Medicare
Medicare is a very complex to navigate, we can help you find the right Medicare plan for your healthcare needs based on the doctors you prefer and the prescription drugs you need. Medicare is health insurance for people 65 or older. You’re first eligible to sign up for Medicare 3 months before you turn 65. You may be eligible to get Medicare earlier if you have a disability, End-Stage Renal Disease (ESRD), or ALS (also called Lou Gehrig’s disease). Once you’ve signed up for Part A (Hospital Insurance) and Part B (Medical Insurance), you can choose which way you get your health coverage, these options are explained below.
Medicare Options
Traditional Medicare
The different parts of Medicare help cover specific services:
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Medicare Part A (Hospital Insurance)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care. -
Medicare Part B (Medical Insurance)
Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services. -
Medicare Part C (Advantage Plans) These plans are Medicare-approved plans from a private company that offers an alternative to Original Medicare for your health and drug coverage. These “bundled” plans include Part A, Part B, and usually Part D.
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Medicare Part D (prescription drug coverage)
Helps cover the cost of prescription drugs (including many recommended shots or vaccines).
Medicare Supplement Plans
Medigap (also called Medicare supplement insurance or Medicare supplemental insurance) refers to various private health insurance plans sold to supplement Medicare in the United States. Medigap insurance provides coverage for many of the co-pays and some of the co-insurance related to Medicare-covered hospital, skilled nursing facility, home health care, ambulance, durable medical equipment, and doctor charges. Medigap's name is derived from the notion that it exists to cover the difference or "gap" between the expenses reimbursed to providers by Medicare Parts A and B for the preceding named services and the total amount allowed to be charged for those services by the United States Centers for Medicare and Medicaid Services (CMS).
Medicare Advantage Plans
Medicare Advantage (sometimes called Medicare Part C or MA) is a type of health insurance plan in the United States that provides Medicare benefits through a private-sector health insurer.[1]
In a Medicare Advantage plan, a Medicare beneficiary pays the Medicare monthly premium to the federal government, but receives coverage via a private insurance company for inpatient hospital ("Part A") and outpatient ("Part B") services. Typically, the plan also includes prescription drug ("Part D") coverage.[2] Many plans also offer additional benefits, such as dental coverage or gym memberships.[3]
Prescription Drug Plans
Medicare Part D, also called the Medicare prescription drug benefit, is an optional United States federal-government program to help Medicare beneficiaries pay for self-administered prescription drugs.[1] Part D was enacted as part of the Medicare Modernization Act of 2003 and went into effect on January 1, 2006. Under the program, drug benefits are provided by private insurance plans that receive premiums from both enrollees and the government. Part D plans typically pay most of the cost for prescriptions filled by their enrollees.[2] However, plans are later reimbursed for much of this cost through rebates paid by manufacturers and pharmacies.[3]