What is Medicare?
Medicare is a federal health insurance for anyone 65 or older, and some people under 65 with certain disabilities. When entitled to Medicare, either with aging in or through disability, you will in most circumstances automatically receive Part A and will need to pay a monthly premium for Part B. ($174.70 as of the year 2024)
Part A is for Inpatient hospital care, this will help cover:
- Inpatient Care
- Skilled Nursing Facilities
- Home health Care
- Hospice
Part B is for Outpatient hospital care, this will help cover:
- Outpatient care
- Doctor’s services (exams, lab tests, screenings)
- Preventive services
- Medical supplies
- Ambulance services
Collectively Medicare Part A and Part B only cover about 80% of all of your medical needs as well as having no annual limit on out-of-pocket costs.
What are the options?
Medicare Advantage Plan (also referred to as part C)
A Medicare Advantage Plan (MA), or Part C, will help cover that last 20% as well as put a limit to your annual out-of-pocket costs. MA plans will also include prescription drug coverage or Part D. The plans are run by private health insurers and follow the rules that are set by the Medicare program. Medicare Advantage plans change per county but generally have a low to 0 dollar premium with co-pays as well as offering ancillary benefits. (Dental, Vision, Hearing, Over-the-counter, Gym membership)
Medicare Supplemental Plan (also referred to as Medigap)
A Medicare Supplemental plan also helps cover what’s not covered by original Medicare, like copayments, coinsurance and deductibles. These plans tend to have a high premium but generally will not have any additional charges. There are 10 different types of Medigap plans, the most popular plans available with this are Plans F and G. They do not include prescription drug coverage or the ancillary benefits.
I can help find the right plan for you, schedule an appointment today…