What is Medicare?
Medicare is a fee-for-service health care program for seniors, in which the government pays health care providers directly for services that fall under Parts A and B of Medicare benefits. Open enrollment, a time frame in which you cannot be declined coverage, begins either when you first enroll in Part B or when you turn 65.
Medicare is divided into four categories. This allows you to customize your personal coverage when shopping for a comprehensive policy.
- Part A (hospital insurance): Covers hospital care, emergency services, nursing home care, home health services and hospice.
- Part B (medical insurance): Covers medically necessary services and supplies used for diagnosing and treating medical conditions, and preventative services.
- Part C: Combines Parts A and B, known as Medicare Advantage Plans.
- Part D: Offers prescription drug coverage.
What Medicare Options are available?
Original Medicare offers coverage for services and supplies that are considered to be medically necessary, such as doctor visits, lab tests and wheelchairs. However, if you are looking for more coverage than Original Medicare, you can purchase a Medicare Advantage Plan. There are several alternative plans you can choose from for additional coverage, and each plan must offer at least the same coverage as Original Medicare. There are two Medicare plans that our office can assist you with.
- Medicare Advantage Plans, also known as Part C.
- RX Plans, Prescription drug coverage, also known as Part D.
What are Medicare Supplement Plans?
Medicare Supplement Plans, or Medigap, is sold by private insurance companies to fill in the coverage gaps and deductibles that Original Medicare does not cover. For instance, if Medicare covers 80 percent of a doctor’s visit, Medigap will cover the remaining 20 percent. Medicare Supplement plans are available to anyone enrolled in Part A and Part B of Medicare. Your Medigap premium will be an additional charge on top of your Medicare Part B premium (Part A is free), and in return you will receive more comprehensive coverage for your health care needs. Medicare Supplement Plans are standardized and regulated by law. This means that each company must offer the same plans (Parts A-N) with the only difference being the price. However, prices can vary widely between companies. We can help you weed through the options to find the right provider with the right price for you.
Contact us today to learn more. We will gladly answer any questions and help you select the plan that best meets your needs.
Please Note: Medicare has neither reviewed nor endorsed this information.