Ohio Medicare Benefits

Products and Services

Medigap (Medicare Supplement Health Insurance)

Get additional coverage beyond Original Medicare with standardized plans A-N offered through Insurance Companies. Reduce deductibles, co-pays, and coinsurance, and enjoy the freedom to choose any doctor or hospital in the United States. Prescription Drug Plan not included.

MEDICARE ADVANTAGE PLANS

Medicare Advantage Plans offer coverage for hospital expenses, doctor visits, and other medical services. These plans may also include prescription drug coverage for Medicare recipients. The premiums for these plans are not determined by age or health status. Medicare Advantage Plans combine all benefits and services into one plan, which can be accessed through Health Maintenance Organizations (HMO's) or Preferred Provider Organizations (PPOs). To be eligible for Medicare Advantage, you must be enrolled in Medicare Part A and Part B, live within the service area, and not have End Stage Renal Disease (ESRD).

MEDICARE PART D

Medicare Part D is a prescription drug plan offered by private insurance companies. It can be obtained as a stand-alone plan or in combination with an Advantage Plan, and features a formulary and network pharmacies. Premiums, co-pays, and deductibles may apply.

Life Insurance

Life insurance policies come in two main types: term life insurance and permanent life insurance. Term life insurance is a good choice if you need protection for a specific time period, such as until your kids finish college or your mortgage is paid off. The term can be 10, 20 or 30 years, and typically offers the most coverage for the lowest initial premium. This makes it a great option for those on a tighter budget. On the other hand, permanent life insurance provides lifelong protection as long as you continue to pay the premiums. It also accumulates cash value on a tax-deferred basis, which you can access to buy a home, supplement your retirement income, cover an emergency expense and more. Although it offers these additional benefits, the initial premiums are higher than those of a term life insurance policy with the same amount of coverage.