What is Medicare ?
Medicare coverage is a health benefits program for US citizens or permanent residents who meet certain work history requirements. Most people are automatically enrolled in Medicare Part A and Part B on the first day of the month they turn 65. You can make changes to your Medicare Advantage and Medicare prescription drug coverage when certain events happen in your life, like if your move or you lose other insurance coverage. Unless you qualify for a Special Enrollment Period (SEP) then changes to your plan can only be made during the Annual Election Period (AEP):¬ October 15 – December 7.
Part A Coverage
- Medicare Part A (Hospital Insurance) provides coverage for expenses incurred in hospitals.
- Part A is offered at no cost to nearly everyone eligible for Medicare.
Part B Coverage
- Medicare Part B (Medical Insurance) provides coverage for expenses incurred in an office setting.
- Part B is offered at a monthly premium to most people eligible for Medicare.
Both Part A and Part B plans include gaps in coverage, so many people look to minimize these gaps¬†with a private insurance policy:
- Deductibles, co-insurance, etc.
- Prescription drugs.
- & more.
What Are the Options with Medicare?
There are plans that supplement Original Medicare to help pay for things Medicare does not cover:
- Helps pay for deductibles, copays, and other costs Medicare doesn’t pay.
- Coverage up to 100% is available.
- Must have Medicare Part A &¬†Part B to enroll.
Prescription Drug (Part D)
- Covers prescription drugs but will have cost-sharing.
- Must have Medicare Part A OR Part B to enroll.
Medicare Advantage (Part C)
- Joins Part A and B.
- Most include drug coverage (Part D).
- Coverage often resembles average employer-based plans.
- Often include additional benefits.
- Must have Medicare Part A and Part B to enroll.
Whether you’re aging in to Medicare or need to review your plan during the AEP, meeting with an advisor can help you sort through your options. Contact Johanna Rundlett or call (319) 887-3772