Medicare insurance is a government-sponsored health insurance program available to most people aged 65 or older or who qualify due to disability. It’s divided into several sections with differing costs and choices.
Part A covers hospital treatment costs. In most cases there’s no premium payment, but recipients pay a deductible and also pay some coinsurance depending upon their medical treatments throughout the year.
Part B covers medical treatments outside of hospitals. Part B has an annual premium that is dependent on the recipient’s income and Social Security benefits. Recipients also pay a deductible and coinsurance.
Medicare recipients can also opt to take out a Medicare Advantage plan—sometimes called Part C. This means that the recipients will still pay for the Part B premium, but will get more choice over the balance of costs (premium, deductible and coinsurance) and coverage. They may also get coverage for services such as vision, hearing and dental that aren’t covered by ordinary Medicare.
Whichever plan you choose, the costs of prescription drugs are covered by Part D.
Medicare insurance can be a complicated issue, so please contact us today if you want to talk about your options.
Let’s discuss your medicare insurance.
One of our insurance advisors will reach out to you to review your information and present you with the appropriate medicare insurance solution. There’s no obligation, just good-old-fashioned advice.
Enroll in Original Medicare
People eligible for Medicare are 65 years of age or you’re under 65 and qualify on the basis of disability or other situation. AND you are a legal resident who has lived in the US for at least 5 consecutive years.
The Annual Enrollment Period: October 15 – December 7
During this period you are able to add, drop, or switch your Medicare coverage.
Medicare Advantage Open Enrollment Period: January 1 – March 31
If you are already a Medicare Advantage plan member, you may disenroll from your current plan and switch to a different Medicare Advantage plan one time only during this period.
Special Enrollment Period
Depending on certain circumstances, you may be able to enroll in a Medicare plan outside of the initial enrollment or annual enrollment time frames. Some ways you may qualify for a special enrollment period are if you:
- Retire and lose your employer coverage
- Move out of the plan’s service area
- Receive assistance from the state
- Have been diagnosed with certain qualifying disabilities or chronic health conditions
- Qualify for extra help
If you want additional coverage, there are two ways to get it:
Example of the 2020 Medicare card