Medicare Explained
Medicare is the federal health insurance program created for people ages 65 and over. The program was later designed to offer coverage to certain people under age 65 who meet specific requirements, such as having a permanent disability or chronic condition.
If you are new to Medicare or are enrolled and simply looking at the other parts to compare coverage, here are some of the important things you should know!
What Are The Parts Of Medicare?
Medicare has four parts, including Medicare Part A, B, C, and D. Each part of Medicare covers different health costs. Let’s discuss those differences here:
Original Medicare
Original Medicare comprises Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). Under Part A, you will get coverage for inpatient care, skilled nursing care, nursing home care, hospice care, and home health care. With Part B, you will get coverage for outpatient care, preventive services, medically necessary services, durable medical equipment, ambulance services, and more. Typically, when you first become eligible to enroll in Medicare, you will enroll in Parts A and B.
Medicare Part C
Medicare Part C, also known as Medicare Advantage, is an alternative way to get your Original Medicare coverage. These Medicare plans are provided by private insurance companies approved by Medicare. Most Medicare Advantage plans offer more than the coverage provided by Original Medicare, though, which could include vision, dental, hearing, prescription drug coverage, and more. However, to enroll in Medicare Advantage, you have to be enrolled in Original Medicare.
Medicare Part D
Medicare Part D offers prescription drug coverage. You can either sign up for a stand-alone Medicare Part D prescription drug plan to work alongside your Original Medicare coverage or have prescription drug coverage through a Medicare Advantage plan. Private insurance companies offer Medicare Part D plans, but to enroll in Part D, you have to be enrolled in either Part A or B.
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What About Medicare Supplements?
Now, let’s not forget about other coverage you can get while enrolled in Original Medicare! This extra coverage is known as Medicare Supplement plans, also known as Medigap. There are ten of these plans (A, B, C, D, F, G, K, L, M, and N), and they provide coverage for the out-of-pocket costs that Original Medicare doesn’t cover.
When Does Medicare Start?
If you are already receiving Social Security or Railroad Retirement benefits, you will be automatically signed up for Medicare.
If you are not automatically enrolled, you can enroll during the Initial Enrollment Period (IEP). This is a 7-month period that starts three months before your 65th birthday month and lasts until three months after your 65th birthday.
Lifetime Insurance Group has a team of Medicare professionals with years of knowledge and expertise. We are happy to answer any Medicare-related questions you may have about enrolling in Medicare, so contact us today at 712-318-6211!