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Home > Blog > Medicare
WEDNESDAY, DECEMBER 28, 2022

Medicare

Medicare is a healthcare plan designed to help meet the needs of people over 65. During the seven months surrounding your 65th birthday, you can enroll in Original Medicare. Your agent can help you decide if a Medigap or Medicare Advantage plan may be a good fit.a man and a woman sitting on a couch using a laptop

Choosing the right Medicare coverage can be confusing. Contact the Medicare experts at Lohman Companies in Moline, Illinois, to get help choosing coverage that works for your situation.

What Are the Parts of Medicare?

There are four parts of Medicare that may help cover your ongoing healthcare expenses, including:

·        Original Medicare is Part A and Part B coverage.

o   Medicare Part A is hospital insurance. Many people do not have to pay a monthly premium for Part A coverage.

o   Medicare Part B is medical insurance. Most people pay a monthly Part B premium based on their annual income.

·        Medicare Part C, also called Medicare Advantage (MA), is an optional replacement for Original Medicare coverage provided by private insurance companies. MA plans may include prescription drug coverage. Many plans provide coverage for healthcare services not covered by Medicare, including vision, dental and hearing care. MA plans typically cover in-network healthcare providers only.

·        Medicare Part D helps cover prescription drugs. This plan is optional and provided by private insurance companies. Part D coverage comes with a premium, and if you choose to forgo coverage during your initial enrollment period, you may pay higher rates when you decide to sign up.

Medigap

In addition to the parts of Medicare, you can purchase a Medigap plan as an alternative to Medicare Part C. Medigap plans work with Original Medicare to help cover your out-of-pocket healthcare costs.

Some plans provide coverage for Part A coinsurance and hospital costs, Part B coinsurance, hospice care coinsurance, Part A deductibles, and foreign travel emergencies. Medigap plans do not include prescription drug coverage.

Medigap plans are standardized and are identified as plans A – D, F, G and K – N in most states.

Is Medicare Required?

While signing up for Medicare during your initial enrollment period isn’t mandatory for many people, you may pay a late enrollment fee if you don’t sign up for Parts A and B when you are first eligible. Part B late enrollment penalties last for as long as you receive Part B coverage.

If you are under the age of 65 and have a disability, you’ll get Part A and B coverage automatically after you get disability benefits. If you already receive benefits from the Railroad Retirement Board (RRB) or Social Security, you’ll automatically be signed up for Part A and B coverage during the month you turn 65.

If you are close to 65 and are not receiving RRB or Social Security benefits, you must sign up for Medicare Parts A and B to get coverage.

How to Get Medicare Coverages

Contact Lohman Companies today to learn more about your Medicare coverage options. We can help you get a personalized quote for a Medicare Advantage or Medigap plan to help cover your out-of-pocket healthcare costs.

 

 

 

 

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.

Posted 5:12 PM

Tags: medicare
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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Lohman Companies to provide information that may be of interest. Lohman Companies is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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