Medicare Plans
MEDICARE PLANS IN SIOUX FALLS, SD
Types of Medicare Coverage
Medicare beneficiaries may have other Medicare options available, as well. The specific benefits and costs can vary by location, but may include:
Medicare Advantage
(Medicare Part C) plans are sold by private insurance providers on contract with the Medicare program. These plans are required to offer at least the same amount of coverage as Original Medicare, Part A and Part B (excluding hospice care). Some plans may offer additional benefits, like routine vision and dental, hearing, and prescription drug coverage.
Medicare Supplement
(Medigap) insurance is also available through private insurance companies. These plans cover some Original Medicare out-of-pocket costs, like deductibles, coinsurance, and copayments. Some plans also cover benefits that aren't covered under Original Medicare, like limited overseas emergency health coverage. Most states offer up to 10 different plan types, each with standardized benefits and designated by a letter (A,B,C,D,F,G,K,L,M, and N). Benefits are the same under each plan letter category, no matter where the plan is purchased.
Medicare COST Plans
Medicare Cost plans are a hybrid product that actually preceded the Medicare Advantage plans now commonly available. Medicare COST plans offer you coverage options at lower premiums than Medicare supplement insurance plans. Medicare COST plans are another choice for you to receive all of your Medicare benefits and with some plans even more.
Medicare MSA Plans
What is an MSA? Fiscally-responsible flexibility and choice.
MSA stands for Medical Savings Account. MSAs are one type of Medicare Advantage (MA) plan that the Centers for Medicare and Medicaid Services (CMS) partners with private insurance companies to offer. MSAs combine a high deductible health plan covering Medicare A/B expenses with an IRS-approved trust/ custodial savings account. They operate on four basic principles:
- The plan deposits money into the member's medical savings account.
- The member decides what health services to spend the funds on, and/ or saves of invests the funds for future health needs.
- The plan pays any Medicare-covered(Parts A & B) services once the member reaches their plan deductible amount.
- Funds remaining at year-end belong to the member and roll over to the next year.
An MSA offers a combination of features unique to MA. It's the only Medicare product that gives the member money, and that money can potentially grow over time. It's also non-network, so members can receive services from any Medicare-participating provider accepting new patients. And, the funds can be used tax-free on any IRS-deemed Qualified Medical Expense (QME), enhancing overall coverage.
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