Medicare 101: What You Need To Know Before Deciding

Medicare coverage is primarily viewed as insurance for those 65 years or older. However, if you have been recently diagnosed with certain disabilities such as End-Stage Renal Disease (ESRD), Amyotrophic lateral sclerosis (Lou Gehrig’s disease), or have just been receiving Social Security Disability for two years, Medicare is available to assist you with your medical needs as well.

Types of Medicare Coverage

Do you know what the parts of Medicare are and how they can benefit you? If not, or if you need a reminder before choosing your new plan, continue reading below.

Original Medicare

Medicare was established in 1965 by President Lyndon B. Johnson in order to help the elderly with their medical needs. Medicare was created in two parts: Parts A and B.

Part A: Part A assists you in covering your typical in-patient hospital visits. Along with any inpatient services you may require, this includes skilled nursing care, hospice care, and home health care visits.

Part B: Part B is health insurance which applies to your family physician visits, financing any medical equipment, and any other outpatient care you may require such as annual wellness visits.

Parts A and B make up what is commonly known as “Original Medicare.” You can also add “Part D” coverage for an additional price which assists you in covering your prescription costs.

Medicare Advantage–Part C

Medicare Advantage — otherwise known as Part C–is an “all-in-one” option you may prefer. All three parts–Hospital, Medical, and Prescription–are involved in this particular plan. The advantage of this type of plan is that premiums may be lower. Advantage is also commonly known to assist in services such as hearing, dental, or vision.

Additional info

There are times where insurance can feel like just another cost added, and it may be difficult to decide which plan to apply for.

Supplemental coverage is available to assist you in paying your deductible or the 20% coinsurance fees under Traditional Medicare. This type of coverage can come in the form of a plan called a “Medigap policy.”

For assistance in discovering all the ways medicare can assist you in your healthcare needs, it’s important to have an agent who helps you handle all the fine print and gets you the best plan for the most efficient price. If you live in or near Kosciusko County, consider setting up a time to meet with Agent Michael Suhany today.