Medicare insurance is a government-sponsored health insurance program available to most people aged 65 or older and who have paid into Social Security. It’s divided into several sections with differing costs and choices. Before making a decision on what plan options would be best for you, I want to familiarize you with the basics of Medicare. Original Medicare consists of Part A and Part B provided to you by the federal government.
Part A covers hospital treatment costs and services. In most cases, there’s no premium payment, but recipients pay a deductible and also pay some coinsurance depending upon their medical treatments throughout the year.
Part B covers outpatient coverage, such as physician services, surgeries, therapy, diagnostic tests, and durable medical equipment. Part B has an annual premium that is dependent on the recipient’s income and Social Security benefits. Recipients also pay a deductible and coinsurance.
Medicare covers most of your health care costs, but you are still required to meet deductibles, coinsurance, and copays for services. To help fill the gaps in coverage, there are supplement plans available to meet those exact needs. These supplement plans allow you freedom of choice in your medical care and choice of provider. There are many supplement plan choices varying in coverage and costs offered by a multitude of insurance companies. Spending the time to make the right decision when first eligible for enrollment can save you a lot of time and money in the long run.
Part D covers your prescription medication and is the coverage you buy now for present and future medication needs.
Medicare coverage can be quite confusing if you do not deal with it on a regular basis, but it is crucial to understand the options available to you. Let our team provide you the education, support, and walk you through the process to find the right plans to fit your specific needs.
Medicare Enrollment questions? Reach out to our specialists, Scott Lorince or Norreen Stull-Grohal, to help you find the plan that is right for you.