What Do I Need To Know About Medicare?
Are you turning 65 in 2018? Let our experienced Medicare agents give you the knowledge and resources to choose the best coverage for your needs. Simply pick up the phone or submit the form below to get started!
Time left to enroll for 2019
How Medicare Works
Medicare is a federal health insurance program created for seniors age 65 and older and younger individuals with certain disabilities. It’s designed to cover several aspects of senior healthcare, but not all expenses, such as long-term in-home care and most nursing home care. There are special additions available to cover aspects such as these.
The Four Parts of Medicare
It’s important to understand that Original Medicare (Part A and Part B) does not cover all of your medical expenses.
Hospital insurance – for inpatient stays and more:
- Usually there is no monthly premium for Part A coverage.
- You pay a Part A deductible and coinsurance, which are out-of-pocket expenses, when you receive inpatient hospital care. You are responsible for paying these expenses – unless you have a separate Medicare Supplement insurance policy to cover them.
Medical insurance – for doctor services and more:
- Part B is optional coverage.
- You usually pay monthly Part B premium.
- For most services, you pay calendar year Part B deductible and coinsurance – unless you have a Medicare Supplement plan that covers those expenses.
- Medicare Advantage (MA) plans are health plans offered by private organizations, like health insurance companies, that contract with Medicare.
- They combine all the benfits of Medicare Part A and Part B, and usually include prescription drug coverage.
- Many plans include additional benefits like dental, hearing, and vision.
- Premiums and deductibles vary by plan.
Medicare-approved prescription drug coverage:
- Part D is sold only through private organizations, like insurers, that are contracted with Medicare.
- Coverage can be purchased either as a “stand-alone” prescription drug plan (PDP) or may be included with a Part C Medicare Advantage plan. Plans that combnie medical coverage and prescription drug coverage are called Medicare Advantage Prescription Drug (MA-PD) plans.
Initial Election Period (IEP): If you’re eligible for Medicare because you’re turning 65, your IEP is a 7-month window that starts 3 months before the month of your birthday, includes your birthday month, and ends 3 months after your birthday month during the year you turn 65.
Special Election Periods (SEPs): Depends on your circumstances.
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YOUR MEDICARE QUESTIONS. ANSWERED.
CAN I KEEP MY DOCTOR?
Medicare Supplement plans usually don’t have a network of doctors, so you can visit any doctor who accepts Medicare. Medicare Advantage HMOs generally require you to use network doctors. In a Medicare Advantage PPO, you will usually pay lower out-of-pocket costs if you use a network doctor.
WILL MY PRESCRIPTION DRUGS BE COVERED?
Original Medicare doesn’t generally cover prescriptions, but most Part C (Medicare Advantage) Plans and all Part D (Prescription Drug) plans fo. Also, the federal government offers a program to help those with limited resouruces pay their prescription drug costs.
WHAT HAPPENS IF I DON’T ENROLL AT AGE 65?
If you already receive Social Security benefits, you’re automatically enrolled in Original Medicare when you turn 65. If you’re covered by an employer’s health care plan, talk to your human resources department. A Medicare plan may work with your employer’s coverage to save you money. You may have to pay a late enrollment penalty if you don’t enroll in Medicare when you’re first eligible.
WHEN CAN I ENROLL IN MEDICARE?
If you’re turning 65, your Initial Enrollment Period (IEP) is a 7-month window that starts 3 months before the month of your birthday, includes your birthday month, and ends 3 months after your birthday month during the year you turn 65. You may qualify for a Special Election Period (SEP) in certain siutations. You can always change your Medicare coverage during Medicare’s Annual Election Period (AEP), from October 15-December 7.
WHAT IF THE COVERAGE GAP?
Medicare Part D has four stages: Deductible, Initial Coverage, Coverage Gap, and Catastrophic. You reach the Coverage Gap (or “Donut Hole) stage when what you pay plus what your Medicare Prescriptin Drug Plan(s) pays reaches $3700 for the year. At that point, you pay no more than 51% of the cost of covered generic drugs and no more than 40% of the cost of covered brand-name drugs until you reach the Catastrophic Stage.
We Can Help You Find the Right Policy
Instead of trying to navigate the confusing insurance marketplace alone, contact us today to request help from our experienced team of agents. We understand the ins and outs of the industry and will be able to help you find the Medicare plan that’s right for you and your family. Oh, and our expert advice is always free.
Step 1: Contact an Agent
Our expert team of agents is awaiting your phone call. We have served over 150,000 Floridians, like you, in the past 30 years.
Step 2: Compare Plans
Your agent will work with you, explaining all of your options and giving their expert advice to find the perfect plan that fits all of your needs.
Step 3: Finalize Your Policy
We’ll ensure you have the absolute best policy for your needs at the best possible price.