Navigating Medicare can be confusing and difficult, especially if you’re receiving an onslaught of information. With an excess of information that may or may not be relevant to your situation, we can understand if you’re feeling a little overwhelmed. We’re here to help you navigate the ins and outs of Medicare.
We’ll start with the basics. If you still have questions, Core Insurance has plenty of resources for you to take advantage of to stay in the know about all things Medicare.
What is Medicare?
Medicare is the U.S. government’s largest health insurance program that provides affordable healthcare coverage to eligible citizens. With Medicare, you have a few options for how to get coverage.
Are you eligible for Medicare?
If you are within three months of turning 65, you are eligible for the Medicare Initial Enrollment Period (IEP), but there are also a few other times of year that you can apply for Medicare Advantage or make changes to your plan. If you are under 65 and are disabled or have End-Stage Renal Disease, you may also be eligible.
Types of Medicare Plans
There are two main ways to get Medicare coverage: Original Medicare (Parts A and B) and Medicare Advantage (Part C).
Original Medicare
Medicare Parts A and B, or Original Medicare, offer hospital coverage and outpatient coverage respectively.
Part A pays for your room and board at the hospital and some other healthcare facilities. Part B includes almost everything that Part A doesn’t cover, like doctor visits, medical equipment, lab work, surgeries, therapy, and more.
With Original Medicare, you pay for services as you get them. While Medicare will cover a lot of costs, you could still be responsible for deductibles, copayments, and coinsurance. However, you may also be eligible for Medigap, supplemental insurance, to help cover those costs. If you need prescription drug coverage, you can also apply for Medicare Part D.
Medicare Advantage
Medicare Part C, or Medicare Advantage, is an optional, low-cost alternative to Original Medicare. This plan bundles your Medicare coverage, including Parts A and B and usually Part D prescription drug coverage, as well. Medicare Advantage can also cover things that Original Medicare does not, like vision, dental, and hearing insurance.
What Medicare plan is right for you?
Choosing the best Medicare plan comes down to a few different factors.
- Cost: How high will your out-of-pocket expenses be? This could include deductibles, copayments, or coinsurance.
- Benefits: Does the plan cover any additional healthcare services that you need? For example, prescription drugs, vision, dental, or hearing insurance.
- Convenience: Are the in-network providers conveniently located? Are your preferred healthcare providers included?
- Needs: Have you required healthcare in the past few years? Do you anticipate an increased need for care?
These are all considerations you should make before choosing one Medicare plan over another. You want to find the plan that best fits your needs, so you are paying for exactly the right coverage. If you have questions or need help choosing a plan, our team of expert Medicare advisors can help.
Do you have more Medicare questions?
If you still have questions about Medicare, check out our Medicare 101 Webinar or schedule an appointment to talk with a qualified advisor.
Core Insurance is here to make sure you have the tools and resources you need to navigate your Medicare coverage. Our Medicare webinar will cover everything you need to know about Medicare eligibility, applying for coverage, and what parts of Medicare are for you.
There are a lot of factors that go into your Medicare choice and Core Insurance is here to help you through every step.
Sign up for our free Medicare webinar today.
