Medicare Parts A-D.
You may already know the basics, but here are some high-level facts for newcomers. Medicare health insurance is for people who are age 65 or older. It’s also available to people under 65 with certain disabilities. Those individuals, regardless of age, who have End-Stage Renal Disease are also eligible for Medicare.
Medicare Part A – Hospital Insurance
Medicare Part A helps you cover inpatient hospital care. This includes critical access hospitals and skilled nursing facilities but not custodial or long-term care. Medicare Part A also helps cover hospice services and some home health care. To get these benefits, you must meet certain conditions. See our Medicare Part A Benefits Chart to learn more.
If you are like most people, you won’t pay a premium for Medicare Part A because you or your spouse already paid through payroll taxes. Keep in mind, though, that Medicare Part A doesn’t pay for 100% of the cost – it only covers 80%. You will be responsible for co-payments, coinsurance, and deductibles. Purchasing additional insurance such as a Medicare Supplement (Medigap) plan can assist in picking up the charges.
Medicare Part B – Medical Insurance
Medicare Part B is your medical insurance, and you will pay a monthly premium for it. This medical insurance helps cover various doctors' services and outpatient care. It’s also there to cover some medical services that aren’t covered by Medicare Part A. Those benefits include some of the services provided by physical and occupational therapists, as well as some home health care services. Part B helps pay for covered services and supplies when they are medically necessary. Check out our Medicare Part B Benefits Chart to learn more.
Similar to Part A, Medicare Part B does not cover 100% of costs. This is another reason to consider a Medigap plan to help you pick up the charges that aren’t covered by Medicare Part B. Also important to note are the things that aren’t covered by Medicare Part B: long-term care services, routine dental, routine eye exams, dentures, acupuncture, and hearing aids.
Your monthly Medicare Part B premium is typically automatically withdrawn from your Social Security check. If you aren’t receiving Social Security benefits but have Part B, you will need to setup a payment structure through the Social Security office.
There can be a penalty for not applying FOR Medicare Part B in a timely manner, when eligible.
Medicare Part C – Medicare Advantage
Medicare Part C is an alternative way to receive Medicare benefits through private insurance companies. These plans are commonly known as Medicare Advantage plans, which include PPO, HMO, and PPFS to name a few. Learn more about Medicare Advantage options.
Medicare Part D – Prescription Drug Coverage
Anyone with Medicare can get Medicare Part D prescription drug coverage. This coverage may help lower your prescription drug costs and help protect against higher costs in the future. Medicare Part D is insurance provided through private companies. Read more about Medicare Part D Prescription Drug Plans.
Ready to Talk to an Advisor?
At Senior HealthCare Solutions, we take the time to assess your situation and review all plans to see which will be the best fit for you. To compare Medicare Supplement Quotes and find the best Medicare Supplement Plan in your area, call us today by dialing 1-866-MEDIGAP (633-4427) or complete our Contact Form and one of our licensed advisers will be in touch.