Medicare is the federal health insurance program that covers most people age 65 and older. Some younger people who are disabled or who have End-Stage Renal Disease (permanent kidney failure) are also eligible for coverage. Medicare now offers four kinds of insurance:
Medicare Part A helps pay for hospital bills. Part A covers inpatient hospital services (i.e., costs associated with an overnight stay in a hospital, skilled nursing facility, or psychiatric hospital, such as charges for the hospital room, meals, and nursing services). Part A also covers hospice care and home healthcare. When you sign up for Medicare, you automatically get Part A, which covers hospital bills. Most people do not have to pay a monthly cost (premium) for Part A, because they or their spouse paid Medicare taxes while they were working.
Medicare Part B helps pay for doctor bills.Part B covers physician care – whether received as an inpatient at a hospital or at a doctor’s office, or as an outpatient at a hospital or other healthcare facility – as well as laboratory tests, physical therapy or rehabilitation services, and ambulance service. You choose whether to enroll in Part B, and if you do enroll, you pay a monthly premium for the insurance.
Medicare Part C adds more types of coverage. Medicare Part C programs are in addition to the fee-for-service options available under Medicare Parts A and B. Private healthcare plans may offer Medicare benefits that include medical savings accounts, managed care plans and private fee-for-service plans.
Prescription drug insurance, called Medicare Part D, helps pay for prescribed medications. Anyone who is eligible for Medicare is also eligible for Part D. As with Parts B and C, you have the choice to enroll or not, and you will pay a monthly premium.
Choosing the right Medicare products for you can be daunting. Group Insurance Services of Fort Wayne, Inc. can help you through the maze of carriers and plans. Chrissy Henderson or Chris Ivancic, can work with you to find the right Medicare plan to fit your budget.
