Medicare

Let’s Find a Medicare Plan That’s Right for You

As we age, health insurance considerations become important. One issue you will need to address is how you plan for retirement. Most Americans become eligible for Medicare at 65, so it is important to plan accordingly. At PremierCare Retirement Solutions, we recognize that your health goals and needs are unique. That’s why we provide personalized guidance to help you find the Medicare plan that fits you best.

Original Medicare

Medicare is a federal health insurance program that provides healthcare coverage for individuals 65 years of age or older and individuals with specific disabilities and medical conditions. Medicare is funded by a combination of taxes and premiums paid by participants. In general, Medicare does not cover all healthcare costs, and individuals may need to pay out-of-pocket expenses for some services and treatments. Medicare is divided into four parts, each covering different aspects of healthcare costs. Original Medicare consists of parts A & B.

An elderly couple is walking on the beach holding hands.

Part A: Hospital Insurance

Medicare Part A covers hospital stays, skilled nursing care, hospice care, and home healthcare services.

Two women are walking down a dirt road in the woods.

Part B: Medical Insurance

Medicare Part B covers doctors’ services, outpatient care, preventive services, and medical equipment.

  • If you are receiving Social Security benefits at least 4 months before turning 65, you will be automatically enrolled in Medicare Part A and Part B. If you are not receiving Social Security benefits when turning 65 and want to enroll, you will need to enroll yourself. 
  • If you continue to work past age 65 and will have health insurance through an employer, you can choose to enroll in Part A and delay enrolling in Part B (to avoid paying the Part B premium), without paying late penalties, until your employment ends or the coverage stops. 

Medicare Supplemental Plans

Medicare Supplement Plans, sometimes called Medigap plans, are private insurance policies that can help cover some out-of-pocket costs associated with Original Medicare (Part A and Part B). Medicare Supplement Plans are standardized, meaning each plan labeled by letters A through N must cover the same set of basic benefits, regardless of which insurance company offers it.

Essential Details About Medicare Supplemental Plans

  • These plans can help with costs such as co-insurance, co-payments, deductibles, and sometimes additional services that Medicare doesn’t cover. 
  • Medicare Supplement Plans are not the same as Medicare Advantage plans and cannot be used in conjunction with them. 
  • To purchase a Medigap policy, you must already have Original Medicare (Parts A and B). Medicare Supplement Plans require a monthly premium in addition to the premium paid for Medicare Part B.
  • It is essential to research and compare the costs, benefits, and providers of different Medicare Supplement Plans before deciding to ensure that it aligns with your healthcare needs and finances.

Part D: Prescription Drug Coverage

Medicare Part D is prescription drug coverage offered by private insurance companies approved by Medicare. It helps cover the cost of prescription medications, including both brand-name and generic drugs.

Essential Details About Part D: Prescription Drug Coverage

  • Medicare Part D is a prescription drug coverage plan that can be a stand-alone plan or part of a Medicare Advantage plan.
  • It’s provided through private insurance companies that are approved by Medicare.
  • Part D plans have a formulary list of approved prescription drugs that are covered under the plan. The list of covered medications can vary from plan to plan.
  • Beneficiaries enrolled in Part D plans pay a monthly cost, a deductible, and co-payments for each prescription.

Medicare Advantage (MA)

Medicare Advantage (MA), or Part C, is an alternative to Original Medicare. Instead of receiving healthcare coverage from the government’s Medicare program, individuals can opt for private health insurance through an MA plan. These plans may offer the same coverage as Original Medicare (Parts A and B) and may also include additional prescription drug coverage.

Essential Details About Medicare Advantage (MA)

  • MA plans are offered by private insurance companies that Medicare approves. 
  • MA plans have a network of providers that plan members must use to receive their healthcare services. However, some MA plans allow for doctors to be seen that are out-of-network but typically with higher costs/copays.
  • MA plans require a monthly cost in addition to the Medicare Part B premium. 
  • Some MA plans also have lower out-of-pocket costs than traditional Medicare, but they may have stricter rules for coverage and provider networks.
  • It’s important to carefully review and research different MA plans before enrolling to ensure that they meet your healthcare needs and budget.

Let PremierCare Retirement Solutions help you find the Medicare plan that works for you. To speak to a licensed insurance agent, call us at 480-256-8242 or click here to schedule a free consultation.

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