MedicareQuote is here to help
Are you new to Medicare? Feeling overwhelmed? How do you know what plan to choose? Not to worry.. MedicareQuote has you covered. We make buying health insurance simple & easy. Medicare can be confusing for most in the beginning, so MedicareQuote is here to help you get started with the basics.
What is Medicare?
Medicare is the federal health insurance program in the US for mainly individuals age 65 and older. It does also provide healthcare for some younger people with qualifying disabilities and for individuals with End Stage Renal Disease or ALS. All parts of Medicare include cost sharing and specific eligibility qualifications.
What are the four parts of Medicare?
- Part A – Hospital Insurance
- Part B – Medical Insurance
- Part C – Medicare Advantage
- Part D – Prescription Drug Coverage
What is Medicare Part A?
Medicare Part A = Hospital Insurance
Medicare Part A helps with the cost of inpatient hospital stays and skilled nursing home costs. Medicare Part A & B are often referred to as Original Medicare.
Medicare Part A covers:
- Inpatient Care in Hospitals
- Skilled Nursing Care
- Hospice Care
- Home Health Care
How much does Medicare Part A cost?
Most individuals don’t pay a premium for Medicare Part A. If you or your spouse paid Medicare taxes for at least 10 years from working – you won’t pay a premium. If you don’t qualify for premium free Medicare Part A, you can buy Part A and pay a monthly premium.
The annual deductible for Medicare Part A in 2020 is $1408.
Remember: Medicare Part A isn’t free. Even if you don’t have to pay a monthly premium, you WILL still be required to pay your deductible/co-payments if you need care. Most seniors buy a Medicare Supplement policy to help with these costs. MedicareQuote is here to help, ask us how.
How to apply for Medicare Part A?
If you are receiving social security benefits at least 4 months before your 65th birthday, you will be automatically enrolled in Medicare Part A. Your coverage will begin on the first day of the month when you turn 65 for most.
If you aren’t receiving social security benefits prior to your 65th birthday, you will need to sign-up with social security to receive Part A. Your 7 month Initial Enrollment Period begins 3 months before you turn 65, plus the month of your birthday and 3 months after you turn 65.
What is Medicare Part B?
Medicare Part B = Medical Insurance
Medicare Part B helps pay for services from doctors and other health care providers. Medicare Part A & B are often referred to as Original Medicare.
Medicare Part A & B don’t cover all of your costs, and some services are not covered at all.
Medicare Part B covers:
- Doctor Services
- Outpatient Care at Hospitals and Clinics
- Home Health Services
- Durable Medical Equipment
- Mental Health Services
- Other Medical Services
- Many Preventive Services
How much does Medicare Part B cost?
Medicare Part B premiums change yearly but for most the standard Part B premium for 2020 was $144.60. (could be higher due your income)
Most often your Part B premiums will be deducted automatically from your social security.
The annual deductible for Medicare Part B in 2020 is $198. You would also be responsible for 20 percent of all doctor visits and other outpatient services after your deductible is met. This is called co-insurance, Medicare pays 80% and you pay 20%. Medicare Supplement Plans would cover the 20% costs. Ask us how!
How to apply for Medicare Part B?
Once again, if you are already receiving social security benefits you’re generally automatically enrolled in Medicare Part A & B as soon as you become eligible. Your Part B premiums will come out of your social security checks.
If not automatically enrolled, you have a 7 month Initial Enrollment Period to sign up for Part A & B both. This enrollment period starts 3 months before you turn 65. You can apply through Social Security.
If you don’t sign up during the Initial Enrollment Period, you can still sign up during the General Enrollment Period. This period runs from Jan 1st – March 31st and your coverage would begin July 1st. However, you may have to pay a late enrollment penalty for not signing up when you were first eligible.
If you have medical insurance under your or your spouse’s group plan, you may not need to sign up for Medicare Part B at age 65. Ask us about the Special Enrollment Period for more details.
What is Medicare Part C?
Medicare Part C = Medicare Advantage
Medicare Advantage plans are an alternative way to get Medicare coverage through private insurance companies contracted by Medicare. If you join a Medicare Advantage plan, you will have ALL the benefits of Original Medicare (Part A & B) plus extra benefits as well.
Medicare Advantage plans are often referred to as “All-in-One” alternative because some plans include prescription drug coverage as well.
IMPORTANT: You still have Medicare with your Medicare Advantage plan and MUST continue to pay your Medicare Part B premium.
YOU MUST HAVE MEDICARE PARTS A & B to enroll in a MA plan.
Medicare Advantage plans cover:
- Same Coverage as Original Medicare (Part A & B)
- Vision Services
- Wellness Programs
- Prescription Drug Coverage (most plans)
How much does a Medicare Advantage plan cost?
Medicare Advantage plans are offered by private insurance companies like UnitedHealthCare, Humana, Aetna and many others. Each insurance company determines what plans to offer and what they will charge.
Most insurance companies offer a ZERO premium plan, meaning you won’t pay a monthly premium for your Medicare Advantage plan. However, you could still be responsible for deductibles and coinsurance depending on the plan.
Just remember… each plan is different and set by the insurance company. (This is why you should ask an expert like MedicareQuote for help.) At a minimum, they MUST offer the same coverage as Medicare Part A & B.
How to apply for a Medicare Advantage plan?
First, you must live in the service area of the plan you want to join. Second, you MUST have Medicare Part A & B to enroll in a Medicare Advantage plan.
You can enroll in a Medicare Advantage plan during your Initial Enrollment Period. Once again, this is the seven month period that starts 3 months before you turn 65 or the 25th month you have collected disability.
If you miss the Initial Enrollment Period, you can wait until the fall Annual Enrollment Period which runs from Oct 15th thru Dec 7th. During this time each year, you can drop or switch your Medicare Advantage plan.
Remember: You have the option each year to keep your Medicare Advantage plan, choose a different plan or switch to Original Medicare.
What is Medicare Part D?
Medicare Part D = Prescription Drug Plans
Medicare Part D plans are prescription drug plans offered by private insurance companies approved by Medicare, that help you avoid paying high prescription drug costs.
Medicare Part D plans cover:
All Medicare Part D plans are REQUIRED to cover certain types of drugs, however the specific prescription drugs offered will vary based on the companies plan.
Each plan has its own list of covered medications, called a formulary. VERY IMPORTANT – to review the plans formulary to see if your prescriptions are covered before enrolling.
How much does Medicare Part D cost?
Costs vary based on the plan since its offered from private insurance companies. However, most often you will pay a monthly premium, annual deductible and coinsurance to cover your part on prescription drugs.
Premiums vary by plan, you could pay more or less depending on your income status or what State you live in. The national average in 2020 was around $34.00 per month.
How do you apply for a Medicare Part D plan?
In most cases, you will enroll in Medicare Part D plan during certain enrollment periods. How you receive your benefits will determine which type of health insurance you have.
If you have Original Medicare you will typically enroll in a stand-alone Part D plan with a private insurance company.
If you have an Medicare Advantage plan, most often your prescription drug coverage will be included in your plan.
Why use MedicareQuote?
Using an independent broker like MedicareQuote, is the best way to purchase a medicare insurance policy. Health insurance brokers like MedicareQuote offer FREE help at ZERO cost to you.
We do ALL the shopping for you, to find you the RIGHT plan that fits your needs and budget. Once again, we offer plans from several TOP health insurance companies like UnitedHealthCare, Humana, Aetna any many others.
Medicare plans can be confusing for most, this is NOT one of those plans you want to enroll on your own. Plus, there are 1000’s of different Medicare plans to choose from. Let us help! Click “Get Quotes” or call us.