What is medicare?
Medicare is our country’s health insurance program for people age 65 or older, and who are citizens or permanent residents of the United States. People younger than age 65 with certain disabilities, or permanent kidney failure, or catastrophic lateral sclerosis (Lou Gehrig’s disease), can also qualify for Medicare.
A portion of the payroll taxes paid by workers and their employers cover most Medicare expenses. Monthly premiums, usually deducted from Social Security checks also cover a portion of the costs.
Who is eligible for Medicare?
People age 65 or older, who are citizens or permanent residents of the United States, are eligible for Medicare Part A. You’re eligible for Part A at no cost at age 65 if you meet requirements. If you don’t meet these requirements, you may be able to get Medicare Part A by paying a monthly premium. Usually, you can purchase this coverage only during designated enrollment periods.
Anyone who’s eligible for Medicare Part A at no cost can enroll in Medicare Part B by paying a monthly premium. Some people with higher incomes will pay a higher monthly Part B premium. If you’re not eligible for Part A at no cost, you can buy Part B, without having to buy Part A.
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If you have Medicare Parts A and B, you can join a Medicare Advantage plan.Many of these plans provide extra coverage and may lower your out-of-pocket costs.
With these plans, you can’t have a Medigap policy, because Medicare Advantage plans cover many of the same benefits a Medigap policy covers. This includes benefits like extra days in the hospital after you’ve used days that Medicare covers.
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You can enroll in a Medicare Advantage plan during your initial enrollment period, the first time you’re eligible for Medicare.
You can also enroll during the annual Medicare open enrollment period from October 15 – December 7 each year.
The effective date for the enrollment is January 1 of the upcoming year. There are also special enrollment periods for some situations.
Qualification
If you decide to join a Medicare Advantage plan, you use the health card that you get from your Medicare Advantage plan provider for your health care.
Also, you might have to pay a monthly premium for your Medicare Advantage plan because of the extra benefits it offers.
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A Medicare Supplement (or Medigap Insurance) policy is private health insurance specifically designed to supplement the Original Medicare Plan.
This means it helps pay some of the health care costs (“gaps”) that the Original Medicare Plan doesn’t cover (like coinsurance and deductibles).
Medicare Supplement policies may also cover certain things that Medicare doesn’t cover.
Additional info
Because Medigap policies are regulated by state and Federal laws, all benefits for all options are the same regardless of insurer. The differences will be in the price.
Qualification
You can get a Medicare supplemental plan only if you have Original Medicare.
How to choose a right Medicare Plan?
For many people that are eligible for Medicare, just beginning to look over all of the different types of health care coverage can be very confusing. As you know, having options is often a very good thing. But with all of the health care plans available, how do you make a decision that will be right for you?
Those that have reviewed the many options with Medicare know that it is simply nothing but choices. Depending upon your situation, you may decide to stay with traditional Medicare. Or, you may take a look at a Medicare Advantage plan.
With all the options that Medicare includes, many people just give up due to confusion. Fortunately, help is available. To get the most out of your health care insurance choices, you should be advised by a knowledgeable source.
A Medicare adviser offers information and guidance on available Medicare programs, detailed action plans tailored to your situation, and answers all of your questions.
BESTCARE will help you at no cost to find out your best plan.
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