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Medicare is a fee-for-service health care program in which the government pays health care providers directly for certain services. Medicare is for seniors and those on social security disability. Many of our clients start thinking about Medicare plan options when they are about to turn 65.
The Four Parts of Medicare
Part A
Covers hospital care, emergency services, nursing home care, home health services and hospice.
Part B
Medical care for things like diagnosing and treating medical conditions, and preventative services.
Part C
A Medicare Advantage plan which combines Parts A and B and often part D as well.
Part D
A stand-alone plan that provides prescription drug coverage.
Medicare History
Medicare was passed into law in 1965 by President Lyndon B. Johnson. Services started one year later and covered more than 19 million Americans. In 1972, Medicare coverage was extended to include the long term disabled. Medicare Advantage, or Medicare Part C started in 1997 bringing private insurance plans into the marketplace. Medicare Part D prescription drug coverage took effect in 2006. Today, more than 60 million people are on Medicare.
Enrolling in Medicare
Part A
Part B
Medicare Part B is voluntary and you are either conditionally enrolled or need to sign up depending on whether you are collecting your Social Security Benefit. Medicare Part B is paid through a monthly premium.
There are three main reasons to do something more than Medicare.
The three holes in Medicare are easy to fix. If you want to review supplemental options, contact us to get started.
Original Medicare does not cover any prescription drugs that you would fill at your local pharmacy.
However, if you do not pick up drug coverage when you are first eligible for Medicare Part B, there is a penalty for not having coverage. This forces you to either buy a stand-alone Medicare Part D prescription drug plan or enroll in a Medicare Advantage plan that includes Part D prescription drug coverage. If you do not pick up drug coverage and are assessed a penalty, then you will pay a higher premium for the rest of your life. Don’t get stuck with a penalty when you could have picked up coverage for no additional cost if you would have enrolled in one of the many Medicare Advantage plans in the area.
Medicare A has a large deductible.
For each benefit period, the deductibles are more than $1,500, making it difficult for anyone on a budget.
Medicare leaves people responsible for 20%, which means it only reduces your risk to 20%.
A typical hip replacement can cost $80,000 or more which means 20% is a $16,000 bill. This is the main reason that many people choose to reduce their risk with a supplemental option. There is no maximum out of pocket, meaning there is unlimited liability.
NEW TO MEDICARE?
Medicare Made Easy
Download our comprehensive magazine below to help you get to know Medicare.
When you share your information with us, a member of our Administrative Team may reach out via phone call and/or email to answer any questions, and discuss Medicare Advantage plans, Medicare Part D Plans, and/or Medicare Supplement Insurance.
By submitting your information, you give Sun Coast Legacy Advisors and its affiliates permission to contact you at the information provided above including texts and calls using an automatic telephone dialing system and verify that you are over 18. Accepting this consent is not required to obtain any good or service. This is a solicitation of insurance.
By providing your name and contact information you are consenting to receive calls, text messages and/or emails from a licensed insurance agent about Medicare Plans at the number provided. This agreement is not a condition of enrollment.
At Sun Coast Legacy Advisors, we do not offer every plan available in your area. Any information we provide is limited to those plans we do offer in your area. Please contact Medicare.gov or 1-800-MEDICARE to get information on all your options.
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