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Medicare is a federal health insurance program for people 65 or older, some people under 65 with disabilities, and people with end-stage renal disease or Lou Gehrig’s disease. If you are on Medicare, it will pay for much—but not all—of your health care.
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Medicare Part A (Hospital) pays for in-patient hospital services, skilled nursing facility care after a hospital stay, home health care, and hospice care. Medicare Part A also pays for all but the first three pints of blood each calendar year.
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Medicare Part B (Medical) pays for medical expenses, clinical laboratory services, and outpatient hospital treatment. In most cases, Medicare pays 80 percent of the Medicare-approved cost of covered services. Covered medical expenses include physicians’ services and supplies. Some Medicare Part B services are paid as a fixed co-payment under the outpatient prospective payment system. Medicare also pays for some preventive health services. Ask your physician about screening tests, flu shots, and vaccines covered by Medicare.
Medicare Part D (Prescription Drug Coverage)
Medicare Part D pays for generic and brand name prescription drugs. You can receive prescription drug coverage by joining a stand-alone prescription drug plan that adds the coverage to a Medicare plan or by purchasing a Medicare Advantage plan that includes the coverage. Only private insurance companies approved by Medicare can offer the coverage.
Medicare Supplement Insurance
Medicare Supplement Insurance can help you fill in some of the “gaps” that Medicare won’t pay. There are 12 standardized Medicare supplement insurance plans, labeled “A” through “L”. Each plan offers a different combination of benefits. Plans “F” and “J” offer a high deductible option. Plans “K” and “L” provide for different cost sharing for items and services than plans “A” through “J”. Once you reach the annual out-of-pocket limit (excess doctor charges are not covered), these plans pay 100% of the Medicare co-payments, coinsurance and deductibles for the rest of the year. Each of these standardized plans allows you the freedom to continue visiting the doctors and hospitals you have come to trust.
To learn more about Medicare, please use the following link:
http://www.medicare.gov/
We are licensed Medicare Insurance brokers in New Jersey, Pennsylvania, Maryland, Virginia and Connecticut. Call us at 877-399-7077 or have a broker contact you to discuss your Medicare Insurance needs and objectives.
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