Medicare is a federally funded program providing basic health insurance to people 65 or older, as well as
• Younger people who get disabilities benefits from social security or certain disability benefits from the Railroad Retirement Board for 24 Months.
• Individual with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)
Different parts of Medicare that can help cover your specific services:
Original Medicare (Part A&B)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. Most people don’t pay a premium for Part A because they already paid for it through their payroll deductions while working.
Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services. It also covers additional medical services, such as physical therapy and home health care, not covered under Part A. Most people pay a monthly premium for Part B.
Medicare Advantage (Part C)
Medicare Part C, also known as MA Plans, is an alternative to Original Medicare. MA Plans allow beneficiaries to get their Medicare benefits through a private insurance company approved by Medicare. It provides all of Part A and Part B coverages plus extra coverage, such as vision, hearing, dental, and/or health, and wellness programs.
Medicare Prescription Drug Plans (Part D)
If on Medicare Part A and/or Part B, you’re entitled to drug coverage. Part D covers outpatient prescription drugs through private plans that contract with Medicare, including stand-alone prescription drug plans (PDPs) and Medicare Advantage plans with prescription drug coverage (MA-PDs). All Medicare Part D plans follow federal guidelines. Each insurance carrier must submit its plan outline to the Centers for Medicare and Medicaid Services annually for approval.
Medigap: Medigap is a Medicare supplement insurance sold by private insurance companies to help pay part or all of your remaining health care costs. Those shares of expenses include your outstanding deductibles, co-pays, and co-insurance. Medigap plans may also cover health care costs, like care received when traveling abroad, that isn’t be covered under Medicare.
As a financial bridge, Medigap is a reasonable choice for people wanting little or no co-pays when accessing healthcare services but only available to people who have Original Medicare Part A & B plans. Medigap is not a replacement for Original Medicare and is different from a Medicare Advantage Plan. Medigap plans are not allowed to include prescription drug coverage.
Give us a call. One of our agents will be happy to sit down and help you find the right Medicare coverage needed.
“We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1–800–MEDICARE to get information on all of your options.“