If you are nearing retirement age, it is important to start thinking about your Medicare options. In Louisiana, there are several different plans available. In this blog post, we will discuss the different types of Medicare plans available in Louisiana, and help you decide which plan is right for you!
Understanding Medicare Plans in Louisiana
Medicare, the United States federal medical insurance program, provides coverage for about 500,000 people in Louisiana who qualify for Medicare. You can get Medicare if you’re 65 or older or have a qualifying disability.
Your disability typically qualifies if you’ve received at least 24 Social Security or Railroad Retirement Board (RRB) disability insurance payments. You can also enroll in Medicare Advantage Plans if you have End-Stage Renal Disease (ESRD) or amyotrophic lateral sclerosis (ALS).
Most people have premium-free Part A but, if you have to buy it, the cost can reach up to $499 per month in 2022. Part B costs $170.10 per month but can be more if you have a higher income. There are 67 Medicare Advantage Plans in the state that are an alternative to Original Medicare. Learn more about your Medicare options in Louisiana.
Plans Available In Lousiana
Residents of Louisiana have multiple Medicare plans to choose from. Many are tiered to help Louisiana seniors find the plan that is best suited to their lifestyle and medical needs. For example, seniors and individuals with disabilities who don’t need much coverage can apply for Original Medicare. Louisiana’s Medicare Advantage program might be a better option if you need more comprehensive insurance. Some Medicare policies offer additional prescription drug add-ons or supplementary coverage.
Medicare Advantage plans
Medicare.gov (N/A)
The official U.S. government website for Medicare provides information about plans, coverage, costs, claims, resources, and more to the public.
Government authorities also known as Part C, are an alternative to the Original Medicare offered by private insurance companies. These plans include both Part A and Part B coverage, except for hospice care. Most services are provided by network providers, and you may need primary care physicians, referrals for specialists, and prior authorizations for treatment and medications. Medicare Advantage offers additional coverage for essential needs, such as prescription drugs, and dental and vision care. Some Medicare Advantage Plans also cover gym memberships and transportation to and from medical appointments. Part C may also pay for adult daycare services:
- Medicare Advantage is a good choice if you want to have all of your health care and drug benefits bundled together in one plan and if you don’t mind being restricted in your choice of providers to save on costs.
- There is a cap on what you can spend for out-of-pocket Medicare-covered expenses.
- You also have access to services that Medicare doesn’t cover, like routine dental and vision exams.
Medicare Prescription Drug Plans
Many Medicare Advantage policies add Part D drug coverage automatically to their package, but you can also add Medicare prescription drug coverage to Original Medicare. Medicare prescription drug coverage is offered to all Medicare enrollees, but you may have to pay a penalty if you wait to enroll after being initially eligible. Medicare Part D plans may not all cover the same drugs or have the same costs as Medicare Advantage policies. Standalone Part D coverage is provided by Medicare-approved private insurers. Most plans require a deductible and a copay for each prescription drug:
- Part D is a good choice if you have Original Medicare, or if you have a Medicare Advantage Plan ― not a health maintenance organization (HMO) or preferred provider organization (PPO) ― that doesn’t have prescription drug coverage.
- You pay a penalty if you wait to enroll in a Part D plan unless you have creditable coverage from an employer-sponsored group plan.
- If you don’t require medications now, you can enroll in a low-premium Part D plan to avoid late enrollment penalties later.
Supplemental Plans
Some Louisiana seniors purchase a Medicare Supplement Insurance policy, also known as Medigap. These plans are intended to fill in the gaps Original Medicare doesn’t cover. Some of these gaps include medical coverage while overseas, Part A and Part B copays, and excess Part B charge. Medigap doesn’t pay for anything related to Medicare Advantage. You cannot have a Medigap plan and a Medicare Advantage Plan at the same time.
- Medigap is a good choice if you have Original Medicare and want help paying for out-of-pocket expenses you incur when you access your Part A and Part B benefits.
- You pay a monthly premium, and most copays and coinsurance costs are covered.
- If you have significant health care needs, and want the freedom to see any Medicare provider without network restrictions, a Medigap plan offers predictable coverage and costs for Medicare-covered care.
- Medigap doesn’t cover prescription drugs or other benefits like dental and vision.
If you are a resident of Louisiana and need help with insurance. Please give us a call.