A Guide To 2022 Medicare Plans

Medicare is a government-sponsored health insurance program that provides coverage for seniors and people with disabilities. There are many different Medicare plans available to choose from.  In this blog post,…

June 22, 2022

Written by Nikki Grillo

Medicare is a government-sponsored health insurance program that provides coverage for seniors and people with disabilities. There are many different Medicare plans available to choose from. 

In this blog post, we will discuss the different Medicare plans available in 2022. We will explain what each plan covers, the benefits, and why it is important to sign up for Medicare coverage.

What’s Medicare?

Medicare is a government-sponsored health insurance program that provides coverage for seniors and people with disabilities. Medicare plans are available to those who are 65 years of age or older and those under 65 who have certain disabilities. 

Many different Medicare plans are available to choose from, and each plan has different benefits. 

What Is Covered Under Medicare Plans?

Original Medicare (Part A and Part B): covers hospital stays, outpatient care, home health care, skilled nursing facility care, hospice care, and some preventive services. 

Medicare Advantage plans: must offer at least the same coverage as Original Medicare, but some plans also offer additional benefits, such as dental care, vision care, and prescription drug coverage. 

Medicare Supplement Insurance plans: help cover some of the out-of-pocket costs that Original Medicare does not cover. 

Prescription Drug Coverage plans: help cover the cost of prescription drugs. 

What Are the Benefits of Medicare Plans?

Medicare plans offer many benefits to seniors and people with disabilities. These benefits include access to quality health care, peace of mind, financial protection, etc. 

What Are The Medicare Restrictions?

There are several specific limitations under Medicare that you should be aware of:

Part A Restrictions

First, while Medicare Part A covers hospitalization costs, it has a deductible of $1,556 per stay. Additionally, Part A only covers the first 60 days of inpatient care, with days 61-90 costing $389 per day and each subsequent day costing $778.

Part B Restrictions

Under Medicare Part B, which covers outpatient care and some preventative services, there is a monthly premium and a deductible of $233 per year. Once the deductible is met, you will be responsible for 20% of the cost of most covered services. There is no limit to how much you could spend on outpatient care in a year.

Part D Restrictions

Medicare Part D prescription drug coverage has a monthly premium and a deductible of $480 per year. Once the deductible is met, you will pay a coinsurance of 25% for covered drugs. There is no limit to how much you could spend on prescription drugs in a year.

These are just some major limitations to be aware of under Medicare. For more detailed information about coverage and costs, speak with a representative.

Why Is It Important to Sign Up for a Medicare Plan?

It is important to sign up for a Medicare plan to help you stay healthy and protect your finances. Medicare plans can help you pay for your health care costs and give you access to quality care. 

If you are eligible for Medicare, we encourage you to sign up for a plan that best meets your needs. You can learn more about the different Medicare plans and find the right one for you by speaking with a Medicare representative.

Medicare Supplement Plans F – N

When you think of Medicare, you usually think of Plans A – D. However, those aren’t the only plans available. Medicare supplement plans (F – N) are also an option for people who want additional coverage. These plans can cover things like:

  • Copayments
  • Deductibles
  • Coinsurance

There are a variety of Medicare supplement plans available, so you can choose the one that best fits your needs. If you’re unsure which plan is right for you, talk to your doctor or a Medicare specialist. They’ll be able to help you figure out which plan will give you the coverage you need.

Plan F 

Medicare Supplement Plan F is a first-dollar coverage option. This implies that you are covered from the first dollar you spend on the plan. As long as your doctor accepts Medicare and pays its share first, your Medigap Plan F will pay for the rest.

However, as of January 2020, the CMS discontinued first-dollar plans for new enrollees. These plans are still available if you became eligible for Medicare before January 1st, 2020. 

Plan G

Plan G is very similar to Plan F, with one key exception. It doesn’t cover the Medicare Part B deductible, currently $233. Other than that, it offers the same comprehensive coverage. 

Some people choose Plan G because it can be cheaper in the long run. The monthly premiums are usually lower, and if you never meet your Medicare Part B deductible, you’ll save money overall. 

Plan K

Plan K is slightly different from the other plans we’ve discussed so far. It doesn’t cover the Part A deductible, and it only pays 50% of covered Part B services. It also has an out-of-pocket maximum of $6,620

So why would anyone choose Plan K? The answer is simple: cost. Plan K has much lower monthly premiums than other Medigap plans, making it a good choice for people on a budget. 

Of course, because it doesn’t cover as much as other plans, it’s not the best choice for everyone. If you think you might need more coverage, you should consider another option. 

Plan L 

Plan L is very similar to Plan K, with one key exception. It has a lower out-of-pocket maximum of $3,310. Other than that, it offers the same coverage, including 50% of covered Part B services. 

So why would anyone choose Plan L over Plan K? The answer is simple: cost. Plan L has much lower monthly premiums than other Medigap plans, making it a good choice for people on a budget. 

Plan M

Plan M is another Medigap plan that offers comprehensive coverage. It covers everything that Medicare Part A and B don’t cover, except the Part B deductible. 

Some people choose Plan M over other options because it has a lower monthly premium. However, you should be aware that the out-of-pocket costs can be higher than other plans. 

Plan N

Plan N is similar to Plan M but with a few key differences. Firstly, it has a higher monthly premium. Secondly, it doesn’t cover the Part B deductible. 

So, why would anyone choose Plan N? The answer is simple: it offers good coverage at a reasonable price. If you’re looking for an affordable Medigap plan, Plan N could be a good option. 

These are just some of the many Medicare plans available to you. When choosing a plan, it’s important to consider your needs and budget. With so many options available, there’s sure to be the right plan for you. 

Medicare Enrollment Period

You have a seven-month initial enrollment period to sign up for Medicare Part A or Part B. This enrollment period starts three months before you turn 65, includes the month you turn 65, and ends three months after you turn 65. If you wait until after your initial enrollment period, you may have to pay a late-enrollment penalty for as long as you’re enrolled in Part B.

You can also enroll in Medicare Advantage (Part C) or Medicare prescription drug coverage (Part D) during this time. 

How To Enroll For Medicare? 

You are first eligible to enroll in Medicare three months before your 65th birthday and then have a seven-month window. If you don’t enroll during that time frame, you may have to pay a late enrollment penalty as long as you have Medicare coverage. 

There are four ways to sign up for Original Medicare: 

  •  You can visit the Social Security Administration’s website. 
  •  You can call them at (800)772-1213. 
  •  You can visit your local Social Security office. 
  •  Or, if you’re already receiving benefits from Social Security or the Railroad Retirement Board, you should automatically be enrolled in Medicare Part A and Part B starting the first day of the month you turn 65. 

You can also enroll in a Medicare Advantage Plan (Part C) or a Part D prescription drug plan during the same seven-month period as your Initial Enrollment Period for Part A and Part B. If you wait to sign up, you may have to pay a late enrollment penalty.

Can I Have More Than One Medicare Plan In Place?  

You can’t have more than one Medicare Advantage Plan or more than one standalone Part D prescription drug plan at a time. 

However, you can switch from one Medicare Advantage Plan to another or from one Part D plan to another during the annual election period (October 15th – December 7th.)

If you’re enrolled in a standalone Part D prescription drug plan and want to switch to a different one or join a Medicare Advantage Plan that includes prescription drug coverage, you can do so during the annual election period. You can also drop your Part D coverage entirely during this time. 

Get The Coverage You Need

At Nesso Senior Benefits, our specialists can assist you by selecting a medicare plan that will best suit your needs. We understand that there are many options available, and it can be confusing to try and figure out which one is right for you. That’s why we’re here to help. 

Our Nesso Group team wants to ensure you’re making an informed decision when selecting your medicare coverage. We’ll work with you to help find a plan that covers what’s important to you and fits within your budget. Don’t wait until it’s too late to get the coverage you need. Reach out so we can help you enroll in the plan of your choice.

REACH OUT NOW

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