Medicare Part A Coverage
Medicare Part A is Original Medicare and includes coverage for inpatient care in hospitals, hospice, skilled nursing facilities, and in-home healthcare.
Cost of Medicare Part A
Medicare Part A is generally a premium-free insurance because it is covered by the Medicare taxes you pay (paid) each year when employed. To be eligible, you would have to have worked 40 quarters or 10 years. If you are not eligible for premium-free Medicare Part A, you may be able to buy it. In most cases, if you choose to buy Part A, you must also have Part B and pay monthly premiums for both.
Medicare Part A coverage requires that you pay a portion of your hospital bills, as well as a deductible. After you meet your deductible, Medicare will pay 100 percent of the costs – up to a total of 150 days in a hospital and 100 days in a skilled nursing facility. Additional plan options are available to absorb these out of pocket costs, i.e. Medicare Advantage and Medicare Supplement plans.
Medicare Part A Enrollment Information
For most people, Part A enrollment is automatic.
Medicare Part B Coverage
Medicare Part B is Original Medicare and covers some preventive services, as well as medically-necessary diagnosis and treatment services like doctors' services, outpatient care, durable medical equipment, home health services, and other medical services.
Cost for Medicare Part B
There is generally a premium for Part B, though it is free for those with low incomes and on Medicaid. Late enrollment penalties may apply if you enroll after your eligibility date, so it’s important to get the answers you need and make timely enrollment decisions.
Medical costs are shared, and an annual deductible applies before your Medicare Part B benefits begin.
Medicare Part B Enrollment Information
If you are turning 65, you may enroll during the Initial Enrollment Period that includes a 7-month window surrounding your 65th birthday – the three months before your birthday month, your birthday month, and the three months following your birthday month.
If you miss the Initial Enrollment Period, you may enroll during the General Enrollment Period from January 1 through March 31.
Medicare Advantage Plans
Medicare Advantage plans, otherwise known as MA, MAPD or Part C, are an alternative to Medicare supplement plans and include both Medicare health coverage and usually Medicare drug coverage. Medicare Advantage plans are offered through private insurers and take the place of Original Medicare. They often have low premiums and co-pays, and are guaranteed to be approved even for people with certain disabilities. MAPD plans are not supplemental insurance.
What Does Medicare Part C Cost?
Monthly Part C premiums vary based on several factors, including but not limited to the type of plan you choose and the drugs you use.
Medicare Part C Enrollment Information
You can enroll in Medicare Part C when you turn 65 or during the Annual Enrollment Period. Part C is available through qualified private insurance companies. The enrollment process may vary from one carrier to the next.
If you are currently enrolled in Medicare, you can add, cancel, or change your Part C plan without penalty during the Annual Enrollment Period (AEP). AEP begins October 15 and ends December 7.
Prescription Drug Plans – “PDP”
Medicare Part D, also known as PDP, is prescription drug coverage and is offered through private insurers. You can get your drug plan by purchasing it in addition to your Medicare Supplement Plan or by having it incorporated with your Medicare Advantage Plan.
Once you are eligible for Medicare, you must have a prescription drug coverage that is at least as good as Medicare Part D to avoid paying a penalty.
What Does Medicare Part D Cost?
Monthly Medicare drug plan premiums vary based on several factors, including the plan you choose and the drugs you use.
Medicare Part D Enrollment Information
To enroll in Part D, you must first be enrolled in Part A and/or Part B.
If you are turning 65, you may enroll in Part D during the Initial Enrollment Period that includes a 7-month window surrounding your 65th birthday – the three months before your birthday month, your birthday month, and the three months following your birthday month.
You may also enroll during the Annual Enrollment Period (AEP). AEP begins October 15 and ends December 7.
We have partnered with many A Rated and above insurance companies to offer you many different Medicare Supplement plan options.
Supplement plans are designed to absorb the costs that Medicare Part A and Part B do not cover. Rates vary depending on whether or not you choose whether it is a plan that has no deductibles, low deducitbles or high deductibles. You decide which is best for you.