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Medicare

Medicare is the health insurance program of the United States of America for all people who are 65 years old or over. Certain people younger than 65 years old can also qualify under specific conditions for Medicare, specially those who have disabilities and those with, for example, chronic kidney failure or amyotrophic lateral sclerosis (ALS and also colloquially known as Lou Gehrig's disease).

The program covers basic health care expenses, but does not include all possible medical expenses or many expenses caused by long term care. It is highly recommended to complement the coverage with a private insurance.

Medicare is funded in part by taxes paid by employees and by their employers. These taxes are directly deducted from the payroll with other taxes. Another source of income into the Medicare fund are monthly premiums deducted from Social Security contributions. Not all patients' medical costs are covered. Covered patients must almost always pay a share of the treatment out of the pocket.

Medicare is divided into four parts - Part A (Core), Part B, Part C, Part D. There are also Medicare Supplement Insurances which reduce payments of out-of-pocket costs by caretakers (see more about this below).

Medicare covers some of your medical costs but do not cover everything. There are many limitations to the actual coverage and the program stipulates many clauses for charging patients for medical services.

Usually, your doctor charges fairly more than of what Medicare's covers. To ensure that you will not be charger a share of the bill, private health insurance companies have designed different health plans called Medicare Supplement Insurance.

One of the biggest limitations of the regular Medicare program is the limitation in the number of days an elderly person might be hospitalized. Medicare indeed covers 100% of the first twenty days. After the twentieth day, the patient is responsible for a co-payment of the daily fee. And if for some reason, you need to be hospitalized for more than 100 days, you are fully charged for each day. Medicare, for example, also does not cover elderly care services. This kind of service is required when the elderly cannot care for themselves.

Medicare - Medicare enrollment.

Most people are eligible to Medicare at the appropriate age. This holds true even in the case that the full Social Security benefits do not begin until after.

If you are on Social Security benefits at age 65 or over, you'll be enrolled in Part A and B automatically. However, if you are not receiving Social Security benefits upon turning 65 years old, you must apply for Medicare. There are three ways to register: Initial Enrollment Period - You register for 3 months before your 65th birthday. General Enrollment Period - If not enrolled during the initial enrollment period, you may enroll in Part B of Medicare from January to end of March every year. Medicare coverage will begin on July of the same year. Special Enrollment Period - If you were working when you turned 65, and you had health care coverage through your employer, you can decided to wait before enrolling in Part B of Medicare. If you lose your health care (after retiring or losing your job), you can later enroll in Part B.

When to register?

Important: there are a penalty fees for late registrations in Part B. The monthly premium increases 10% for each full year during which you could have Medicare Part B, but did not register, except in special cases, you will have to pay this fee. You will have to pay this higher premium as long as you have Part B of Medicare.

You can enroll in Part A or Part B of Medicare, and in a drug plan during the three months before your 65th birthday. Alternatively, you can register up to three months after your birthday too. For example, if you turn 65 before 1 December 2011, you could enroll into the drug plan from 1 September 2011.

If you do not, and do not have to, enroll for Medicare coverage for obtaining prescription drugs, no fee or penalty applies.

However, if you are eligible to enroll in drug coverage and do not, you will have to pay a penalty fee, if you enroll later, unless you are eligible for additional help for covering health costs. If you have other drug coverage insurance, you might not have to pay the fine.

 

Medicare Supplement Insurance

Medicare Supplement Insurance, also known as "Medigap" insurance, provides supplemental health insurance coverage for Medicare beneficiaries. Individuals in the "original" Medicare program may want to obtain Medicare Supplement ("Medigap") insurance because Medicare often covers less than the total cost of the beneficiary's health care. Medicare Supplement Insurance plans give you the freedom to choose any healthcare provider, even if you're traveling. Your Medicare Supplement Insurance premium may vary based upon the plan you choose, your age group, your gender, tobacco, and where you live.

If you are going Medicare soon, or already are, please contact us. We are licensed with many top rated Insurance Carriers, offering Medicare Supplement insurance. Our promise to you is that we will present you with all the most up to date information,and options, so that you can find and apply for a Medicare Supplement insurance plan that offers the lowest rates in your area.

Medicare Supplement Insurance Policy: Listing by A to L

In most states*, policies are standardized into plans labeled A through L as required by state laws. Medicare Supplement Insurance also known as Medigap plans - cover basic benefits, and each has additional benefits that vary by plan.** Medicare Supplement insurance plans A through J have one set of basic benefits with higher premiums and plans K and L have a different set of basic benefits with lower premiums.

Medicare Supplement Plans A and B
Plan A provides basic coverage for hospitalization and medical expenses. Plan B includes the same basic benefits, plus coverage for your Part A deductible.

Medicare Supplement Plan C
Plan C offers more coverage than plans A or B. You get the basic benefits listed in the chart above, plus coverage for the Part B deductible, skilled nursing care, emergency care abroad, and more.

Medicare Supplement Plan F
Plan F offers the basic benefits, plus coverage for both the Part A the Part B deductible.

Medicare Part B Excess Charges: Pays 100% of the difference between your doctor's charge and the Medicare approved amount to a non-Medicare assignment doctor. Plan F also has a high-deductible option that can lower your premiums.

Medicare Supplement Plan G
Plan F offers the basic benefits, plus coverage for both the Part A . Medicare Part B Excess Charges: Pays 80% of the difference between your doctor's charge and the Medicare approved amount to a non-Medicare assignment doctor.

Medicare Supplement Plans K and L
These lower-premium policies cover a range of medical costs, including doctor's services and hospital care. The plan pays a percentage of your costs, and then you are responsible for a portion.