Booneville, Mississippi Medicare Options

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If you have questions about Medicare options in Booneville, Mississippi, you’ve come to the right place! Whether you are new to Medicare or have been enrolled for years, we can help you navigate the Medicare maze and find the Medicare products that suit your unique situation. Let’s review the parts of Medicare and what your Medicare options are in Booneville, MS.

The Four Parts of Medicare

The Medicare program consists of four working parts. You may not need to enroll in all four parts, but you will need to know what kind of coverage is available in each.

Medicare Part A

Medicare A provides insurance for hospital stays. It will help pay for the room and board expenses you incur during an inpatient stay at either a hospital or skilled nursing facility. The majority of Medicare beneficiaries receive premium-free Part A. You won’t pay a premium if you paid Medicare taxes for ten years. If you have not met that requirement, you could pay up to $499 per month for Part A.

There is a $1556 deductible for Part A, and it is based on benefit periods. A benefit period begins on the first day of your hospital stay and ends after you have been home from the hospital for 60 consecutive days.

Your coinsurance costs for Part A will depend on how many days you have stayed. For the first 60 days, you will not pay any coinsurance. From days 61-90, your coinsurance will be $389 per day. After day 90, you will be responsible for $778 per day if you have not already used your 60 lifetime reserve days. Once all these benefits are exhausted, you will be responsible for the entire expense each day.

Medicare Part B

Medicare Part B provides coverage for outpatient services. It will help pay for surgeries, doctor’s visits, diagnostic tests, durable medical equipment, and preventive services. The standard premium for Part B is $170.10. If you have a high income, you may pay an additional fee called the Income-Related Monthly Adjustment Amount. The Social Security Administration will calculate your Part B premium based on your tax returns from two years prior.

The annual deductible for Part B is $233. After you have met the deductible, Part B will pay for about 80% of the covered services. There is no limit to your out-of-pocket expenses, which is why most Medicare beneficiaries choose to enroll in either a Medicare Advantage plan or a Medicare supplement plan.

Medicare Part C

Medicare Part C consists of Medicare Advantage plans. A Medicare Advantage plan will take the place of Original Medicare (Parts A and B) if you choose to enroll in one. Instead of receiving your Part A and Part B coverage through the federal government, all of your benefits will be provided by the insurance company. Many private insurance companies offer Medicare Advantage plans.

The advantage of a Part C plan is that these plans often come with additional benefits. You may get prescription drug coverage, routine dental care, vision and hearing benefits, gym memberships, meal delivery, and many other perks. The coverage you get will depend on which plan you choose – not all Medicare Advantage plans have the same benefits.

Your Part C premiums and deductibles will depend on the plan. Many of the Part C plans have low premiums since they require their members to receive care within a certain network. (Going outside the network usually means the member has no coverage.)

Not everyone has access to Medicare Advantage plans. The ones available in your area will depend on how many providers have agreed to participate in a plan.

Happy senior couple dancing on a dock as they discuss medicare options in Booneville, Mississippi.
Choices will be restricted to where you live, and there are some plans that have eligibility requirements.

Medicare Advantage Options in Booneville, Mississippi

Part C plans are not offered in every county. A Part C plan that is available in one county may not be available in another. A few of the popular plans and carriers of Medicare Advantage in Booneville, MS include:

  • Aetna Medicare Freedom (PPO)
  • Aetna Medicare Advantage (HMO)
  • AARP Medicare Advantage Choice (PPO)
  • HumanaChoice (Regional PPO)

 Remember, your choices will be restricted to where you live, and there are some plans that have eligibility requirements.

Medicare Part D

Medicare Part D plans are your prescription drug coverage. These can be purchased as a stand-alone plan or as part of your Medicare Advantage plan (if offered that way by the plan). In either scenario, the plans work the same way.

Each Part D plan will include a drug formulary. The formulary lists all prescriptions covered by the plan and then categorizes each one into a tier. Plans may have up to four or five different tiers. Generic, common drugs are placed in lower tiers, while name-brand specialty drugs are placed in higher tiers. As you may have guessed, medications in higher tiers are more expensive.

Part D plans have a deductible of $480. (The carrier can choose a lower premium, but it can’t exceed $480 in 2022.) The deductible may not apply to every tier. Most plans allow beneficiaries to get tier one medications without paying the deductible.

Part D Options in Booneville, Mississippi

Remember, you’ll need to narrow down your Part D plan by making sure your current medications are part of the plan. There are many Part D carriers to choose from in Booneville, MS. A few of the popular Part D carriers include:

  • AARP
  • Humana
  • Cigna
  • Mutual of Omaha
  • SilverScript
  • Elixir
  • Clear Spring
  • Wellcare

Medicare Supplements (Medigap Plans)

We mentioned these types of plans earlier. After you enroll in Medicare Parts A and B, you’ll choose to enroll in either a Medicare Advantage plan or a Medicare supplement plan. Both are great choices, but you’ll need to understand their differences to choose which one is right for you.

A Medigap plan will help pay for the expenses that remain after Medicare Parts A and B have paid their share. The more popular Medigap plans – Plans F, G, and N – leave the beneficiary with almost no out-of-pocket expenses. However, these plans don’t come with the extra benefits that many of the Medicare Advantage plans do.

You can purchase a Medigap plan from a variety of carriers. Unlike Medicare Advantage plans, these plans remain the same no matter where you purchase one. Your Medigap plan premium will depend on which plan you choose. None of the Medigap plans have a deductible.

Our Medicare Advisors in Booneville, Mississippi

Now that you understand more about how Medicare, you can seek help from an independent Medicare advisor. Our advisors are experts in all aspects of Medicare and are more than happy to answer all of your questions. We can help narrow down your choices and give you recommendations on plans that we think would work well for you. Our services come at no additional cost to you, so give us a call today to schedule your consultation!

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Justin Brock

President & CEO of Bobby Brock Insurance