Medicare

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Easy education for new Medicare recipients 
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What is Original Medicare?

Part A – Automatic Enrollment

Hospital Insurance

Covers:

Hospital Stays ⋅ Skilled Nursing Facilities ⋅ Hospice Care ⋅ Certain Home Health Care

This is what you paid all those taxes for. You get Part A automatically when you turn 65. Unless you’ve worked less than 40 quarters, you don’t pay premiums for it.

Part B – Optional Coverage

Medical Insurance

Covers:

Outpatient Service ⋅ Physician Services ⋅ Medical Equipment

Medicare pays about 80% of these services and you pay the rest.

You choose if you want Part B. You pay a monthly premium and have a deductible if you elect it.

Medicare Advantage or Medicare Supplement?

Part C – Medicare Advantage Plan

These plans are contracted through the federal government. They combine Part A and Part B coverage with some additional benefits.

Medicare Advantage works similarly to traditional health insurance. Most plans have deductibles, copays and shares medical expenses (coinsurance).

You can change plans during an annual enrollment period or keep what you already have.

Medicare Supplement

Medicare Supplements help you pay the services that Parts A and B don’t cover. Enroll within 6 months after Part B to avoid any questions about your medical history.

Choose from 10 plans offered by private health insurance companies.

Each individual plan covers the same things regardless of which carrier you choose. In other words, Plan G is Plan G no matter which company covers you.

PDP

What about prescription drugs?

Option 1 – Bundle with Part C

Some Medicare Advantage plans include drug coverage. This is similar to traditional health insurance. These plans provide a list of covered drugs called a formulary. The formulary assigns a tier to each drug. The assigned tier will determine what the medicine will cost for you. Typically, brand name medications require higher out of pocket expenses than generic ones.

Option 2 – Individual Plans

These plans are independent and sold by private health insurers. You must be a Part A recipient to enroll in an individual plan. These plans also provide a list of covered drugs to help you anticipate the cost and coverage. We have convenient calculators to help you decide from the multitude of plans on the market.

Leverage your Decision

Reviewing Prescription Drug Plans can be confusing and time consuming. But knowing your options could save you money. Call us for a free PDP review today!