These are polocies issued by private insurance companies that fill in the gaps for services and costs such as deductibles and co-payments that Medicare does pay. These policies can also cover extended hospital stays beyond what amount of time Medicare covers.
While travelling out of the United States, don't forget even Carribean Crusies are off US soil, Medicare covers nothing. These polices can cover you for foriegn travel emergencies up to limits to get you stable so you can come back home for treatment.
As long as you pay your premiums you cannot be canceled for any reason as these plans are Guaranteed Renewable. Premiums do usually go up each year as you get older but at age-85 level out. As hesalthcare costs go up premiums will also rise just like any other health insurance.
You only have one time that you can get this coverage without going through underwritting known as the Open Enrollment period when coverage is "Guaranteed Issue". You can make changes after that but if you have health issues coverage can be denied. therefore it is very important to make a wise choice upon initial enrollment.
The Open Enrollment period starts the three months prior to the mont you turn age-65, the month in which you turn age-65 and three months after the month you turn age-65.
Confused by all the choices and terminology? Give us a call and we will help you make the right choices. Call today:
The Four Parts of Medicare:
Part-A: This is the part of Medicare that pays for any stays you might have in the hospital. To qualify for this benefit you in m ost cases you would have had to have worked and paid into the Medicare system through taxes for at least ten years. In addition to hospitalization Part-A will pay for a very limited amount of Skilled Nursing Care, up to 100-days and Hospice care. There is no charge for this coverage as long as you qualify, which most people do. Keep in mind that only 80% of covered and approved charges are covered.
Part-B: This is the part of Medicare that covers your doctor visits, out patient services, physical and occupational therapy's and a very limited Skilled Home Health Care. There is a cost for Part-B which ranges from $105.00 to $335.00 per month depending on your income. Many people have this deducted right from their Social Security payments unless they start this benefit before they start receiving Social Security but still have to pay monthly. Keep in mind that only 80% of covered and approved charges are covered.
Part-C: This is an option which replaces Original Medicare Parts A & B and is known as Medicare Advantage Plans or MA. These plans are part of the Medicare program but a private company instead of Medicare will provide benefits. Private companies pay your health providers instead of Medicare. Monthly costs for you may be less than original Medicare and a Medi-gap or Medicare Supplement policy, but out of pocket, co-payments and co-insurance when you have a claim will be substantially more. MA Plans sometimes offer extra benefits such as vision and hearing and may or may not include prescription drug coverage. MA is available in two versions HMO’s and PFFS, Private-Fee-For-Services. Medicare will no longer provide your benefits if you enroll in any of the MA Plans. Each plan has a different mix of costs and benefits. Enrollment periods are limited to Oct. 15th - Dec.7th &. No changes can be made during the remainder of the year, so make sure you chose a plan that will meet your needs.
Part-D: This is an optional benefit for Medicare receipients that covers a portion of your prescription drug costs. However, if you do not enroll you are penalized 1% per month in higher premiums until you do enroll. So, if you wait 5-years to enroll and then need coverage you will pay 60% more in premiums than if you had enrolled at the same time you qualified for Medicare. If you don't take any medications it is still wise to enroll to avoid the penalty as there are basic plans for as little as $15-20 a month depending where you live. When you need more coverage you can always move to a higher benefit plan during the annual enrollment paerion which like Part-C is between Oct. 15th - Dec. 7th.
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