Is making the transition into Medicare not as easy as you thought it might be? Medicare has lots of moving parts that all need to come together as a whole to give you the best coverage possible. It needs to work for you!
Medicare is the federal health insurance program for individuals who are 65 or older, certain individuals with disabilities, and individuals with permanent kidney failure requiring dialysis or a transplant, often referred to as End-Stage Renal Disease.
Medicare Part A (Hospital)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Part A will only cover 80% of the cost of these services.
Medicare Part B (Medical)
Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services. Part B will only cover 80% of the cost of these services.
Medicare Part C (Medicare Advantage Plans)
A Medicare Advantage Plan is a type of health plan offered by a private company that contracts with Medicare to provide you with all your Part A and Part B benefits with co-pays, along with extra benefits. If you’re enrolled in a Medicare Advantage Plan, Medicare services are covered through the plan and aren’t paid for under Original Medicare. Most Medicare Advantage Plans offer prescription drug coverage with the plan.
Medicare Part D (prescription drug coverage)
Part D adds prescription drug coverage to Original Medicare. These plans are also offered by insurance companies and other private companies approved by Medicare.
Medicare Supplement (MediGap Plan)
A Medicare Supplement Insurance (Medigap) policy, again are sold by private companies. They can help pay some of the health care costs that original Medicare doesn’t cover.
A Medicare Supplement is different from a Medicare Advantage Plan. Those are plans designed to offer Medicare benefits along with additional benefits, while a Medicare Supplement only supplements what original Medicare does not cover.
Medicare Supplements do not offer prescribe drug coverage, a separate policy is needed in order to have prescription coverage.
All is these steps are something we can walk you through. Please give our office a call to set up an appointment, our Medicare specialist is ready to answer your questions. Remember you have 3 months before you turn 65, the month you turn 65, the 3 months following your birth month.