Medicare is the federal health insurance program that covers most people age 65 and older. Some younger people who are disabled or who have End-Stage Renal Disease (permanent kidney failure) are also eligible for coverage. Medicare now offers four kinds of insurance:
Medicare Part A helps pay for hospital bills. Part A covers inpatient hospital services (i.e., costs associated with an overnight stay in a hospital, skilled nursing facility, or psychiatric hospital, such as charges for the hospital room, meals, and nursing services). Part A also covers hospice care and home healthcare. When you sign up for Medicare, you automatically get Part A, which covers hospital bills. Most people do not have to pay a monthly cost (premium) for Part A, because they or their spouse paid Medicare taxes while they were working.
Medicare Part B helps pay for doctor bills. Part B covers physician care – Part B also covers laboratory tests, physical therapy or rehabilitative services, and ambulance service. – as well as laboratory tests, physical therapy or rehabilitation services, and ambulance service. You choose whether to enroll in Part B, and if you do enroll, you pay a monthly premium for the insurance.
Medicare Part C adds more types of coverage. Medicare Part C programs are in addition to the fee-for-service options available under Medicare Parts A and B. Private healthcare plans may offer Medicare benefits that include medical savings accounts, managed care plans and private fee-for-service plans.
Medicare Part D is for prescription drug coverage, and helps pay for prescription medications not covered under Medicare Part A and/or B. If an eligible individual chooses not to purchase Part D coverage when first eligible, they may be subject to a premium penalty when coverage is purchased. Contact us today to learn more.
Medicare Supplement works in conjunction with Original Medicare (Parts A & B). Although Medicare Supplement plans will have higher monthly premiums than Medicare Part C plans, they generally have lower out-of-pocket costs for expenses that are approved/covered by Original Medicare. Additionally, all Medicare Supplements must contain the minimum benefits outlined by the Centers for Medicare & Medicaid Services (CMS) for the plan being offered. As an example: Medicare Supplement Plan F must contain all the benefits outlined by CMS for Plan F – regardless of the carrier who offers it. Carriers can add benefits to their Plan F offering, and may have different pricing. This is why it is important to work with an agent who has studied the options for you in advance. Please contact us today to learn more.
Choosing the right Medicare products for you can be daunting. Health Insurance Shop, Inc. can help you through the maze of carriers and plans. Chrissy Henderson or Chris Ivancic, can work with you to find the right Medicare plan to fit your budget.