If you’re just starting to think about your Medicare benefits, it’s time to do a little research. The same applies if you’re helping someone you love with the right choices for Medicare. It quickly becomes apparent that there are tons of options and it can get a little confusing.
This blog will walk you through the basics and the Medicare Specialists at the Ahlbum Insurance Group will be glad to help you make the right choices to fit your your needs.
Medicare Basics
Medicare is a United Stated federal health insurance program. It’s available for people 65 or older, people with disabilities who are under 65, and those who have end-stage renal disease. Medicare is available in several parts, including A, B, C, and D.
Medicare Part A
Part A is designed to help with the costs of being hospitalized. This part is included automatically if you enroll. Most people will have no monthly cost, but there is a deductible of $1,556 as of 2022.
The services covered under A include home healthcare services, hospice care, skilled nursing facilities, inpatient care in hospitals, and inpatient care in religious healthcare locations.
While this seems simple, it can be more complicated than expected. For example, it covers in-home hospice care but does not pay if you stay in a facility that offers hospice.
Medicare Part B
Part B involves testing and doctors. It covers cancer treatment, cardiac rehabilitation, mammograms, blood purchase, outpatient procedures, outpatient care, medical equipment, and doctor’s visits. A monthly premium is required for Part B. The standard cost is $170.10.
Part B isn’t always required. You may not need it if you have another type of coverage that overlaps the same services. However, if you choose not to enroll and don’t have coverage, a penalty may be assessed when you enroll at a later date.
Medicare Part C
Medicare Part C, or Medicare Advantage, acts as an alternative to Part A and B coverage. It will also typically offer some Part D benefits for medications. Depending on the choice, additional benefits may be provided. These plans are from private companies that take your payment from the government.
Premiums may or may not be required, but you’ll need to pay your Part B premium, too. These plans can have a lower cost but may leave you with out-of-pocket fees if you end up needing care.
Medicare Part D
Part D is drug coverage, which also comes from private providers. It’s optional and often included with Advantage plans. A deductible may be needed before the plan starts. A copayment also may be required depending on the plan you choose.
If you’re getting started with Medicare, these are the main parts you need to be aware of. Consider your needs, both now and in the future, to ensure you’re covered for all possibilities as you move into later years of life.
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