At Malhotra & Assoc. Insurance, we understand the importance of having the proper coverage. That’s why our team is devoted to giving our clients the knowledge to make empowered decisions on their coverage.
Medicare provides essential health care benefits to millions of Americans. The program is led by the Social Security Administration and it is designed to serve senior citizens and people with qualifying disabilities. If you meet the eligibility requirements for Medicare, then you need to be aware of what Medicare fully consists of.
Here’s everything you must know about Medicare.
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The main component of the Medicare program is Original Medicare. Through Original Medicare, most of Medicare’s beneficiaries receive their benefits. Original Medicare consists of two primary parts, Part A and Part B. Part A is hospital insurance, and Part B is medical insurance.
With both parts combined, you can have most health care services partially paid for through Medicare. There will still be some out-of-pocket costs, but the majority of expenses should be covered for most health services.
Medicare Supplements are commonly referred to as Medigap plans as they fill in the gaps for Original Medicare. This means that the costs not covered by Original Medicare will be covered by a Medicare Supplement plan. These costs can include coinsurance, copayments, deductibles, and more.
There are ten standardized plans available, all labeled by a different letter and offering different levels of coverage.
Medicare Advantage plans are offered through Part C of the Medicare program. The plans offered through this part of the Medicare program are offered by private insurance companies.
All Part C plans provide at a minimum the same level of coverage as Original Medicare. Though, there are additional benefits available that cannot be found through Original Medicare. For instance, many Part C plans include prescription drug coverage. If you have Original Medicare, you would need to get this form of coverage through Part D of Medicare.
Likewise, there are many supplemental benefits available through Medicare Advantage. Many plan providers include useful benefits like dental coverage, transportation services, and meal delivery. In some cases, you may also find minor hearing and vision coverage included in plans as well.
The cost for Medicare Advantage plans varies from provider to provider and depending on your location. To find a plan that suits your health care needs precisely, you should work with one of our knowledgeable Medicare insurance professionals.
As you can see, each part of Medicare provides coverage that can be useful for many seniors, but it’s important to know which coverage will fit you best. At Malhotra & Assoc. Insurance, we can help you find the proper coverage by:
We understand that Medicare can be a confusing process, especially to those who are newly eligible. That’s why we’re here to help. Get in touch with our Medicare experts today to learn more about Medicare and the plan options available to you.
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