Things To Know About Medicare Plans
Medicare is a federal health insurance program primarily for individuals aged 65 and older, but it also covers certain younger individuals with disabilities or specific diseases. Understanding the different Medicare plans is crucial for making informed healthcare decisions. Bay Marketing Concepts provides Medicare plans in St. Petersburg, Port Charlotte, Venice, Tampa, FL, Sarasota, FL, Lakeland, FL and surrounding areas.
Original Medicare (Part A and Part B)
Part A (Hospital Insurance):
Covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Most people don’t pay a premium for Part A if they or their spouse paid Medicare taxes while working.
Part B (Medical Insurance):
Covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
Requires a monthly premium, which is based on income.
Medicare Advantage (Part C)
Offered by private companies approved by Medicare.
Includes all benefits and services covered under Part A and Part B.
Usually includes Medicare prescription drug coverage (Part D).
May offer extra benefits like vision, hearing, dental, and wellness programs.
Participants often pay an additional premium along with the Part B premium.
Medicare Prescription Drug Coverage (Part D)
Adds prescription drug coverage to Original Medicare and some Medicare Cost Plans, Medicare Private-Fee-for-Service Plans, and Medicare Medical Savings Account Plans.
Run by Medicare-approved private insurance companies.
Requires a separate monthly premium, which varies by plan and income.
Medicare Supplement Insurance (Medigap)
Sold by private companies to fill gaps in Original Medicare coverage.
Helps pay some of the healthcare costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and deductibles.
Different Medigap policies cover different out-of-pocket costs.
Requires a monthly premium in addition to the Part B premium.
Enrollment Periods
Initial Enrollment Period (IEP): Starts three months before turning 65 and lasts for seven months.
General Enrollment Period (GEP): January 1 to March 31 each year, for those who missed IEP.
Special Enrollment Periods (SEPs): Available for qualifying life events, such as moving or losing other insurance coverage.
Open Enrollment Period: October 15 to December 7 each year for Medicare Advantage and Part D plans.
Key Considerations
Evaluate healthcare needs and budget when choosing between Original Medicare and Medicare Advantage.
Compare Part D plans based on medication needs.
Consider Medigap policies for additional coverage.
Review plans annually as costs and coverage details can change.
Understanding these aspects of Medicare ensures better preparedness for healthcare needs in retirement.
If you have any questions, please do not hesitate to call us.
October 15th - December 7th: