The Basics of Medicare

Medicare is a federally funded health care program for Americans who meet federally established criteria. Medicare is primarily a health insurance program for senior citizens.

It is available for United States citizens and legal residents over the age of 65 and for other individuals that meet certain Medicare eligibility requirements.

Get Medicare plan quotes using our Boomers quoting tool below and talk to a licensed insurance agent.

The Medicare program is basically divided into the following four parts:

Medicare Part A covers hospital insurance.

This is a federally run program that pays for emergency services, hospital stays, stays at nursing facilities and approved home health care. There is usually no premium required for Part A.

Medicare Part B covers Medical Insurance.

This is also a federally run program that pays for doctor fees and outpatient care, as well as other medical services and equipment (including wheelchairs, prosthetics, ambulance services and laboratory tests). Part B normally entails premiums, as well as deductibles and copayments.

Medicare Part C is the Medicare Advantage program.

This plan is an alternative to the original Part A and Part B programs. Although it is still paid by Medicare, Part C (Medicare Advantage) plans are offered and managed by private insurance companies. Medicare Advantage programs are required to provide the same basic coverage offered by traditional Medicare Parts A and B plans, but Medicare Advantage plans may also offer additional benefits.

Medicare Part D covers prescription drug expenses.

This program provides coverage for medical prescription drugs. It is used in conjunction with standard Medicare Parts A and B policies, as well as with Medicare Advantage (Part C) programs that do not offer prescription drug coverage.

Medicare programs do not cover everything. Individuals may be responsible for deductibles, copayments and coinsurance.

Types of Medicare Advantage (Part C) Plans

A lot of people opt to enroll in Medicare Advantage or Medigap programs to provide more complete coverage and protection.

Usually, the Medicare Advantage plans available by private companies provide the same coverage as Medicare parts A and B. The Medicare Advantage plans available include the following:

• Medicare Advantage Health Maintenance Organization (HMO)
• Medicare Advantage Preferred Provider Organization (PPO)
• Medicare Advantage Fee-for-Service (FFS)
• Medicare Advantage Specials Needs Plan
• Medicare Advantage Medical Savings Account (MSA)

Every plan is different and may offer more services than the original Medicare plans. There are also prescription drug coverage plans that work along with your original Medicare plans for prescription drug coverage.

The initial Medicare enrollment period begins around the time you turn 65 years old. This period includes:

• The 3 months before you turn 65 years old.
• The month that you turn 65 years old.
• The 3 months after you turn 65 years old.

If somehow you are unable to enroll during this time you could register for Medicare from January 1st to March 31st of each year however, you may be charged a penalty for late registration so it is advisable to begin your coverage as soon as you become eligible.

If you are eligible for coverage Part A and Part B, you are automatically eligible for Medicare Part D as well. There is no requirement for any screening for pre-existing conditions as Part D plans must take anyone who is eligible and decides to enroll when the person becomes eligible or during specified enrollment periods. Therefore, you cannot be denied Part D coverage if you have already been enrolled in Medicare Part A and Part B.

Review and Compare Your Medicare Advantage and Medigap Options

It is recommended that you take time to analyze all the Medicare Advantage plans carefully as choosing the right care is extremely important.

The Boomers quoting engine above provides a handy tool for reviewing approved Medicare Advantage and Medicare Supplement (Medigap) plans in your area. You can use it to compare plan features and terms, as well as connect with experienced agents licensed in your state.

Get your Medicare Plan Quotes today!