Medicare is a federal health insurance program designed for people aged 65 and over. In addition, this program is available to younger people who meet certain criteria. People with End-Stage Renal Disease and disabilities can benefit from this insurance program even if they are under the age of 65.
Medicare is split into different parts, Part A, Part B, and Part D, all of which cover specific services. Knowing the type of care you need is imperative if you want to have the right coverage in place.
Each part of Medicare offers coverage for different insurance types. Below you can find more information about the coverages you’ll receive with these different parts of Medicare.
Part A, otherwise known as Hospital Insurance, covers inpatient hospital stay, hospice care, and so much more. If you require care in a skilled nursing facility, Part A can help cover the costs of this. In addition, some home health care services are covered under Part A of Medicare.Part B is the Medical Insurance aspect of Medicare. This covers certain services provided by doctors, outpatient care, and even preventive services. In addition, part B offers coverage for medical supplies.Part D of Medicare covers the cost of prescription drugs. Depending on the cost of the drug and the type of plan you have, the entirety of the cost may not be covered. However, it will make it more affordable.
Not only does part D cover prescription drugs, but also any shots or vaccines recommended by your healthcare professional.
If you’d like further information about these different aspects of Medicare and how they can benefit you, call Golden Plan Choice. We will happily take you through your options and help you determine the best plan for you.
What You Need to Know
Every Medicare plan has to provide all Part A and Part B services covered by Original Medicare. However, the rules, costs, and restrictions can still vary from plan to plan. As such, the plan you select can affect how and when you receive the care you need.
As Medicare is a form of medical insurance, many people assume these plans work similarly to a typical health insurance plan. However, that isn’t always the case. Part A is available to many Medicare plan holders without having to pay a monthly premium.
If you or your spouse paid Medicare taxes while working for a specific period of time, then you can skip the monthly premiums. This is sometimes referred to as ‘premium-free Part A.’ Of course, if you don’t qualify for Part A with a free premium, you can always purchase this part of Medicare.
There are various price points that are determined by a number of factors. With that in mind, if you’re looking for a rough estimate of what you may need to pay, please contact our team today.
Regardless of your situation, everyone with a Medicare plan will need to pay a premium if they want the coverage that Part B offers. Once you enroll in Medicare, you can decide how you receive your coverage. Below are the two options you’ll have available to you.
Original Medicare typically includes Part A and Part B, with Part D as an option through an additional but separate plan. On the other hand. Medical Advantage works similarly to a bundled plan, comprising Parts A, B, and sometimes D.
If you don’t require Medicare prior to your 65th birthday, then you will be automatically enrolled in the program once you turn 65. However, this is only if you are currently receiving benefits from the SSA (social security administration).
Three months prior to your 65th birthday, you can expect to receive sign-up instructions in the mail. Of course, if you want to tailor your plan so it benefits you best, you may want to consider your options and speak with an insurance professional for a clearer idea of what Medicare can do for you.
If that is the case, don’t wait before contacting our team at Golden Plan Choice. We will be happy to discuss Medicare more in-depth with you so you can be confident in your coverage options.
Of course, Medicare Part C is also an option. Part C is more commonly referred to as Medicare Advantage, one of the previously mentioned Medicare options. It is an alternate to Part B and can be found through private insurers. As such, you need to sign up for this part of Medicare on your own.
Can I Still Get Medicare with Primary Coverage?
Although health insurance is not required in the state of Texas, it is a highly beneficial form of insurance that can help you save hundreds on your medical care every year. With that in mind, it’s no wonder so many people search for medical care.
If you currently have what is known as ‘Primary Coverage’ through your employer or your spouses’ employer and want to keep it, you can do so. However, you’ll need to check that your current insurance provider meets the coverage standards.
Holding on to your primary coverage allows you to opt out of Part B of your Medicare plan while keeping the other coverage benefits. This won’t affect your social security status, but there could be some drawbacks later down the line.
If eventually, you want to opt into Part B of Medicare, you will more than likely have to pay a higher premium to do so. This is just one of the many things you need to consider when choosing your Medicare plan.
Although Medicare is typically reserved for people over the age of 65, it is never too early to start planning for your future. If you want to know more about Medicare and how it can help cover the cost of your medical care, contact Golden Plan Choice today.