Medicare Basics
Below you will find information to help you understand the elements of Medicare and the general options available. Once you understand the basics then we can help you review your options so you can find the right plan.
Medicare is a Health Insurance Program for:
You're a United States Citizen or a legal resident who has lived in the U.S. for at least five consecutive years.
Medicare Options:
Medicare Part A (Hospital Insurance)
Helps cover inpatient care in a hospital or skilled nursing facility (following a hospital stay), home health care services and hospice care services. Copayments, coinsurance and deductibles may apply for each service. You usually do not pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes for at least forty quarters, about 10 years, of full time work.
Medicare Part B (Medical Insurance)
Helps cover doctors’ services, outpatient care, home health services and other medical services. Part B also covers some preventive services. Copayments, coinsurance and deductibles may apply for each service You can find out if you have Part B by looking at your Medicare card. You pay the Part B premium each month of $104.90 in 2014 for beneficiaries with individual incomes of $85k or less. Part A and Part B are often referred to as “Original Medicare”.
Medicare Part C (Medicare Advantage)
A health coverage option run by private insurance companies approved by and under contract with Medicare. Includes Part A, Part B, and usually other coverage like prescription drugs. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. In addition to your Part B premium, you usually pay one monthly premium for the services provided.
Medicare Supplement (Medigap)
Medicare supplement insurance or Medigap policies are sold by private insurance companies. There are 10 modernized plans labeled A through N that pay for part, or all, of Medicare’s co-payments and deductibles, with Plan F being the most comprehensive. Some may also cover other health care costs that Medicare doesn´t pay for, such as foreign travel emergency medical care.
Medicare Part D (Medicare Prescription Drug Coverage)
A prescription drug option run by private companies approved by and under contract with Medicare. Helps cover the cost of prescription drugs, may help lower your prescription drug costs and help protect against higher costs in the future. Part D is available to everyone with Medicare.
Call or Email Mark McWhinney for any questions you might have
Medicare is a Health Insurance Program for:
- People age 65 or older
- People under age 65 with certain disabilities
- People of all ages with End-Stage Renal Disease (ESRD) (permanent kidney failure requiring dialysis or a kidney transplant)
You're a United States Citizen or a legal resident who has lived in the U.S. for at least five consecutive years.
Medicare Options:
Medicare Part A (Hospital Insurance)
Helps cover inpatient care in a hospital or skilled nursing facility (following a hospital stay), home health care services and hospice care services. Copayments, coinsurance and deductibles may apply for each service. You usually do not pay a monthly premium for Part A coverage if you or your spouse paid Medicare taxes for at least forty quarters, about 10 years, of full time work.
Medicare Part B (Medical Insurance)
Helps cover doctors’ services, outpatient care, home health services and other medical services. Part B also covers some preventive services. Copayments, coinsurance and deductibles may apply for each service You can find out if you have Part B by looking at your Medicare card. You pay the Part B premium each month of $104.90 in 2014 for beneficiaries with individual incomes of $85k or less. Part A and Part B are often referred to as “Original Medicare”.
Medicare Part C (Medicare Advantage)
A health coverage option run by private insurance companies approved by and under contract with Medicare. Includes Part A, Part B, and usually other coverage like prescription drugs. Medicare Advantage Plans may offer extra coverage, such as vision, hearing, dental, and/or health and wellness programs. In addition to your Part B premium, you usually pay one monthly premium for the services provided.
Medicare Supplement (Medigap)
Medicare supplement insurance or Medigap policies are sold by private insurance companies. There are 10 modernized plans labeled A through N that pay for part, or all, of Medicare’s co-payments and deductibles, with Plan F being the most comprehensive. Some may also cover other health care costs that Medicare doesn´t pay for, such as foreign travel emergency medical care.
Medicare Part D (Medicare Prescription Drug Coverage)
A prescription drug option run by private companies approved by and under contract with Medicare. Helps cover the cost of prescription drugs, may help lower your prescription drug costs and help protect against higher costs in the future. Part D is available to everyone with Medicare.
Call or Email Mark McWhinney for any questions you might have
