What is Medicare?
Medicare is a social insurance program funded and administered by the federal government of the United States. Medicare is available primarily for individuals over 65 years of age, those under 65 years of age with certain disabilities or to people of any age with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a kidney transplant). Medicare consists of various parts or levels of care, each of which covers different medical needs.
What Does Medicare Provide?
Medicare is divided into four parts, all of which provide different aspects of care. Part A is a hospital insurance plan that helps cover inpatient care in hospitals as well as skilled nursing facilities, hospice and home health care. Part B is the medical insurance and helps cover doctor's services, hospital outpatient care, home health care and some preventative services. Both of these plans generally cover 80% of the medical costs accrued by the various areas of coverage.
Medicare part C, also referred to as Medicare Advantage Plan, is similar to an HMO or a PPO plan and is offered by private companies approved by Medicare. This plan provides all of your Part A and Part B insurance, and sometimes will include Part D as well. Part D is a prescription drug option that is ran by Medicare-approved private insurance companies and helps to cover the cost of prescription drugs.
Similar to any insurance plan, there are premiums that may need to be paid and the plan only covers a portion of the medical costs. Most people do not have to pay a premium on Part A since they paid Medicare taxes while working. Part B requires a premium which can be based upon your income. Part B must also be applied for during an open enrollment period or the applicant will incur a late enrollment penalty. The premiums for Part C and Part D are set by the insurance providers and can vary from one company to the next.
MH Specialists Can Guide You Through Applying for & Receiving Medicare Benefits and Increasing Your Medical Coverage.
Morris Hall (MH) has a team of specialists that focus on long term care planning, which includes helping our clients to apply for and receive Medicare benefits. We also focus on helping you combine Medicare with another insurance plan or Medicaid. Since Medicare only pays a percentage of your medical expenses, combining with another form of coverage can pay for the remainder, preventing you from having to pay out of pocket.
We will gladly meet with you, free of charge, to discover how we can help you get the care you need, and the funds to pay for it. Call 888.222.1328 to schedule your free consultation. Start living today.