Comprehensive Coverage, Major Medical, HMO, PPO, HSA, High Deductible Plans, Co-Pays, Co-Insurance. Confused yet?
At Little Village Insurance, we try to help you navigate through the sometimes confusing world of health insurance. Basically, there are three types of heath insurance plans:
Comprehensive Plans High Deductible Plans HSA Plans
Little Village Insurance Agency works with numerous major insurance companies that supply Medicare Supplements. Medicare Supplements are designed to pay the portion of your medical bill that Medicare doesn't pay. Medicare Supplements are "private" insurance companies that work with or "supplement" your Medicare parts A & B. Medicare beneficiaries are required to pay a monthly premium for these products. In most cases, the beneficiary has no additional out of pockets costs other than the premium.
By law, all Medicare Supplements must cover the same regardless of the company. Medicare Supplements do not cover your prescriptions. You will have to enroll in a Medicare Part D drug plan to have your drugs covered.
Medicare Advantage Plans – Medicare Part C
Little Village Insurance Agency is approved by multiple national and local companies to sell/enroll Medicare beneficiaries in their products. Medicare Advantage plans are different from Medicare Supplements. Medicare Advantage plans are "private" insurance companies that are administering your Medicare parts A & B. The Medicare beneficiary must pay various co-pays depending on the services provided. These out of pocket costs stop after the beneficiary has reached the plans set annual out-of-pocket limit. To offset these costs, many Medicare Advantage plans have little or no monthly premium.
Many of these plans include your Medicare part D drug coverage, so it is not necessary to purchase a separate drug plan.
Medicare Part D
Each year the agents at Little Village Insurance Agency get certified by multiple insurance companies to sell/enroll Medicare beneficiaries in their plans. Using your exact prescription needs, we evaluate all of the companies in the market place. We then help you to enroll in whatever plan best fits your needs and budget.
Each year during the Annual Enrollment Period (AEP), an agent from Little Village Insurance Agency will contact you to re-evaluate your prescriptions needs, and make any adjustment necessary to make sure you still have the best plan for your needs.
Comprehensive plans consist of two areas of coverage. The first part covers the routine medical expenses such as doctor visits and annual physicals. This usually means you pay a small co-pay ($20-$40) when you see the doctor for routine medical care. You normally do not have to meet your deductible before your insurance begins paying. The second part is your major medical coverage (in hospital & outpatient surgery & testing). In this part of the plan you need to meet a deductible (a specified dollar amount you pay) before your insurance starts to pay medical costs.
High Deductible Plans
These plans are for people whose biggest concerns are the high costs of in-patient care and out-patient surgery and tests. They are willing to pay for routine care out of pocket. Normally all costs of any medical care apply to the deductible. These plans generally have lower premiums.
A Health Savings Account is a savings eligible plan that consists of two parts. The first is a high deductible plan with one deductible for the whole family. In most cases the insurance picks up 100% of covered medical expenses after the deductible is met. The second part is the savings account. It is a tax-advantage savings account that individuals can contribute money to (up to their deductible). This money can be used to pay for qualified medical expenses. These plans are very popular with self-employed individuals.
"Do you have auto & home owners insurance? Why risk everything without health insurance? Get coverage today!"