Medicare ABCs
Medicare is a federal government program administered by the Centers for Medicare and Medicaid Services and the Social Security Administration. Its purpose is to provide health insurance for people 65 and older.
It’s also available to younger people with certain disabilities or end stage renal failure requiring dialysis or a transplant.
It is a national program that can be used in all 50 states with any doctor or hospital who accepts Medicare health insurance.
THERE ARE SEVERAL PARTS TO MEDICARE.
You must be signed up for them to get benefits,
Part A covers in-hospital care. It can be used anywhere in the U.S. with any hospital or doctor who accepts Medicare.
Part B covers doctor visits and all services the doctor calls for that must be provided outside of a hospital such as diagnostics, rehab, durable medical equipment and hospice care. It can be used anywhere in the U.S. Parts A & B begin the first day of the month you turn 65. The government will send you a letter about 90 days before your 65th birthday. Or call 1-800-MEDICARE (633-4227) or go to socialsecurity.gov/medicareonly.
Part D covers prescriptions. You will need to sign up for a plan based on the medicines you take, the dosage and your preferred pharmacy. Once you are signed up for Parts A and B, we will help you get Part D.
Part C is a combination of all the above. You sign up with for Part C through an insurance company and can only use the providers and services offered by that plan. Our experience shows there is widespread inconvenience and misuse of the system with these plans. We won’t sell them.
Medicare A & B pay only 80% of your medical bills. You will need a Medicare Supplement (Medigap) plan to pay for the balance. They cover all care that Medicare covers. These plans are sold by private insurance companies. We can help you get one.
MEDICARE IS NOT FREE.
Part A If you have a work history, you have been paying a Medicare tax and you will not have to pay premiums for Part A.
Part B requires a monthly premium payment. The government figures your premium based on your IRS records for the past several years. If you are taking Social Security, they will deduct your Part B premium from your monthly SS payment. If you are not taking Social Security benefits yet, they will instruct you on payment options.
PART D requires a monthly premium payment to the plan you sign up with. They will instruct you on payment options.
Medicare Supplement (Medigap) requires a monthly premium payment to the plan you sign up with. They will instruct you on payment options.
We’ll be happy to give you an idea of your total monthly costs. No obligation and no cost to you. 847-362-8888.
CHANGES IN MEDICARE
The federal government adjusts Medicare Part B premiums every year on April 1.This will happen automatically. You do not have to re-enroll.
Medicare Supplement (Medigap) premiums adjust at this time also.
You can change your Medicare Supplement (Medigap) plan at any time.
You can only change Part C Medicare Advantage plans or change from Advantage to a Medicare Supplement during the national Medicare Open Enrollment period October 15 to December 7. You have 90 days to change your mind after December 7.
GOING TO MEDICARE BEFORE OR AFTER AGE 65
There are timing and documentation considerations. We can help you.
MEDICARE DOES NOT COVER:
Most dental care. Eye examinations relating to glasses or lenses. Dentures. Cosmetic surgery. Acupuncture. Hearing aids and exams for fitting them. Long-term care. We can help with additional insurance.
ALWAYS USE A TRUSTED ADVISOR TO GET ALL YOUR MEDICARE BENEFITS
One of the Pearlstein Principles is “Never buy insurance alone”. If you’re turning 65, if you’re 65 or over and your group benefits are ending, if you want to review the Medicare choices you’ve made, we can help. Call us: 847-362-8888.