More than 50 years ago, Lyndon B. Johnson signed the Medicare amendment under Title XVIII of the Social Security Act, guaranteeing health insurance to Americans 65 and older, regardless of income or medical history.
Medicare is a federal health insurance program for the people mentioned above, as well as those who are younger but suffering from disabilities like permanent kidney failure requiring dialysis or transplant.
If you think that a Medicare plan might be right for you, give us a call to get things started. We will walk you through several easy steps that will help you customize the plan for your needs.
STEP 1 is to decide whether you want an Original Medicare Plan or a Medicare Advantage Plan (kind of like choosing between HMO or PPO). With either plan you will have your choice of doctors, hospitals, and other providers so long as that provider accepts Medicare.
A Medicare Advantage Plan (sometimes referred to as “Part C”) includes both Part A & Part B coverage packaged together by private insurance companies approved by Medicare. In most Medicare Advantage plans, you need to use plan doctors, hospitals, and other providers, unless you are prepared to pay for the additional costs.
STEP 2 is to decide whether you want prescription drug coverage (considered Part D). If you do want prescription drug coverage, you must choose and join a Medicare Prescription Drug Plan. This usually requires a monthly premium, and is run by private companies approved by Medicare.
STEP 3 is to decide whether you want supplemental insurance coverage. If you need coverage to help pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance, and deductibles, you can choose to buy a Medigap policy from a private company. This is something we can organize together.
Give us a call to also learn how Medicare works together with other types of insurance!
Any questions?
What factors go into determining the cost for an original Medicare Plan?
Generally plan owners pay a deductible and co-insurance for Part A (hospital coverage) and Part B (medical insurance) services. Adding a Medicare Supplement Insurance Policy (Medigap) could pay for some of these additional costs.
Can Medigap be used to supplement a Medicare Advantage Policy?
If you join a Medicare Advantage Plan, unfortunately you cannot use Medigap Insurance to pay for your plan costs, which could include copayments, deductibles, and/or premiums.
Are there any other benefits that might help me pay for my medical costs?
Yes, there are several benefits that we can look into depending on your situation. We will want to go over everything you have going on to find the best policies to fit your budget. If you are living on a limited income, there may be discounts or additional benefits available to you … particularly for union members, active military, and/or veterans.
