Coordinating the Transition to Medicare
Are you turning 65 soon? Transitioning to Medicare can be a complicated process. With certain enrollment periods, plan options and supplements available, the process can be overwhelming. We are here to assist you through the transition by evaluating your current coverage, quoting various plans and supplements, and assisting with Medicare enrollment.
Why supplement Medicare?
A Medicare Supplement Insurance policy helps pay some of the health care costs that Original Medicare doesn’t cover, like copayments, coinsurance and deductibles. Having a supplemental insurance policy can aid when healthcare bills prove costly!
Understanding Medicare
Medicare is the federal health insurance program for individuals who are 65 or older, certain younger people with disabilities and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).
There are different parts of Medicare that help cover specific services.
Medicare Part A (Hospital Insurance) covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Medicare Part B (Medical Insurance) covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
Medicare Part D (prescription drug coverage) adds prescription drug coverage to Original Medicare.
The cost
Many people qualify for premium-free Part A because they or their spouse paid taxes toward Medicare while working for at least 10 years (or 40 quarters). Otherwise, you may have to pay a monthly premium for this benefit.
Costs for Part B services vary, but frequently, you will pay a deductible and then 20% of the Medicare-approved amount, as long as you use providers who accept Medicare assignment. Most people pay a premium for Part B. Even if you’re enrolled in a Medicare Advantage plan that provides your Part A and Part B benefits, you still have to pay your Part B premium.
Contact us today for a custom benefits package quote.