What is Medicare?
Medicare is a health insurance program for people age 65 or older and people under age 65 with certain disabilities.
This section is meant to give you a brief overview of the various parts of Medicare. For complete details please refer to the CMS Publication, Medicare and You
Medicare Part A
Hospital Services
This portion of Medicare is what you have been paying your Medicare taxes on over the years and is provided premium free, as long as you worked 40 quarters.
There are deductibles and coinsurance with Part A coverage
Medicare Part B
Out Patient Services
This portion of Medicare has a monthly premium that will be taken from your Social Security check or, you will be billed quarterly if not collecting Social Security. The current monthly premium is $134.00 and may be higher depending on your income.
The 2017 Part B calendar year deductible is $183.00 and 20% coinsurance
Medicare Part C
Medicare Advantage Plans
Part C, commonly referred to as Medicare Advantage (MA) plans, is an alternative to Parts A and B. A Medicare Advantage plan is offered by private insurance companies who are approved by Medicare. These health plans may be HMOs, PPOs, or private fee for service (PFFSs) plans. MA plans may have a premium in addition to your Part B premium.
Depending on the MA plan selected there may be deductibles, copays and coinsurance.
Learn more about Part C coverage.
For more details see Medicare Advantage.
Medicare Part D
Prescription Drug Plans
Part D, provides prescription drug coverage for Medicare participants. These plans are provided by private companies approved by Medicare. The premium for Part D coverage varies by the plan selected.
Part D coverage can be gotten two ways:
- Standalone if you only have Medicare Part A and Part B coverage.
- Included in your Medicare Advantage plan.
For more details, see Medicare Prescription Drug Plans.
Contact us today for help with your unique situation and to understand the Medicare insurance options and enrollment periods.