Medicare

Medicare was established in 1965.  Originally designed to be health insurance for people when they quit working.  There are two major ways people qualify for Medicare:  Turn age 65 and have worked at least 40 quarters; or collect Social Security Disability for at least 2 years.  In 2017 58.5 million  people receive health coverage through Medicare.

Durking your working years you have been contributing to Medicare and in most cases Medicare Part A does not have a premium.  There is a premium for medicare Part B.  In 2018 the Part B premium is $145 per month.  There are four parts to Medicare- A, B, C and D.  Your medicare card will list Part A Hospital and Part B Medical (this stands for Medical doctors).  Medicare Part C is Medicare Advantage (explained below) and Medicare Part D is for prescription drug coverage.  You are required to have prescripton coverage while on Medicare.  Some people may have "credible" coverage from a previous employer and have coverage through the VA.  Most clients will prurchase a PDP (Prescription Drug Plan) from a private insurance company.

Medicare was not designed to cover all the expenses and not have coverage in all areas.  Typically Medicare does not cover dental, vision and hearing aids.  Medicare "typically" covers only 80% of expenses.  There are four ways to cover the 20% not covered by Medicare:  Self-insure and pay out of pocket; be low income and have the state cover the costs (Medicaid); purchase a Medicare Advantage plan; or purchase a Medicare Supplement ppolicy, also called Medigap.

Medicare Advantage Plans, also called Part C are offered by insurance companies any vary by stae and counties within a state.  The most common plans have networks of doctors with co-pays and maximum out of pocket expenses.  Some plans may include some coverage for dental, vision and hearing aids.  Some plans may also include prescription drug coverage.

Medicare Supplement Plans are offered by insurance companies and have no prescription drug coverage.  Plans availibility will vary by carriers but all plans will have the same coverage for like plans.  For example- Plan F will be the same coverage  with all companies and may vary in monthly premium.  These plans will have a monthly premium and typically have no co-pays for services (after deductible).

 I am licensed to sell both Medicare Advantage plans and Medicare Supplement plans.  Talk with me to determine what is best for you.