Medicare Insurance Plans, Types & Options
Medicare is one overall term that refers to all of the services and managed care plan options available through the United States Ceneters for Medicare & Medicaid Services or CMS.
CMS is a division of the Health and Human Services Department of the United States and it is their business to prevent and heal disease by providing health insurance coverage to segments of the population who cannot afford private health insurance.
There are severl different types of managed care plans and Medicare coverage options under the name Medicare. This page enumerates the Medicare options and provides links to more detailed information on each. If you have any questions or are ready to enroll, call us immediately and receive your free quotes on Medicare health insurance options right over the phone or via e-mail in as little as one business day.
Medicare is a federal health-benefit program created by the United States government in 1965 to spread the financial burden of health care for persons with disabilities and the elderly. Medicaid is a different federal program whose limits vary from state to state and are aimed at providing low-income families medical benefits.
To qualify for most Medicare benefits you must generally be a U.S. citizen or a permanent legal resident of five years or more, and be 65+ years old or have one or more of a list of conditions:
Before age 65, you are eligible for Medicare hospital insurance if you:
· Get Social Security disability benefits and have amyotrophic lateral sclerosis (Lou Gehrig's) disease; or
· Have been a Social Security disability beneficiary for 24 months; or
· Have worked long enough in a federal, state, or local government job and you meet the requirements of the Social Security disability program.
The Four Parts of Medicare:
Medicare is comprised of the benefits available through four main parts that you should be familiar with. One phone call to our helpful agents will ensure that you understand all of the benefits and options of Medicare and how the Affordable Care Act might affect your benefits!
Part A – Hospital Coverage
Part A provides coverage for hospital visits, outpatient nursing, hospice, and some home health care. There are deductibles for these services, meaning that you must contribute a certain dollar amount before Medicare benefits will kick in.
This component of Medicare is free to anyone who has worked at least ten years for an employer who collected Medicare taxes from their paycheck. Many people will become enrolled automatically when they reach age 65.
Part B- Additional Medical
Part B is an optional supplemental medical insurance plan with a monthly premium of $99.90 for most enrollees. If your modified adjusted gross income as reported on your IRS tax return from 2 years ago is above a certain amount, you may pay more.
The enrollment period for Part B begins three months before you turn 65, and runs until three months after you turn 65. If you don't enroll within those first seven months, you will most likely incur a late-enrollment charge.
Part C – Medicare Advantage (MA)
Medicare advantage is a combination of benefits from Parts A, B, and D, offered through Health Maintenance Organization (HMO), Preferred Provider Organization (PPO), Private Fee-for-Service (PFFS), Special Needs Plans (SNP), HMO Point-of-Service (HMOPOS), and Medical Savings Account (MSA).
MA offers the same coverage as Parts A and B, but can also include dental and vision coverage as well as the prescription drug coverage of Part D.
Part D- Prescription Coverage
This portion of Medicare covers prescription drugs.
There are many different versions of Part D, each with a different 'formulary' or list of drugs that are covered , and set of costs.
Part- D is available as part of a Medicare advantage bundle, or on its own to help with drug costs.
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