Medicare Insurance 101:
What you need to know
What is Medicare Insurance?
Medicare is a federally-funded health insurance program for people age 65 and older, people under 65 with certain disabilities, and people of all ages with end stage renal disease.
Medicare does not cover long-term care. It also will not cover routine eye exams and glasses, or dental coverage (except under certain medical conditions), and hearing loss.
The Parts of Medicare Insurance
If you are looking at this web site, you are probably looking for more information about Medicare, how it works, what it covers, what are your options. If you are getting close to your 65th birthday, you have probably been getting lots of information in the mail from a variety of sources. But the more you get, the more confusing it can be.
We can help.
We are a local company specializing in Medicare insurance, long-term care insurance, and life insurance, and our goal is to help you sort through all of that information and to help you get started with the plan that is best for you.
Because we represent multiple companies, we may also be able to help you switch to a plan which could save you hundreds of dollars a month.
Medicare Basics
Who can get Medicare?
It is a federally-funded health insurance program for people age 65 and older, people under 65 with certain disabilities, and people of all ages with end stage renal disease.
Part A is for your hospital coverage. When you were working, you paid payroll taxes for this part. But-- and this is important-- it only covers room and board. You will also have a deductible that you will pay when you are admitted of $1340 in 2018. Any procedures you have, doctors you see, or tests you must have will covered under Part B.
Part B is the medical part of your coverage. There is a small deductible (currently $183 in 2018). Then Medicare will pay, on average, 80% of the Medicare allowable amount. You are responsible for the remaining 20%.
You will pay a monthly premium for Part B which is currently $134/mo in 2018 (although it may be higher based on your income). There is no maximum for what the 20% YOU are responsible for can add up to, so many people want to carry additional coverage.
Part D is the prescription drug plan. Many people don't realize that if they don't sign up for Part D when they are first eligible they will have a monthly penalty assessed for Part D for the rest of their lives when they do sign up. This penalty is 1% of the average drug plan cost per month or approximately $4/year.
Part C is a Medicare Advantage Plan, which can include Part D. Medicare Advantage Plans are very different from Medicare Supplement (Medigap) policies. Medicare pays companies a set amount each month for your health care, while you pay fixed co-payments. You will still be on Medicare, but you will use your Medicare Advantage card instead of your Medicare card.
Many of Medicare Advantage Plans provide additional benefits such as membership to a health club, or some vision and dental coverage. Many of these plans restrictions, such as doctor or hospital networks that you need to stay within. However, their costs are often lower than a Medigap or Medicare Supplement policy.
Let us help you choose the plan that is best for you
Medicare insurance and all its options are very complex to understand. We are professionals-- let us help you decide on the best plan to meet your individual needs. Please CONTACT US. We'll also be there for you in the future if you have further needs, questions, or billing/benefit issues.
Call Pell Insurance Solutions today at 804-212-7142.