Moon-Baker Agency

130 E Main St
Ada, OK 74820

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Why do I need a Medicare Supplement Insurance?

Since July 1965 Medicare has been providing healthcare to people 65 years and older no matter what their medical history or income. Today more than 60 million Americans are covered by Medicare. In 1980 Congress brought Medicare supplemental insurance under government oversight. Today seniors have choices about the type of Medicare coverage they want. At Moon – Baker Insurance Agency Inc. in Ada, OK  we understand Medicare coverage is confusing, and having an insurance agent you trust can help with the decision-making process. 

Understanding Medicare

Medicare is not just one simple insurance policy. It has different parts with different requirements. You can choose from Original Medicare and a Medicare Advantage Program. You can only purchase a Medicare Supplemental Policy with original Medicare. Original Medicare has two parts:

  • Part A which you receive free of cost covers inpatient hospital stays, hospice care, surgery, lab tests, and in-home health care. Skilled nursing care is also covered but not long term.
  • Part B is medical coverage and you pay for it every month depending on your income. Coverage includes doctor’s visits, in-home care, outpatient care, and durable medical equipment. 

Medicare covers 80% of the negotiated costs of these services. It also has a yearly deductible that must be met. For the costs to be covered the provider must accept the rate that Medicare will pay. Original Medicare does not cover prescription costs. This is Part D coverage which you are mandated to buy under threat of a lifelong penalty. 

Medicare Part F

The reason why you need Medicare Supplemental Insurance is to pay the 20% that is not covered by Original Medicare. Many different companies offer these plans and they cover part or all of the 20% not covered. 

Contact Moon – Baker Insurance Agency Inc. in Ada, OK  to make an appointment to discuss your insurance needs. 

PPO vs. HMO Health Insurance

Health insurance is a necessity in the present age. It only takes one medical emergency in Ada, OK to empty your savings account. When it comes to health insurance, most buyers will choose between a Health Maintenance Organization (HMO) and a Preferred Provider Organization (PPO). The agents at Moon – Baker Insurance Agency Inc. can help you understand the difference between HMO and PPO health plans. 

What Is HMO Health Insurance?

An HMO insurance plan is coverage that provides financial protection for doctor-approved procedures. Those with HMO plans typically pay less in monthly premiums. Policyholders must, however, remain within the network to get the full benefits of their plans. 

Some consumers prefer health plans that do not require a primary physician’s approval before treatment is rendered. There is also the matter of remaining within the network, which leads to individuals having to choose another doctor if their preferred physician is not in their HMO circle. 

What Is PPO Health Insurance?

Those who want more liberality in choosing providers may select a PPO health plan. This type of policy lets policyholders choose their doctors and does not require a primary physician’s approval before procedures commence. 

A PPO plan costs significantly more than an HMO policy, which is why some may steer clear of this type of health insurance in Ada, OK. Those looking to save money on monthly premiums may not find a PPO plan as beneficial. 

Which Health Plan Is Right For You?

The best way to choose a health insurance plan is with a professional’s guidance. The agents at Moon – Baker Insurance Agency Inc. can help you understand how HMO and PPO indemnity policies work so you can select the plan that best suits your lifestyle. Call today Moon – Baker Insurance today to get started with a quote for coverage.