Living Well 60+ November – December 2014 | Page 30

30 NOV/DEC 2014 Managing Your Way Through the Medicare Maze What is Medicare What is a Medicare Supplement Insurance (Medigap Advantage Plan Policy)? Medicare Advantage plans Provided by StableView Health combine Part A and Part B of Original Medicare into one plan. Medicare Advantage plans may also include vision, hearing, fitness programs and prescription drug coverage. Medicare Advantage plans contract with the Federal Government to provide all Medicare benefits. Medicare benefits are provided by private insurance companies. Advantage Plans vs. Original Medicare So how do you decide between choosing a Medicare Advantage plan or going with Original Medicare? It all depends on your own personal health care needs, preferences and budget. A good place to start is to ask yourself the following questions: • How important is it to you to choose your own doctor versus an in-network doctor? • Can you manage the varying copays and deductibles you may encounter, or do you want more controlled and consistent health care costs? • Do you just want the nutsand-bolts coverage offered by Original Medicare, or could you utilize the additional benefits offered by Medicare Advantage plans, which may include wellness and preventive programs, plus optional dental, vision and hearing aid coverage? • Can you afford supplementary insurance to cover the gaps in your Original Medicare plan? • Can you afford supplementary insurance to cover the gaps in your Original Medicare plan? A Medigap policy is an insurance plan that is supplemental to Medicare. It is not an insurance plan by itself – it works to supplement your Original Medicare benefits. Medigap covers some or all of your coinsurances depending on your plan choice. It does not include prescription drug coverage. Similarities Between Medicare Advantage Plans and Supplement Insurance/ Medigap: Additional Benefits AEP will become effective on January 1, 2015. Did you know there is a new, local Medicare Advantage plan? StableView Health offers a fresh approach to Medicare Advantage where doctors, mem- • Offered by private insurance companies • Will lower out-of-pocket costs for hospital and medical benefits compared to Original Medicare • Monthly premium in addition to your Part B premium • There is a variety of plan choices and costs which vary by company and plan chosen • Spouses can have an individual plan How and When to Enroll? Your initial enrollment period (IEP) for either Original Medicare or Medicare Advantage begins any time after you are 64 years and 9 months old, or otherwise become eligible for Medicare. The Medicare Annual Enrollment Period (AEP) runs October 15 and ends December 7. During AEP, all Medicare beneficiaries can make changes to their plan coverage. Changes made during Medicare Parts A & B Prescription Drug Coverage bers and the health plan work together to optimize member health with costs that are affordable and predictable. For more information, call 1-866-792-0180 (TTY/TDD: 711) or visit www. StableViewHealth.com. Now is the time to make some important Medicare choices. StableView Health is here to help. We look forward to serving you! Kentucky’s Leading Hair Replacement Facility • Genetic Hair Loss • Chemotherapy • Alopecia • Cosmetic Hair Repl