Medicare explained. Here are some of the basics in an easy to understand format. Speak with your agent for a more in depth conversation to decide which plan works best for you.
Who is eligible?
People 65 or older.
Certain younger people with disabilities.
People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)
What are the parts of Medicare?
Medicare Part A (Hospital)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, or if you can’t make it to a facility will cover in-home health care.
Medicare Part B (Medical)
Part B covers certain doctors’ services, outpatient care, medical supplies and preventive services.
Parts A & B = Original Medicare
Medicare Part D (Prescription Drug)
Helps cover the cost of prescription drugs including many recommended shots or vaccines.
Medicare Supplement Plan (Medigap)
This plan is used to reduce your out-of-pocket expense. Can be added to your Original Medicare plan. Also known as Part C.
Medicare Advantage Plan
This is a Medicare-approved plan from a private company that offers an alternative to Original Medicare (Parts A & B above). These plans may offer some extra benefits that Original Medicare doesn’t cover like vision, hearing and dental. Medicare Advantage Plans can have different out-of-pocket costs rules for how and where you get services.
Your 3 Choices
- Original Medicare: Parts A & B. Part D can be added.
- Original Medicare + Medicare Supplement: Reduced out-of-pocket expense
- Medicare Advantage Plan: Can have additional benefits like vision, hearing & dental but can reduce your options of where you can get services.
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