Medicare is a federal health insurance program in the United States designed for people age 65 and older, as well as younger people with certain disabilities. It helps cover a significant portion of health care costs, but it is not a comprehensive health insurance plan.
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Here's a breakdown of the key aspects of Medicare:
Medicare Parts:
Part A (hospital insurance): Covers hospital stays, skilled nursing facility care (short-term), hospice care, and home health care.
Part B (Medical Insurance): Covers doctor visits, outpatient care, lab tests, preventive services, and some durable medical equipment.
Eligibility:
Generally, you are eligible for Medicare at age 65 if you are a U.S. citizen or permanent resident for at least 5 years and have paid Medicare taxes while working.
People under the age of 65 with certain disabilities and end-stage renal disease (permanent kidney failure) are also eligible.
Costs:
Part A: Most people don't pay a monthly premium for Part A if they've worked and paid Medicare taxes for a certain period of time. However, there may be deductibles and copays for some services.
Part B: Part B has a monthly premium that is deducted from your Social Security benefits. There are also deductibles and copays for most covered services under Part B.
Gaps in coverage:
Medicare Parts A and B don't cover everything. You may be responsible for deductibles, copayments, and coinsurance (a percentage of the cost you share with Medicare for certain services).
There are also some services, such as long-term care and dental care, that are generally not covered by Medicare.
Additional options:
Medigap (Medicare Supplement Insurance): These are voluntary insurance plans that help cover out-of-pocket costs associated with Medicare Parts A and B.
Medicare Advantage Plans: Another option is to enroll in a Medicare Advantage plan offered by private insurance companies. These plans typically combine Part A and Part B coverage into one plan, often with additional benefits like dental or vision coverage.
Remember, Medicare is a complex program, and it's important to understand your options. The resources listed above can give you more detailed information and help you choose the right coverage for your needs.
We work with Medicare Advantage Plan companies to help you find the plan that best fits your needs so you can receive benefits such as dental, vision, gym, medical transportation, etc.
Medicare Supplement Insurance, or Medigap plans, are voluntary insurance plans specifically designed to work in conjunction with Medicare Parts A (hospital insurance) and B (medical insurance) to provide additional benefits and address coverage gaps. Here's a breakdown of the key points you should know:
What do they cover?
Medicare Parts A and B cover a significant portion of health care costs, but they can leave some out-of-pocket expenses for beneficiaries.
Medigap Insurance can help with:
Deductibles: These can cover the initial amount you pay before Medicare starts covering costs.
Copayments: These are fixed amounts you pay for certain covered services.
Coinsurance: This is a percentage of the cost you share with Medicare for certain covered services.
Extra Benefits: Some plans offer benefits not covered by original Medicare, such as emergency care on foreign travel or vision care.
Benefits of Medi gap Insurance:
Reduced Out-of-Pocket Costs: Helps manage deductibles, copayments, and coinsurance, reducing your overall healthcare expenses.
More comprehensive coverage: Provides extra benefits that may not be included in original Medicare.
Peace of mind: Offers financial security and reduces the risk of unexpected medical bills.
Types of Medigap Insurance:
There are 10 standardized Medigap plans (A through N) offered by insurance companies nationwide. Each plan offers a different set of benefits, with different premiums and out-of-pocket costs. It's critical to compare plans to find the one that best suits your needs and budget.
Who is eligible?
To be eligible for a Medigap plan, you must:
Be enrolled in Medicare Part B
Pay the monthly Part B premium
Not be eligible for Medicaid (government health insurance program for low-income people)
At MB Insurance & More Services we take into account the following important considerations:
We offer your needs: We use your current and potential health care needs to determine the level of coverage you need.
We compare plans carefully: We look at benefits, deductibles, copays, premiums, and provider network before making a decision.
Open Enrollment Period: There is a specific enrollment period for Medigap plans, usually six months after you turn 65 and enroll in Medicare Part B.
Remember, Medigap can be a valuable addition to your Medicare coverage. By carefully assessing your needs and comparing plans, you can choose the option that provides the best financial protection and peace of mind for your healthcare journey.
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