What is Medicare? (2020) Medicare Sales

What is Original Medicare?
Selling Medicare supplements takes an enormous understanding of Medicare, so if you understand the options and can explain it well you're going to be just fine.

Original Medicare includes parts A and / or B. The coverage is provided directly from Medicare and provides 80% after deductibles and coinsurance. The remaining 20% liability is why there is a need for supplemental coverage.

What is Medicare Part A?
Part A of Medicare is the portion responsible for hospital-related expenses. In most cases, Medicare Part A doesn’t require a monthly premium as it was funded through you paying a minimum of 10 years of Social Security taxes through payroll.

Consequently, most people earn Medicare Part A.

In the event someone didn’t earn Medicare Part A, it can be purchased. For those who need to purchase Medicare Part A they will spend up to $413 per month in 2020.

Part B of Medicare is the portion responsible for medical-related expenses. When your clients are first eligible for Medicare, they have a 7-month initial enrollment period (IEP).

Your clients IEP begins 3 months before the month they turn 65, their birth month and ends 3 months after.

You need to have Medicare Part A and Part B to get a Medicare Supplement or Medicare Advantage. Helping the client understand which is the better fit for them is your job.

Let me know if you have any questions. I'm here to help.