What is Medicare?
Medicare is a federal health insurance program that provides coverage to people 65 years of age or older, people who are under 65 and have certain disabilities, and people of all ages with End-Stage Renal Disease (ESRD). Medicare covers various health care services such as hospital stays, doctor visits, and prescription drug coverage.
Medicare is separated into 4 Parts.
Medicare Part A and Medicare Part B create “Original Medicare”.
Medicare Part C is also known as Medicare Advantage Plans.
Medicare Part D provides Prescription Drug Coverage under Prescription Drug Plans.
What is Medicare Part A?
Medicare Part A (hospital insurance) covers inpatient hospital stays, skilled nursing facility care, hospice care, and home health care.
When someone earns 40 Medicare Tax Credits by paying Medicare Taxes while working for 10 years, they will not pay a premium for Part A and it is considered to be premium free.
What is Medicare Part B?
Medicare Part B (medical insurance) covers doctor visits, outpatient care, preventive services, and medical equipment.
Medicare Part B is not free and most people will pay the standard premium, which can change from year to year. When someone is considered a high income earner, they will pay a higher monthly premium for Medicare Part B through IRMAA, an Income Related Monthly Adjustment Amount.
What is Medicare Part C?
Medicare Part C, also called (Medicare Advantage, is an all-in-one replacement to Original Medicare that is offered by private insurance companies. It typically includes Part A and Part B benefits, as well as additional benefits that Medicare does not provide.
Medicare Advantage Plans can also include Part D Prescription Drug Plan Coverage.
What is Medicare Part D?
Medicare Part D provides Prescription Drug Coverage under standalone prescription drug plans that are provided by private insurance companies.
Each Prescription Drug Plan has a list of covered drugs called a formulary. Each formulary is also broken into tiers, ranging from tier 1 to tier 6.
If a drug you are prescribed is not on the formulary, you are allowed to request an exception, pay out of pocket for the medication, or file an appeal to see if the plan will cover the medication.
Formularies differ from plan to plan so before choosing a Prescription Drug Plan ensure that your medications are included in the formulary.
What are Medicare Supplements?
Medicare supplement insurance, also known as Medigap Plans, are a type of insurance policy offered by private insurance companies that helps pay for some of the costs not covered by Original Medicare.
Although there are 10 different Medigap Plan Types, the most common are Plan F, Plan G, and Plan N.
Local Medicare Help in Colorado Springs
Choosing a Colorado Springs Medicare Agent or Colorado Springs Medicare Agency is an important decision. The Medicare Insurance Agents at Think65 are well trained in Colorado Springs Medicare Supplement Plans, Colorado Springs Medicare Advantage Plans, and the other types of Medicare Plans in Colorado Springs.
Since the representatives at Think65 work with many carriers, they are considered Medicare Brokers. This means they work for you and not the insurance company. However, they will provide you Free Medicare Help and you will not pay for their services.
Medicare Brokers are compensated by Insurance Companies when they assist you with enrolling into a Medicare Plan.
Get Free Medicare Help by Calling Kelli Holt at Think65. (719) 301-1220 or request a free consultation by clicking the link below.