Medicare 101
Medicare is a federally run health insurance that pays healthcare costs for seniors over the age of 65 and others with certain disabilities. You have been paying Medicare taxes from your paycheck for your entire working career, and now is the time to use that insurance. Medicare covers most of your medical costs. However, it does not cover everything. There are out-of-pocket costs that can add up quickly.
Medicare is meant to support and take care of seniors, as opposed to Medicaid, which serves low-income people regardless of their age. The two programs have similar-sounding names, but they help different people.
The Different Parts of Medicare
The program is actually broken down into four parts. They are as follows:
- Part A - This covers hospital stays and inpatient cases
- Part B - This covers your doctor’s visits and outpatient care
- Part C - These are also known as Medicare Advantage plans that are provided by private insurers who contract with the federal government
- Part D - This is the newest part of Medicare that provides prescription drug coverage
Frequently Asked Questions
Who Needs Medicare?
You are eligible for Medicare if you are at least 65 years old or under 65 years old and qualify on the basis of a disability. You must also then be a citizen of the US or legal resident living in the US. Everyone must sign up for at least Medicare Part A once enrolled in Social Security and evaluate Parts B, C and D for their specific situation. Some may have current employer creditable coverage past age 65 which may delay enrollment periods.
What is the Difference between a Copay and a Deductible?
Insurance plans will have both of these. A deductible is the amount of costs that you must reach on your own before your insurance coverage kicks in to help. A copayment is the amount that you must contribute to your medical care out of your own pocket.
How Much Does Medicare Cost?
You have already been paying for Medicare with each paycheck during your working career. If you have worked 10 years or more and have paid into Medicare you would not have to pay a past premium. You need to pay a monthly premium for Part B as well as a deductible and copayments. Your cost for Part C, Part D and Medigap coverage depends on the plan that you select.
What Is Included in Your Medicare Benefits?
Medicare benefits pay part of the costs of services that you receive in a doctor’s office or hospital. It also covers some prescription drugs and medical equipment charges. Not all medical care that you need may be covered by Medicare.
How Do You Apply for Medicare?
If you are 65 and drawing Social Security, you may be automatically signed up for Medicare. Otherwise, you will need to sign up on your own. There are certain open enrollment periods for Medicare coverage, where you can also buy Medicare Supplement plans.
Get Started Today in Missouri!
Starting Medicare coverage is not something that you can just do without planning. The out-of-pocket costs and some coverage limitations can leave you with your own costs and needing coverage for which Medicare will not pay. The trusted advisors at Your Medicare Partners will help you understand your coverage and work with you to find options that fit your situations and needs. Call us today at 636-946-8100