Medicare in a Nutshell
Baren Associates
Medicare in aNutshell
Overview
At age 65, Medicare is there to assist with your medical needs. But, the structure of Medicare is fragmented. You need to be aware of the different parts and what each part covers, as well as, the limitations of each.
Further, Medicare does not
cover 100% of your medical costs so additional steps must be taken to ensure that you are fully covered.
The Short Version
Basically, there are three* Parts of Medicare that you need to be aware of and enrolled in:
Part A
- hospital related expenses.
Part B
- doctors and tests.
Part D
- prescriptions.
Part C
- Medicare Advantage
Medicare "assists" in paying the cost of these medical services but, you share a portion of the expenses. There are deductibles and co-insurance and co-pays that are your responsibility. There are also limits to Medicare coverage.
Your portion of a prolonged hospital stay could be expensive. So too would your co-insurance liability for extensive diagnosis and treatment of a medical condition. It is only prudent to protect yourself from unexpected costs. This is achieved by enrolling in a Medicare Supplement (Medigap) Plan.
The Complete Solution
A Medicare Supplement ("Medigap") Plan is the final necessary piece of the Medicare solution. There are currently 11 different Plans available and each Plan has various levels of coverage. With the combination of Medicare Parts A, B and D plus a Medigap Plan, you are fully covered.
Medigap Plans are offered by private Insurance companies. Each Plan must adhere to the strict standards of coverage that are outlined by Medicare. Choosing the right Plan by the right company is important and we can help you do it.
What to Expect
Once you are enrolled in all four components; Part A, Part B, Part D as well as a Medicare Supplement (Medigap) Plan, you will be fully covered (to the extent of the Plan you chose). **
Medicare will coordinate your benefits and will bill your Medigap Plan for all expenses it covers. You won't have to worry about receiving bills and remitting them to your carrier.
Moreover, as long as you pay your premiums timely, you can keep your coverage for your lifetime and won't be dropped or charged a higher premium due to medical costs or health conditions.
*Medicare Part C
is a fourth Part of Medicare and is also called Medicare Advantage. It is an additional Medicare option that is offered by private insurance companies. Medicare Part C is a single plan that replaces Medicare Parts A, B and usually Part D. Medicare Advantage is often more cost effective but, may come with some limitations regarding coverage areas, hospitals and doctors. Baren Associates offers Medicare Advantage plans from most top companies.
**Dental, hearing and vision plans are not covered by Original Medicare however, most Medicare Advantage plans do offer coverage at no additional cost. For those with Medigap Plans, coverage may be purchased as separate policies.