Medicare 101 - The Basics
Before choosing a Medicare plan, it is beneficial to understand the fundamentals of Medicare. Medicare provides health insurance to Americans aged 65 and above, as well as people with certain disabilities (who may be younger than 65). There are three basic requirements you must meet in order to be eligible for Medicare:
- You must be at least 65 years of age
- You must hold U.S. citizenship status for at least five years
- You must have a qualified disability if you are under the age of 65
You must actively sign up for Medicare, as it does not automatically kick in when you qualify.
WHAT ARE THE 4 PARTS OF MEDICARE?
Part A: Hospital Insurance
Part B: Medical Insurance
Part C: Medicare Advantage
Part D: Prescription Drug
UNDERSTANDING YOUR OPTIONS
When we look at choosing a plan for our clients, there are 2 basic options:
- Original Medicare (Part A & B) combined with a Medicare supplement plan plus an individual drug plan (Part D)
- Medicare Advantage Plan (Part C)
The goal of our appointment with you will be to explain the difference between these options and make an informed decision based on your individual circumstances and health needs.
As an independent agency, we have access to every carrier licensed to do business in Michigan and therefore, are able to tailor your plan to your specific needs. These carriers include:
Medicare Supplemental Insurance
As our name implies, we specialize in helping our clients choose Medicare Supplemental Insurance plans. Before you get in touch, it may be helpful to learn a little bit more about what a Medicare Supplement is and what it can do for you.
WHAT IS MEDICARE SUPPLEMENT INSURANCE?
A Medicare Supplement Insurance plan, also known as Medigap, helps cover the costs that Original Medicare does not cover such as copayments, coinsurance, and deductibles. Some policies also offer coverage for services that Original Medicare will not cover. Medigap policies are offered by private insurance companies and we partner with these companies to find our clients the best plans for their needs.
WHY CONSIDER A MEDICARE SUPPLEMENT PLAN?
As the name “Medigap” implies, there are gaps in Original Medicare. Combining Original Medicare with a Medicare Supplement plan can help you cover your bases when faced with healthcare costs not covered by Original Medicare.
WHAT YOU SHOULD KNOW
- Medicare Supplement Plans are NOT Medicare Advantage plans.
- You must be enrolled in Medicare Part A and Part B to purchase a Medicare Supplement Plan
- Any standardized Medigap policy is guaranteed renewable even if you have health problems. This means the insurance company can’t cancel your Medigap policy as long as you pay the premium.
- Medigap policies do not cover prescription drugs. If you want coverage for prescription drugs, we can enroll you in Medicare Part D (prescription drug plan).
Work with one of our Licensed Medicare Specialists to get all of your questions answered. We’ll do an in depth review of your healthcare needs and choose the best plan for you.