the out of pocket expenses, Medicare Law, as administered by CMS (the Centers for Medicare and Medicaid Services) allows seniors to choose from 2 optional types of plans; as well as stand alone prescription drug plans.
• Medigap (often referred to as Medicare Supplement Insurance or Medicare Supplemental Insurance) is described by medicare.gov as: insurance, sold by private companies that can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
• Medicare Advantage Plans are described by medicare.gov as: a type of Medicare health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits. Medicare Advantage Plans include Health Maintenance Organizations, Preferred Provider Organizations, Private Fee-for-Service Plans, Special Needs Plans, and Medicare Medical Savings Account Plans. If you're enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren't paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage.
There are distinct and very important differences between these two types of plans. Peter represents multiple carriers of both Medigap and Medicare Advantage plans and can help seniors understand the differences between them. This is critical, in order for them to make the choice that they feel best fits their needs.
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