When I think of the word Medicare, all I can think of is what is it all about?
Who can get it?
How old do you have to be to get it?
Which plan is the best for me?
How expensive is it?
When do I have to apply by?
I have so many questions my head spins. If I try to read about it online, my head spins a little more. The best way to really understand it is to have a knowledgeable person explain it to me in simple, layman terms…. like the team of Citywide Insurance will do.
They will sit down with you and go over everything you possibly will need to know. They answer all your questions and will help you choose the best plan for your needs and your budget.
So, let’s discuss exactly what Medicare is.
Medicare is the federal health program for people who are 65 years old or older, certain younger people with disabilities, and people with end-stage renal disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD). For now, let’s focus only on the 65+.
There are different parts of Medicare that help cover specific services:
- Medicare Part A (Hospital Insurance)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
- Medicare Part B (Medical Insurance)
Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
- Medicare Part D (prescription drug coverage)
Helps cover the cost of prescription drugs (including many recommended shots or vaccines)
With Medicare, you have options in how you get your coverage. Once you enroll, you’ll need to decide how you’ll get your Medicare coverage. There are 2 main ways: Original Medicare and Medicare Advantage. There is also Medicare Prescription Drug coverage.
There is also Medicare Supplemental insurance coverage which helps pay some of your share of the healthcare costs that are not covered by the Medicare Plan, such as deductibles and coinsurance or copayment amounts. Some supplemental health insurance plans also cover certain hospital or medical services not covered by Medicare.
While Medicare Parts A and B cover some health care costs, they won’t pay for everything. Medicare supplement insurance plans (also called “Medigap”) from private insurers can complement your Medicare coverage. These plans help cover some of your out-of-pocket expenses not paid by Medicare.
Standardized Medicare supplement insurance plan (Medigap) benefits are set by the federal government. That means the basic benefit structure for each plan is the same, no matter which insurance company is selling it to you.
Read more about Medicare Supplements.
Or, if you are like me, just give Doug and his team a call. And remember, Medicare Open Enrollment comes one time a year and is going on now and ending on December 7, 2020.
The Citywide Insurance team…….no head spinning, just knowledgeable, easy to understand facts.