All About Medicare
“We are not affiliated with or endorsed by CMS, HHS, or the Federal government.”
How do I apply?
*You can apply for retirement benefits online as well!
When do I apply without penalty?
-
Three months before your 65th birthday
-
The month of your 65th birthday
-
Three months after your 65th birthday*
*If you apply after your birthday you're not guaranteed coverage the following month.
Four Parts of Medicare
Together, Parts A and B make up Original Medicare (provided by the Federal Government)
A
Part A
Hospital Insurance
-
Covers inpatient care in hospitals and rehabilitation facilities, skilled nursing facilities, and home healthcare
-
Most people won't pay a premium for Part A
C
Part C
Medicare Advantage Plan
-
Covers Medicare Parts A and B, and often Part D, plus it may offer other benefits
-
You may pay a monthly premium to a private plan, and you continue to pay a premium to the federal government for Part B
-
Caps your out-of-pocket spending to protect your finances
-
Some plans require you to see network doctors or specialists - not all plans.
-
Part C plans offer additional coverage such as dental, vision, and, hearing benefits.
B
Part B
Medical Insurance
-
Covers doctors' services, hospital outpatient care, ambulance services, home health care and, preventive services
-
You Pay Part B premiums based on your income. The government will notify you, and it's taken from your Social Security check.
D
Part D
Medicare Prescription Drug Plan
-
Only covers prescription drugs
-
You may pay a monthly premium to a private plan
-
A Part D plan can be purchased separately to go with Orginal Medicare
-
Often included in a Medicare Advantage Plan
-
Provides prescription coverage for your medications. Involving monthly premiums, deductibles, and co-payments.
-
4 Stages to All Drug Plans: Deductible, Initial Coverage Stage, Gap Coverage (donut hole), Catastrophic Coverage
Options for Medicare
-
Advantage Plans
-
Often referred to as a "C" plan covering hospitals, doctors, and prescription drugs and often includes dental, vision, and hearing benefits as well
-
HMO or PPO plans HMOs require you to see network doctors, PPOs do not require network doctors, and you can see any doctor who accepts Medicare in the USA
-
-
Supplement Plans
-
You need to purchase a standalone drug plan
-
G & N plans work with Original Medicare - very limited co-payments
-
F plan is only available if you are grandfathered in. This would happen if you turned 65 before 12/31/2019
-
What is MarketPlace Insurance (Under 65?)
In the United States, health insurance marketplaces, also called health exchanges, are organizations in each state through which people can purchase health insurance. People can purchase health insurance that complies with the Patient Protection and Affordable Care Act (ACA, known colloquially as "Obamacare")
Marketplace insurance offers the opportunity for individuals to apply for a tax subsidy if they qualify for financial help to pay a portion of their health insurance plan because their income falls between 100 and 400 percent of the national poverty level (138 percent in states with expanded Medicare coverage).
All About Life Insurance
Life insurance is a contract between an insurer and a policyholder. A life insurance policy guarantees the insurer pays a sum of money to named beneficiaries when the insured policyholder dies, in exchange for the premiums paid by the policyholder during their lifetime.
Final Expense also known as burial insurance and funeral insurance, are permanent life insurance policies with lower death benefits primarily meant to pay for end-of-life expenses.
Hospital Indemnity Insurance is a supplemental insurance plan designed to pay for the costs of hospital admission that may not be covered by other insurance.
Cancer, Stroke & Heart Attack Policy A lump-sum benefit amount is paid directly to you regardless of any other health care coverage you may have upon the diagnosis of cancer or if you suffer a heart attack or stroke.