Individual Insurance is Health Insurance for individuals under 65 and not yet on Medicare. Health insurance is a way to pay for health care. It protects you from paying the full costs of medical services when you’re injured or sick. Just like car insurance or home insurance, you choose a plan and agree to pay a certain rate, or premium, each month. In return, your health insurer agrees to pay a portion of your covered medical costs. Payments by your health insurance are typically based on discounts they negotiate with doctors and hospitals. You may enroll in Individual Insurance during the Open Enrollment Period (OEP) or during a Special Enrollment Period (SEP).
Medicare Part D
Medicare prescription drug plans also known as Part D are offered by Medicare approved private insurance companies. Part D plans help cover the cost of prescription drugs and may help lower or protect against high out-of-pocket costs. Part D can be purchased as a stand-alone plan with Original Medicare or certain Medicare Advantage (MA). Most Medicare Advantage Plans, however, do include Part D.
If you are “New” to Medicare, joining a Part D when you are first eligible is crucial. If you choose to join at a later time, you may incur a late enrollment penalty (LEP).
Before leaving your current employer or union coverage contact your Human Resources Department prior to making any changes. If you drop the employer/union coverage too soon, you may not be able to get it back.
Medigap or Medicare Supplement
A Medigap policy is a health insurance product sold by private insurance companies to fill gaps in Original Medicare coverage. Medigap policies do not cover your share of the costs under other types of health coverage, including Medicare Advantage Plans, stand -alone Medicare Prescription Drug Plans, employer/union group health coverage, Medicaid, Veterans benefits (VA) or Tricare
The High Deductible G Plan (HDG) is often overlooked and allows one a lower premium with a small annual amount out of pocket. These plans are attractive to healthy individuals or those whose health conditions are stable. It also appeals to those who want to pay when they use coverage instead of paying larger premiums and not using services.
A Medicare Advantage plan (PFFS, HMO, PPO) is another Medicare health plan option you have as part of Medicare. Medicare Advantage, also known as “Part C” or “MA Plans,” are offered by private companies approved by Medicare. Medicare Advantage plans MUST cover all of the services that Original Medicare covers except Hospice Care. MA Plans are not supplemental coverage and can offer extra benefits such as Vision, Hearing, and Dental.
Get Health Care Coverage with Confidence
The Croft Insurance professionals will help you design the right health insurance plan for you and your family.
We are available Monday through Friday 9:00 AM to 5:00 PM for in-person and phone appointments.