What is Medicare?
Medicare is the government-sponsored health insurance program for residents who are 65 or older.
However, Medicare can also cover younger people who are disabled or have end-stage kidney failure requiring dialysis or a transplant.
What Does Medicare Cover?
Original Medicare has three parts: A, B, and D. These are the plans the government offers to cover your hospitalization, home health care, doctor's visits, medical treatments, and prescription drugs.
What is Medicare Part A?
Medicare Part A provides hospitalization, skilled nursing services, hospice, home health care, and short nursing home visits.
However, Medicare does not cover long term care or custodial care for people with chronic or debilitating illnesses or injuries. Part A only covers conditions that your doctor expects to resolve within 60 days.
What is Medicare Part B?
Medicare Part B covers your doctor's services, durable medical equipment, outpatient medical treatments, ambulance services, and preventative services.
What is Medicare Part D?
Medicare Part D is the prescription drug portion of your health plan.
How Much Does Medicare Cost?
Most people pay $0 for Medicare Part A if they work enough before retirement. Others may pay $252 or $458 per month for Part A.
Medicare Part B has a monthly premium. Most people pay $144.60 each month, but high-income people might pay as much as $491.60 monthly.
Medicare Part D also has a monthly premium, which varies depending on where you buy it.
Your out-of-pocket costs can vary depending on whether you sign up for a Medicare supplement program or not.
What is a Medicare Supplement/Medigap policy?
Many private insurance companies offer extra coverage to Original Medicare for an additional monthly fee. These plans are pre-approved by Medicare to supplement your coverage.
They help fill the gaps and limit your out-of-pocket expenses. Original Medicare has no maximum out-of-pocket amounts.
Also, some supplement plans add more benefits than Original Medicare offers.
What is Medicare Advantage?
To qualify for Medicare Advantage, you must still sign up for Original Medicare A, B, and D.
Medicare Advantage is a plan administered by a private insurance company.
Essentially, it replaces Original Medicare Parts A, B, and D into a single policy. Instead of managing multiple plans with multiple ID cards, it is all wrapped into one bundle.
Also, some people pay less for Medicare Advantage than Original Medicare.
Often, Medicare Advantage plans include additional benefits Original Medicare does not offer, like vision, dental and hearing services.
How Do I Enroll in Medicare?
You can enroll in Medicare in the three months before your 65th birthday and the three months after your 65th birthday.
You can wait to enroll if an employer plan currently covers you. Once you leave work and no longer covered by your employer, you will join in Medicare.
If you become eligible but wait to enroll without having other coverage, you will pay a lifelong penalty on top of the premium each month.
Where Can I Buy Medicare Plans?
AARDY is the nation's fastest Medicare insurance marketplace. You can compare Medicare supplements and Medicare Advantage plans to find the one that best fits your needs.