FRIDAY, SEPTEMBER 1, 2023
Medicare is a government-sponsored health insurance program for individuals aged 65 and older, as well as for qualifying retired workers and those with specific medical conditions. Consider the following tips to make the most of your Medicare benefits. 
Understand Your Coverage
When enrolling in Medicare, you will have access to Original Medicare, which consists of Part A for hospital insurance and Part B for medical insurance. Part D, which covers prescription drugs, is optional for those enrolled in Original Medicare or who do not have a Medicare Advantage Plan. To choose the right plan, assess your medical history, current health status and budget. Our team of experienced agents can help you navigate the ins and outs of Medicare plans and help you choose one that’s right for you.
Be Aware of Costs
Medicaid is a government-funded program that helps pay out-of-pocket costs for people with limited financial resources and income. Some people with lower incomes may also qualify for Supplemental Security Income (SSI).
Part A and Part B coverage typically don’t require shopping around. Most people won’t pay a Part A premium if they paid Medicare taxes while working. Part B has a monthly premium based on monthly income, which can change annually. There are also deductibles for each inpatient hospital benefit period and a yearly deductible for Part B medical insurance costs. Generally, a 20% coinsurance payment is due for covered services when seeing a doctor.
Choose the Right Coverage to Fill Gaps
Since everyone’s healthcare needs are unique, there are options to help fill coverage gaps and lower out-of-pocket expenses, including:
Medicare Part C, or Medicare Advantage—This provides the same benefits as Part A and Part B coverage (with some exceptions). Many Part C plans also offer access to dental insurance, vision care and prescription drug coverage.
Medigap Plans, or Medicare Supplements—These plans are provided by private insurers but are standardized by Medicare. These plans cover deductibles, copayments, coinsurance and out-of-network care costs.
There may be other forms of supplemental insurance that can help you fill coverage gaps. Be sure to work with an agent who can explain your coverage options.
Contact Us
Medicare can sometimes be confusing, but it doesn’t have to be. We’re here to help you get the coverage you need. Contact our agency today to get started.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.
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