Demystifying Medicare
What is Medicare
Medicare is often confused with Medicaid. Both programs are federally funded health insurance programs signed into law in 1965. However, Medicaid is a program for low-income people at any age. Medicare is a federally funded program designed to help pay the costs of healthcare for US citizens age 65 or older It is a privilege that you have earned. Medicare can either be your sole healthcare insurance coverage or secondary coverage if you are still working or receiving benefits through a former employee or union. In any case, it is essential to understand the 4 parts to Medicare.
Medicare Parts A and B
If you have heard the terms Original or Traditional Medicare, these are simply names for Medicare Parts A and B. Part A is free for most of us. We paid for it over the years through payroll taxes. It will help pay your hospital bills.
Medicare Part B covers doctors visits, preventative healthcare services (lab tests, X-rays, etc., ambulance services, and hospital outpatient services.
You will pay a monthly premium for Part B. The cost is based on your annual income. If you receive Social Security, Personnel Mangement, or Railroad Retirement Board benefits, the premium is automatically deducted from your benefit payment. If not, you will get a bill.
Medicare Parts A and B will have yearly deductibles and coinsurance. You will not pay coinsurance on a hospital stay of 60 days or less.
Medicare Part C
Medicare Part C is also known as Medicare Advantage Plans. Offered by private insurance companies, the plans are approved by Medicare. They will cover all of the services Original Medicare covers except hospice care. (Hospice care is still covered by Original Medicare if you do choose a Medicare Advantage Plan).
In addition to covering doctor visits and hospital stays, Part C plans often cover prescription drugs.
Medicare Part D
Medicare Part D provides prescription plans approved by Medicare to help pay for prescription drugs. You must have Parts A and B to purchase them. The costs of Part D premiums vary with higher income people paying more.
Medicare can be confusing to new members, and keep in mind that it does not pay for special services such as dental and vision. For all your insurance questions and needs, contact the Schnitzer-Slate Insurance Agency.
What is Medicare
Medicare is often confused with Medicaid. Both programs are federally funded health insurance programs signed into law in 1965. However, Medicaid is a program for low-income people at any age. Medicare is a federally funded program designed to help pay the costs of healthcare for US citizens age 65 or older It is a privilege that you have earned. Medicare can either be your sole healthcare insurance coverage or secondary coverage if you are still working or receiving benefits through a former employee or union. In any case, it is essential to understand the 4 parts to Medicare.
Medicare Parts A and B
If you have heard the terms Original or Traditional Medicare, these are simply names for Medicare Parts A and B. Part A is free for most of us. We paid for it over the years through payroll taxes. It will help pay your hospital bills.
Medicare Part B covers doctors visits, preventative healthcare services (lab tests, X-rays, etc., ambulance services, and hospital outpatient services.
You will pay a monthly premium for Part B. The cost is based on your annual income. If you receive Social Security, Personnel Mangement, or Railroad Retirement Board benefits, the premium is automatically deducted from your benefit payment. If not, you will get a bill.
Medicare Parts A and B will have yearly deductibles and coinsurance. You will not pay coinsurance on a hospital stay of 60 days or less.
Medicare Part C
Medicare Part C is also known as Medicare Advantage Plans. Offered by private insurance companies, the plans are approved by Medicare. They will cover all of the services Original Medicare covers except hospice care. (Hospice care is still covered by Original Medicare if you do choose a Medicare Advantage Plan).
In addition to covering doctor visits and hospital stays, Part C plans often cover prescription drugs.
Medicare Part D
Medicare Part D provides prescription plans approved by Medicare to help pay for prescription drugs. You must have Parts A and B to purchase them. The costs of Part D premiums vary with higher income people paying more.
Medicare can be confusing to new members, and keep in mind that it does not pay for special services such as dental and vision. For all your insurance questions and needs, contact the Schnitzer-Slate Insurance Agency.