We Help Simplify Medicare
Trying to understand Medicare and all the options available can be very overwhelming. While our agency now offers multiple product lines, we started with Medicare 8 yrs ago.
As with all our products, we are independent and aligned with the most recognizable brands in the industry. We pride ourselves on helping people take the worry out of the daunting task of evaluating options.
Advice, and/or a personal in home consultation never cost you anything. Let’s start with the basics. When you turn 65, most people drawing Social Security automatically receive Medicare Part A.
Part A is paid for by Medicare deductions taken while working. Anyone who has worked a total of 40 quarters (10 yrs), automatically qualifies for Part A.
Part B must be requested (as well as Part A if not received automatically) through Social Security. This can be done online, by phone, 800-772-1213, or in person at a local Social Security office.
What is Medicare Part A, B, C & D?
Medicare Part A generally covers Hospital stays, & Outpatient tests & procedures; Part B generally covers charges incurred in Doctors offices; Part C is an alternate way to receive your Medicare benefits through a private company, Part C is also referred to as Medicare Advantage plans.
They include Medicare Part A&B and usually Part D; Part D is Prescription Drug Plans offered through private companies.
What are My Medicare Options?
Activate Part B , most people receive Part A automatically when they are eligible, and use Part A & B for medical costs and purchase a stand alone Part D Prescription Drug Plan, commonly referred to as a PDP. Part A & B have annual deductibles and co-insurance.
Part D plans have monthly premiums and co-pays for drugs. Advantage is that most all Doctors accept Original Medicare, disadvantages include additional premium for a Part D plan, deductible for Hospital stays, unpredictable 20% co-insurance on most Part B charges, and no out of pocket max.
Same as above and also purchase a Medicare Supplement from a private company that generally pays what Medicare doesn’t pay. There are a variety of standardized plans available that vary from covering some or all of the co-insurance and deductibles that are patients responsibility. Plans vary in cost and outside of a guaranteed issues period, require medical underwriting.
These plans are referred to as Medicare Supplements, Medigap, & Med Supps. Primary advantages of Supplements include freedom to not worry about out of pocket medical costs and ability to see any Doctor. Disadvantage is an additional monthly premium that likely will rise each year.
Individuals with Medicare have an option to receive their Medicare benefits through a private company that has a contract with the Federal Government. This option is referred to as Medicare Advantage. It is also referred to as Medicare Part C and a MA (medical benefits only) or MAPD (medical & prescription drug benefits).
These plans must cover all medical procedures normally covered by Medicare and offer features not available under traditional Medicare such as an out of pocket maximum & set co-pays in lieu of co-insurance in many cases. Additionally, most include Prescription Drug coverage and additional benefits not available with traditional Medicare.
Disadvantages of these plans are that they have networks of Doctors.
Other individuals have additional options such as an employer plan, Veterans who use the VA facilities and / or Tricare.
Let the Experts at Oldham Insurance Help You Review Your Options
Our Medicare process includes:
- Analyzing your current coverage
- Finding out what is important to you
- Advising and helping you qualify for any Extra Help options offered by the government
- Reviewing your prescriptions on the Medicare website to estimate cost
- Making sure your Doctors accept plans under consideration
Our promise is that we will fully, and plainly explain your options and always operate with your best interest in mind and NEVER use any high pressure sales techniques.