Medicare
WHAT IS MEDICARE?
Established in 1965, Medicare is a federal health insurance program that provides health care coverage for individuals age 65 and older. The program also covers certain persons under age 65 with disabilities. Medicare consists of four main parts.
Part A – Inpatient Hospital, Skilled nursing facility, and Home Health Care
Part B – Physician and Outpatient Services, and Durable Medical Equipment
Part C – The Medicare Advantage Program in which private plans provide Medicare benefits to enrollees.
Part D – The outpatient prescription drug benefit
WHAT MEDICARE INSURANCE OPTIONS ARE AVAILABLE?
Those on Medicare today have two options for their health insurance. They can keep Medicare as their Primary Insurance and have a Medicare supplement policy with a private insurance company as their Secondary insurance.
The second option is to have a Medicare Advantage health plan. This is where a private insurance company administers the Medicare health coverage and is Primary. The enrollee may pay copays for certain services, whether inpatient or outpatient.
HOW DO I ENROLL IN MEDICARE PART D.
PRESCRIPTION INSURANCE?
Medicare beneficiaries have three options. They can have Medicare as their primary insurance, a supplement insurance plan with an insurance company, and purchase their drug plan separately.
The second option is to have a Medicare Advantage health plan that includes the Medicare Part D drug coverage.
The third option is to have a Medicare Advantage plan that provides health insurance only, and purchase a drug plan through a different company.
