Medicare
What is Medicare Insurance?
Medicare is a federal health insurance program for people who are 65 or older. People with disabilities under the age of 65 can also be eligible for Medicare. Original Medicare is made up of Part A and Part B but there are four parts to your Medicare benefits. Medicare Part C is a private insurance option in which private insurance companies offer plans approved by Medicare. Medicare Part D authorizes Medicare approved private insurance companies to offer prescription drug coverage. “We do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all of your options.”
What does Medicare cover?
Part A (also called Original Medicare)
Hospital coverage that is managed by Medicare and provides Medicare benefits and coverage for the following:
Inpatient hospital care
Inpatient stays in most skilled nursing facilities
Hospice and home health services
Inpatient stays in most skilled nursing facilities
Hospice and home health services
Part B (also called Original Medicare)
Hospital coverage that is managed by Medicare and provides Medicare benefits and coverage for the following:
Home health care
Outpatient and preventive care
Doctor and clinical lab services
Physical and occupational therapy
Screenings, surgical fees and supplies
Outpatient and preventive care
Doctor and clinical lab services
Physical and occupational therapy
Screenings, surgical fees and supplies
Part C (also called Medicare Advantage or MA)
Combines both Medicare Part A and Part B and is a different way of having Medicare Part A and Part B coverage. Part A and Part B is combined with Medicare Advantage plans together in one plan. These Medicare Advantage plans can also be combined with Part D prescription drug coverage creating a Medicare Advantage Prescription Drug (MA-PD) plan. There are several different types of Medicare Advantage plan that cover different networks.
Medicare Supplemental Insurance (Medigap)
A policy offered by private insurance companies that helps pay some of the health care costs that Original Medicare does not cover like copayments, coinsurance, and deductibles. Below are the benefits of purchasing a Medicare Supplement policy:
Can go to any doctor or hospital that accepts Medicare
The ability to see specialists without referrals
There is no network restrictions and coverage goes with you anywhere in the United States
Out-of-pocket costs are limited
The ability to see specialists without referrals
There is no network restrictions and coverage goes with you anywhere in the United States
Out-of-pocket costs are limited
Part D (also called Prescription Drug Plan )
Prescription drug coverage can be a stand-alone plan or it can be combined with a Medicare Advantage Plan. Below are the benefits of a Prescription Drug Plan:Hospital coverage that is managed by Medicare and provides Medicare benefits and coverage for the following:
Can help lower prescription drug cost
Protect against higher costs in the future
If you do not sign when first eligible, you may have to pay a late-enrollment penalty if you decide to enroll later
Protect against higher costs in the future
If you do not sign when first eligible, you may have to pay a late-enrollment penalty if you decide to enroll later
Contact Gulf Coast Insurance to learn more about the right coverage for you.
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