Rex Poe Insurance can help you understand what Medicare is and navigate enrollment into a Medicare Insurance plan.
What are Medicare Parts A, B, C and D?
Original Medicare has Part A – Inpatient hospital care, skilled nursing facilities (not long term/custodial care), hospice, and some health care services. And Part B – Doctor’s services, outpatient hospital, lab tests, medical equipment and supplies, most preventive services including annual wellness exam.
Part C -a comprehensive plan called Medicare Advantage (offered by private insurers) – includes all of Part A and B, usually includes Part D prescription drug coverage, often includes extra services and benefit options, has yearly limits on your out of pocket costs for medical services.
Part D – prescription drug coverage (offered by private insurers) may be included in a Medicare Advantage plan or offered stand alone. Helps pay for many of your prescription drugs and gives you access to mail order options.
Types of Medicare insurance:
Medicare Advantage plans– A type of Medicare health plan offered by a private insurer that contracts with Medicare. Includes Health Maintenance Organization (HMO) Preferred Provider Organization(PPO) Private Fee-for-Service Plans(PFFS) Special Needs Plans and Medicare Medical Savings Account Plans.
Medicare Supplement (Medigap) plans -Offered by private insurers to bridge the gap in costs by Original Medicare, such as Medicare Part A or B deductibles, coinsurance or copayments. Medicare Part B excess charges, Skilled Nursing facility or Foreign travel emergencies
Prescription Drug plans – Helps you pay for your prescriptions and offered by private insurers.
When you can enroll:
Initial coverage Period: When you are first eligible for Medicare you can sign up for a Medicare Advantage or Part D Plan. Your initial enrollment phase is a 7 month period beginning 3 months before you turn 65, includes the month you turn 65, and ends 3 months after the month you turn 65. If you are employed at age 65 and insured through employer plan, you may delay your enrollment and remain on your employer plan.
Annual Election Period: Each year from October 15th – December 7th you can enroll or change your Medicare Advantage or Part D plan. Or you may switch from an Advantage plan to Original Medicare. New coverage begins January 1st of each year after you’ve enrolled.
Special Enrollment Period: You may sign up for Medicare Advantage or Part D during a Special Enrollment Period if certain events occur or if you’re eligible for a low income subsidy.
Open Enrollment Period: If you’re enrolled in a Medicare Advantage plan you may switch to another plan or Original Medicare January 1 to March 31st each year.
Visit: www.medicare.gov for Medicare costs at a glance and further information.
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