Medicare can be confusing, whether you’ve been on it for years, or are just about to enter the program. We’ve answered some of the most commonly asked questions below.
What Is Medicare?
Medicare is the national healthcare system for eligible people over the age of 65 (certain younger people with disabilities and End-Stage Renal Disease also qualify for Medicare). Medicare insurance covers most medical services (both inpatient and outpatient), durable medical equipment, and medications.
What Does Medicare Cover?
Original Medicare is made up of 2 parts, Medicare Part A and Medicare Part B. Together, they cover most of your medically necessary inpatient and outpatient medical services, but usually only up to 80%. Unless you have another form of insurance, you’re responsible for the remainder of the bill.
What is Medicare Part A?
Medicare Part A is often called “hospitalization” or “hospital care” because it covers inpatient care at a hospital, skilled nursing facility (SNF), and hospice care.
What is Medicare Part B?
Medicare Part B covers most outpatient services such as doctor visits, preventive care, durable medical equipment, laboratory tests, x-rays, mental health care, and ambulance rides.
What is Medicare Part C?
Medicare Part C is also commonly known as Medicare Advantage plans. This type of insurance is offered by private companies, and acts primary instead of your Original Medicare coverage.
What is Medicare Part D?
Medicare Part D is prescription drug insurance that helps cover the costs of your medications. If you have a Medicare Advantage plan, you may be automatically enrolled in a Part D plan. Otherwise, you’ll most likely need to sign up for one proactively.
What are the Costs of Medicare in 2020?
Medicare Part A Deductible
The deductible for Medicare Part A is $1,408 in 2020. The deductible amount resets each benefit period, which begins after you haven’t been admitted as an inpatient for 60 days in a row.
Medicare Part B Deductible
The Medicare Part B deductible is $198 in 2020. This is an annual deductible, and will restart at the beginning of each calendar year.
Medicare Part B Premium
The monthly Medicare Part B premium for most people is $144.60 in 2020.
What is Medicare Supplement Insurance?
Medicare Supplement insurance is health insurance that helps pay for expenses (copayments, coinsurance, and deductibles) that are covered, but not paid in full, by Original Medicare. Medicare Supplement insurance acts secondary to Medicare, so you’re able to keep the benefits and network while protecting yourself from large out-of-pocket costs.
What Is Medigap?
Medigap insurance is another name for Medicare Supplement Insurance.
What are the Medicare Supplement Plans?
Medicare Supplement insurance is available in different levels of coverage so that you can choose what will work best for your needs. Each level is categorized and by a letter. There are 10 Medicare Supplement Plans available for purchase (Plans A, B, C, D, F, G, K, L, M, N), and the benefits of each plan are standardized. For instance, Medicare Supplement Plan G will offer the same benefits regardless of the carrier that you purchase it from.
What Companies Offer Medicare Supplements?
There are many different companies that offer Medicare Supplement insurance, but availability may vary depending on where you live. At GoMedigap, we represent more than 30 of the top-ranked companies in order to help you find the best price for your plan from a carrier that you trust.
Should I Work with a Broker?
While Medicare Supplement plans are standardized, their premium rates aren’t. Rather than calling each company individually and getting a high pressured and biased sales pitch, our clients reach out to us to help them with their Medicare decisions. In one easy phone call, we can help you review the rates and carriers in your area, and sign up for the plan that you choose.
Our team at GoMedigap is uniquely positioned to help you find the right coverage for your needs. Unlike other brokers, our agents are paid the same commission across all carriers and plans so that they can focus on putting your needs first. We take the time to guide you through how Medicare and Medicare Supplements work, and answer any questions that you have along the way.
Nothing on this website should ever be used as a substitute for professional medical advice. You should always consult with your medical provider regarding diagnosis or treatment for a health condition, including decisions about the correct medication for your condition, as well as prior to undertaking any specific exercise or dietary routine.