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Understand Medicare’s basic coverage’s so you can make educated choices about your health coverage.
Understand Medicare’s basic coverages so you can make educated choices about your health coverage.
Let’s begin with Medicare Part A
Your Hospital Coverage
When you’re eligible, apply and enrolled into Medicare, you’re automatically given Part A. Part A is known as the “hospital insurance plan” for Medicare. This plan will generally cover hospital stays, some skilled nursing care after qualifying events and even hospice care.
Part A will not cover doctors’ fees.
Usually, the payroll taxes (among other things) you paid for your working years will typically ensure you don’t have to pay a monthly premium for Medicare Part A.
There is a yearly deductible for Part A you must pay yearly, prior to coverage kicking in.
Next up: Medicare Part B
Your Medical Coverage
Part B will cover a portion of your doctor visits, some home health care, medical equipment, outpatient procedures, rehabilitation therapy, laboratory tests, X-rays, mental health services, ambulance services and blood, and more.
However, you’re not required to have Part B; it’s completely optional.
Perhaps you have health insurance through a current employer, your spouse’s coverage, or through a union. If so, it may be unnecessary to elect Part B.
Part B does require that you pay a monthly premium, as well as a small deductible that must be reached before Part B begins paying for services.
Special note: If you’re in a higher income bracket, you will pay higher rates. What can Part B coverage do for you?
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A little-known option: Medicare Part C
Private Insurance Option
These are plans provided by private insurance companies, yet are Medicare-approved. You may have also heard them called Medicare Advantage or Medicare Health plans.
You must be enrolled in BOTH Medicare Part A and Part B in order to elect a Part C plan with a private insurer.
Part C plans can be very complicated to understand and evaluate. InsurAtlanta is happy to provide you a free consultation to evaluate the options before you.
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Medicare Part D
Prescription Drug Option
You guessed it! Medicare Part D Optional Coverage helps you pay for prescription drugs you may need.
It’s available to anyone who is currently enrolled in Parts A and B. Some with Medicare Advantage plans may also be eligible.
Private insurance companies provide Part D plans that are approved by Medicare. If desired, you’ll sign up for Part D directly with a private insurer.
Premiums and coverage’s can vary greatly, so be sure to ask questions along the way. Part D potentially has a serious gap if not understood and planned for. Would you like us to help answer questions for you? We’d be happy to speak with you.
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