Medicare

Medicare is the federal health insurance program that provides coverage through its many parts to seniors who are 65 and older, as well as those who have End-Stage Renal Disease or disabilities. The program is divided into four parts: A, B, C, and D.

Parts A and B provide coverage for inpatient and outpatient services. These two parts together are known as Original Medicare and will serve as your medical and hospital insurance.

For those who require prescription drug coverage, you can add on a standalone Part D plan.

If you are enrolled in both parts of Original Medicare, you can then choose to either add on a Medicare Supplement (Medigap) plan or a Medicare Advantage (Part C) plan.

Medicare Supplements vs. Medicare Advantage

Medicare Supplements cover the out-of-pocket costs that Original Medicare does not. It fills in the “gaps” of Parts A and B. There are currently ten Medigap plans available in 47 states: A, B, C, D, F, G, K, L, M, and N. While they will all provide varying levels of coverage, each plan will provide coverage for four basic costs:

• Medicare Part A coinsurance payments for inpatient hospital care
• Part A hospice care coinsurance expense or copayment
• Medicare Part B copayment or coinsurance expenses
• The first three pints of blood used in a medical procedure

A Medicare Advantage plan will not supplement Original Medicare, but is more seen as an alternative to Original Medicare. It will provide the same coverage as Parts A and B, and will typically include Part D coverage as well. Some Medicare Advantage plans will also include additional benefits, such as:

• Dental coverage
• Vision coverage
• Hearing coverage
• Gym memberships
• And more

Which Medicare Plan Is Right for You?

We want to make sure you get the Medicare coverage you need, that’s why we’re here to help you go over your options to find the plan that suits your needs best. For more information about Medicare, give us a call today!