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All About Medicare

Medicare is government health insurance for certain disabled individuals as well as age 65+. To sum up Medicare, there is Hospitalization and Medical coverage, but not Prescription Drug coverage. The government pays the hospitals and providers and medical facilities. But there are also costs for Medicare folks. These costs are premiums, deductibles, copayments, and coinsurance. As a Medicare Broker, I educate my clients what options are available via private insurance companies to lower these costs and provide prescription drug coverage. I also advise my clients what specific insurance plans are most advantageous for them when considering their preferred medical providers and their prescription drug lists.

The Medicare Annual Enrollment Period is upon us, October 15th to December 7th each year. During this timeframe, Medicare folks can change plans and pick a different Medicare Advantage Plan and/or Prescription Drug Plan for the new year. Call or email me for help.

What are Medicare Advantage Plans, a.k.a. Part C? These are insurance plans offered by private companies, i.e. United Healthcare, Blue Cross Blue Shield, Presbyterian. These insurance plans manage your Medicare Part A Hospital and Part B Medical coverage. These plans lower your deductibles and copayments and coinsurance and set an annual maximum (cap) so you do not pay an exuberant amount of money but are protected with only a set figure. Here’s an example, someone is facing extensive medical care because they are battling a life-threatening illness. That person is in the hospital several times and receives multiple treatments and tests. The total annual Medicare costs to cover that person is $100,000. With only Medicare coverage, that person is responsible to pay 20%, which is $20,000 for that year. The Medicare Advantage Plan (Part C) has an annual maximum (cap) of $4,000. So, if this person had a Medicare Advantage plan managing their Medicare Part A and Part B, their cost for the year is $4,000.

Also, most Medicare Advantage Plans provide Prescription Drug coverage, and extra things that Medicare does not cover. This would be things like Routine Dental, Vision, Hearing coverage, and a no-cost gym membership program, and provide Over-The-Counter (non-prescription) items at no cost.

 Again, I am available to help you figure out what plan is right for you this coming year of 2020. Feel free to call or email. I look forward to hearing from you. Thank you.

 

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