Bednar Insurance Services, LLC: What to Know about Medicare

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By on August 17, 2017
Bednar Insurance

If you’re 65 or older, or getting close to 65, you are or will be eligible for Medicare. While it can be reassuring to know that you have Medicare coverage as you get older, it can also be a bit complicated to understand your options.

First of all, you will need to understand exactly what Medicare is and what the different parts of Medicare mean. Many people might think Medicare is free, which is not the case. They also might think it covers everything.

That’s not true either.

You will still need to look into supplemental insurance to cover the things Medicare does not cover.  You have probably heard about Part A or Part B, but what does that mean? Here’s the quick run-down:

Part A covers hospital care, skilled nursing, hospice and some home healthcare. Part B covers doctor visits, preventive care, outpatient care and hospitals, and some home healthcare. Part C is also known as a Medicare Advantage plan. It substitutes for parts A and B and, in most cases, Part D, the drug plan. Then there is Part D, which covers prescription drugs.

Once you understand the different parts, you have a decision to make. Do you want to go with original Medicare, which includes Parts A and B, with D purchased for prescription coverage? Do you want to choose the Medicare Advantage plan, known as Part C?

Medicare Advantage plans may have lower premiums, but they usually require members to get their care only from network doctors and hospitals. Some people choose original Medicare with supplemental insurance, because that option offers greater access to the specialists they need and doesn’t require the insurance company to approve specific treatments.

Most people are eligible for Medicare when they turn 65. If you already receive Social Security benefits, you will be automatically enrolled. If not, you have the opportunity to enroll three months before, at the time, or within three months of your 65th birthday. There is a Medicare Advantage open enrollment period every year to change plans that runs from October 15 to December 7, for a January 1 effective date.

It’s important to know that Medicare does not pay for all of your healthcare costs. You will still need to pay premiums for coverage and copayments for most services. While Medicare covers services like prescription drugs and medical equipment, there are things Medicare does not cover, like long-term care in a nursing home, routine hearing, vision, foot or dental care.

Before you choose a Medicare plan, you should consider your options very carefully and educate yourself on all the plans. Compare the costs, benefits and quality of the plans you are considering. This can be a bit daunting for most people.

That’s why it can be helpful to have an expert in the field guide you through the process. At Bednar Insurance Services, President Mark Snavely serves clients with life insurance, health insurance, group and individual insurance, disability and long-term care insurance. He can help you understand your options when it comes to Medicare, so that you can make the best choice for your needs. Call Mark at 435-8454 to find out more.

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