What is Medicare?
The federal Medicare program is a health insurance program for people who are age 65 or older, people with certain disabilities, and people with end-stage renal disease (permanent kidney failure). Medicare is administered by the Centers for Medicare and Medicaid Services (CMS).
Medicare Insurance has four distinct parts:
People who receive these benefits are called Medicare beneficiaries.
What do the Parts Cover?
Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
Part B covers doctor visits, outpatient care, medical supplies, and preventive services.
Part C, also called Medicare Advantage, is a type of managed care plan that combines Parts A and B into a single plan. Medicare Advantage Plans, are provided by private health insurance companies. People who enroll in them are replacing their Original Medical Coverage with a Medicare Advantage Plan.
Part D, also known as Prescription Drug Plans, help pay for medications. Original Medicare does not typically pay for medications that you would fill at a pharmacy. Medicare Prescription Drug coverage is very limited.
How Much Does Medicare Cost?
Unfortunately Medicare is not a free program. You may need to pay premiums and you may also need to pay copayments, deductibles, and other out-of-pocket costs related to your healthcare.
Part A is premium free for most people (or their spouses) who paid Medicare taxes long enough while working, at least 10 years. If you get Medicare before the age of 65, Part A will also be premium free.
If you do not qualify for premium free Part A, you may be able to buy Part A by paying a premium.
Most people will pay a premium for Medicare Part B and the premium can change each year. Each state has a program that may pay the premium for low income residents or people with social security disability benefits.
The copayments, deductibles, and other out-of-pocket costs you may have to pay will depend on what type of insurance plan you choose.
Medicare can help you pay for your health care costs, but it does not cover everything. You may need to purchase an additional coverage policy, such as Medigap, also known as Medicare Supplement Insurance, or Medicare Advantage, to fill in the gaps in Medicare coverage.
We’re Here to Help
That is why choosing a licensed insurance agency that you can trust to help you shop, compare plan options, and enroll in a plan is so important.
Ideally, you choose a senior health insurance broker, like American Entitlements, to help you evaluate your Medicare Options, Medicare Plans, and even help you enroll in Medicare.
American Entitlements licensed insurance agents are able to give you the Medicare help you want and to help you understand Medicare.
Let’s connect. Schedule a short call with us. Click here to visit the contact page of our website.
Do you know if you are eligible for Medicare? Read more about Medicare Eligibility Here and Read More about Medicare Enrollment Here.