If you would like to understand how the different parts of Medicare work together, schedule a private telephone appointment with SMH Insurance Agency, Inc. located in Richmond, Virginia. We will go over Medicare Part A, Part B, Part C, Part D, and Supplemental (Medigap) Plans. After the discussion you will have a better understanding of how Medicare works and how to make an informative choice.
1) Part A (Hospital Insurance) has deductibles and co-pays. It covers most medically necessary hospital, skilled nursing facility, home health and hospice care. If you have worked and paid Social Security taxes for at least 40 calendar quarters (10 years) you will not have a premium; you will pay a monthly premium if you have worked and paid taxes for less time.
2) Part B (Medical Insurance) has deductibles and co-pays. It covers 80% of most medically necessary doctors’ services, preventive care, durable medical equipment, hospital outpatient services, laboratory tests, x-rays, mental health care, and some home health and ambulance services. You pay a monthly premium for this coverage.
Medicare Part D (outpatient Prescription Drug Insurance) is the part of Medicare that provides outpatient prescription drug coverage. Part D is provided only through private insurance companies that have contracts with the government. You pay a monthly premium, along with the cost of your prescription drugs, which will depend on the formulary you have.
Medicare Part C (Advantage Plans) is not a separate benefit. Part C is the part of Medicare policy that allows private health insurance companies to provide Medicare benefits. These Medicare private health plans, such as HMOs and PPOs, are known as Medicare Advantage plans. If you want, you can choose to get your Medicare coverage through a Medicare Advantage plan instead of Original Medicare.
Medicare Advantage plans must offer at least the same benefits as Original Medicare (those covered under Parts A and B) but can do so with different rules, costs and coverage restrictions. You can also get Part D as part of the benefits package if you choose. Many different kinds of Medicare Advantage plans are available. You may pay a monthly premium for this coverage, in addition to your Part B premium.
There is no one plan that is correct for everyone. You need to evaluate your needs including your budget and network of doctors and hospitals to make a good choice.
If you would like to understand how the different parts of Medicare work together, schedule a 15-minute telephone discussion. We will go over Part A, Part B, Part C, Part D, and Supplemental (GAP) Plans. After the discussion you will have a better understanding of how Medicare works and how to make an informative choice.
To schedule a private call with a licensed sales agent to learn more about Medicare, click here.