Medicare

Medicare is a health care program that provides health care benefits for people who are over age 65 and younger individuals who have been diagnosed with a qualifying disability. Medicare is divided into several different parts, each offering specific benefits to members. Some Medicare beneficiaries may opt to enroll in a privately offered Medicare Advantage plan, but most simply enroll in Original Medicare. If you will soon be eligible for Medicare, here is what you need to know. 

Medicare is a government sponsored insurance program that covers senior citizens and people with disabilities. The plan consists of four core parts, Part A hospital insurance, Part B medical insurance, Part C Advantage plans, and Part D prescription drug plans. People can choose which types of coverage they want to opt into, making Medicare a very versatile coverage option for qualifying individuals.

To get Medicare benefits, you must be age 65 or older, or collect Social Security disability benefits for at least 24 months. If you are diagnosed with Amyotrophic Lateral Sclerosis or End Stage Renal Disease, you may be able to get Medicare benefits sooners. In most cases, people with either of these diagnoses can activate their Medicare benefits just a few months after their diagnosis.

Let Us Help You Maximize Your Insurance Needs

To enroll in Medicare, contact your local Social Security office or visit the medicare.gov website. All you need to do is submit an application with all of the appropriate documentation, and the administration will get back to you with confirmation of whether you were approved or not. If you are uncomfortable enrolling in Medicare on your own, we can help. Give T&T Insurance a call to get started with the enrollment process!

Medicare covers a wide variety of health care benefits. Through Part A of the program, your visits to health care facilities like hospitals are covered. Part B covers medically necessary services and preventive health services. The other parts are not parts of Original Medicare, but they can be beneficial as well. With Part C, you can opt into a private Medicare policy that offers unique benefits that aren’t available with Original Medicare. Through Part D you can purchase prescription drug coverage that will allow you to purchase low cost prescription drugs.

Medicare is relatively inexpensive compared to other health insurance plans, though it can become quite costly when you account for out-of-pocket costs like coinsurance deductibles. Part A insurance can be obtained premium-free, but in 2021 the maximum premium was $471. For Part B, the standard premium amount is $148.50, but higher premiums are charged to people with higher income. After paying your premiums, you may be accountable for deductibles as well. The Part A deductible is $1,484 in 2021, while the Part B deductible is $203. While you have to pay any premiums that you have yourself, the cost of deductibles and coinsurance can be reduced or even eliminated using a Medicare Supplement Insurance plan. To learn more, give our talented representatives a call.

Explore Medicare Options

There are a variety of options to choose from when structuring your health care benefits through Medicare. If you have other forms of insurance, you will also need to figure out how those interact with Medicare. We can help you explore your Medicare options in your area, just give us a call to get started. You can reach us at 800-MI-NORTH (800-646-6748).

If you are in Petoskey, MI, stop by for a chat. We’ll gladly welcome you in to discuss your insurance needs.