This is the year the baby boomers start turning 65. What does that mean? Medicare!!!! Four to six months prior to their 65th birthday they will receive an abundance of mail from Social Security and every insurance company out there. It can be quite overwhelming, plus it is hard to determine what is officially from Social Security and what is an advertisement. Medicare A (Part A), Medicare B (Part B), Advantage Plans (Part C) and Prescription drug plans (Part D). What does this all mean and how does it work?
Part A is hospital coverage. Once the deductible is met, Medicare will then pay for inpatient care in a Hospital. Part A also covers inpatient care in a skilled nursing facility, Hospice services and home health care services.
Part B is Medical expenses. There is a deductible then Medicare covers 80% of the Medicare approved amount for Medicare approved services. Medicare will pay for most medically-necessary services.
Part C is Medicare Advantage Plan. An insurance company manages the Medicare benefits and it replaces original Medicare. There may be a low monthly premium for this plan and some are free. You will have co-pays when having any medical treatment and a network of Doctors that accept the plan.
Part D is prescription drug coverage. Everyone is encouraged to sign up for a Prescription drug plan when turning 65. If this option is not chosen then when coverage is needed there will be a penalty added to the current premium for each month the coverage was not in effect from the month you turned 65.
What are your options?
Medicare Supplements or Medigap policies will fill or partially fill the gaps in Medicare (deductibles and/or co-insurance). There are several plans to choose from with a range of monthly premiums. With a Medicare Supplement you can choose any doctor or hospital.
Medicare Prescription drug plan is purchased to cover medications for a co-pay or co-insurance. There are many different plan options to choose from.
Medicare Advantage Plan - lower premium but will have co-pays for medical services and are encouraged to stay within the insurance companies network of physicians and hospitals. Many Advantage plans have the prescription drug coverage included in the plan.
For a one on one consultation to determine which plan fits your needs and budget contact me - Krissie Berni at 772-713-7265.
