Understanding Medicare

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Thanks for tuning in to understanding medicare. So what is Medicare?
Medicare is a government insurance program for individuals 65 and over, and for those individuals with certain disabilities.
What are the different parts of Medicare?
Medicare is divided into four basic components. You have your Medicare part A hospital insurance. Medicare part B medical insurance, Medicare part D prescription drug coverage and Medicare part C Medicare Advantage. But let's focus on original Medicare first.
Medicare part A covers your hospital insurance. It covers things like your inpatient hospital care, your skilled nursing and hospices service. With Medicare part B your medical insurance, it covers things like your doctor visits. Your ambulatory services and many preventive services. It also covers your durable medical equipment.

Now with original medicare you're also going to need a couple of extra things. when you turn 65 you're going to need to purchase a medicare prescription drug program. Now Medicare prescription drug programs are run by private insurance companies that have been approved by Medicare. All of them follow a formulary, a formulary is a list of drug and their associated costs that that plan covers, they'll also give you a listing of what pharmacy you can go to to pick up your drugs.
Now with Original Medicare there are things that aren't covered by Medicare they include co-pays and deductibles. Most individuals will also purchase a Medicare 'Supplement . Medicare supplements are run by private insurance companies approved by Medicare, The nice thing is that all of those plans are regulated not only by the Federal Government but with the local state government so all the plans are identical except every insurance company choose how much they want to charge for their individual plan.
The second option to get your Medicare coverage is with a Medicare Advantage program or Part C. The nice thing about Medicare Advantage is that it incorporates your Medicare Part A benefits, your part B benefits and your part D program into one convenient program so there's only one card that you have to carry. Depending on the plan and the company you may also get additional benefits such as Dental care and Vision care. The plan may also include a gym membership to keep you healthy.

So lets to a quick recap just to make sure we have a clear understanding. There's two different ways for you to get your Medicare Benefits, you can go with Original Medicare that's your part A hospitalization and part B medical insurance with that you're going to need to purchase a part D prescription drug program and most individuals also purchase a Medicare Supplement program or the second way you can get your Medicare benefits is with Part C Medicare Advantage. You know what, I think you got it. For more information please contact The Insurance Advisor at 630-426-4714 or visit us at

 

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