Friday, December 24, 2010

Any suggestions for an individual health insurance to go with my medicare?

My fathers health insurance through GM is going to be cancelled in Jan of 2009 and now we are in the process of trying to find another plan to go with his Medicare plan, is there anyone out there that has a suggestion for him?
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He'll need to visit a local agent that works with all the major companies in his area because this can get very confusing. There is no extra charge using an agent. You do not want to look for an individual health insurance policy, he'll need either a Medicare Supplement or a Medicare Advantage plan. He'll also need a Part D prescription drug plan or he'll face penalties by not having one. Most Medicare Advantage plans will have Part D included but some, and all Supplements, do not. There is no way for anyone here to have any suggestions. He'll need to talk with someone knowledgeable with the different plans. There are Medicare Supplements Plans A through L. The plans are exactly the same from company to company; the only difference is premium. There are also several types of Medicare Advantage plans (HMO, PPO, PFFS, POS, MSA, SNP, PACE and Cost Plan) and the one that's best depends on his current situation and budget as well as his state because these plans are county specific. Some companies will have only one or two types while other companies will have most types although what any company has will vary by county. Generally, the Medicare Supplement will have a higher premium but very little if any extra charges when he uses the plan. The Medicare Advantage plans will have a low, or even a $0, premium but will have co-pays when he uses the plan.
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