Rhode Island Senior Health Insurance
Explore Your Options
It’s no secret that Rhode Island is the smallest state in the US. However, about 16% of the population of Rhode Island are ages 65 and up. The great news is that Rhode Island, even though small in size, has many affordable senior healthcare options available. When you become eligible for Medicare, make sure you understand all of your options. First, do your research; understand what basic Medicare Part A and B cover. Then it’s time to learn the different ways to supplement it. Because Medicare Part A and B only cover about 80% of your health related costs most people choose a plan to help pick up the additional 20% that you would otherwise be responsible for. These options are broken down into three different plan types.
Medicare Supplement Plans, also known as Medigap plans help cover coinsurance, deductibles and co-pays. These are standardized plans by the government and are offered by private health insurance companies. Your premium costs are based on the state you live in however you are able to utilize your benefits nationwide. These are non-network based plans, meaning you can see any doctor or specialist that accepts Medicare. This type of plan does not include prescription drug coverage, which brings us to your next plan option.
Prescription Drug Plans or Part D of Medicare are stand-alone plans regulated by the government. These plans are offered by private health insurance companies and are typically paired with a Medicare Supplement. You may purchase a Prescription Drug Plan on its own to go along with your Medicare Part A and B, however it does not help cover any of the 20% in medical costs. Part D strictly helps cover the cost of your prescriptions. Prescription costs are based on the prescriptions tier level and tier level may vary between carriers. This information is found in the plans formulary. The specialists at MySeniorHealthPlan.com can help you determine which plan will work best with the prescriptions you are taking.
Medicare Advantage Plans or Part C, are approved by CMS, the Centers for Medicare and Medicaid Services. These are also offered by private health insurance companies and are network based. Medicare Advantage Plans offer a comprehensive array of benefits and in most cases offer prescription drug coverage built right into the policy. If you decide to enroll into a Medicare Advantage Plan your Medicare Part A and B benefits will be provided by the insurance carrier. These are county based plans, and even though Rhode Island is only made up of 5 total counties, you may not have the same options available as the county next to you.
If you need help paying for your health insurance costs, you may qualify for extra help. The Rhode Island Department of Human Services manages Rite Care. This is the state’s Medicaid program and was created to assist people with low incomes obtain affordable health coverage. For more information click here.
Rhode Island State Site: www.ri.gov
Department of Health and Human Services: http://www.eohhs.ri.gov/Consumer/ConsumerInformation/Healthcare/Elders.aspx