Medicare Part A and Beyond

There are a lot of things to consider when it comes to Medicare than just Part A.  Verus Health Partners can help you understand the 4 parts of Medicare and the outlying circumstances that have a huge impact on your choices.   So, whether you are turning 65, on Social Security Disability,  Medicaid,  Employer Plan or a Veteran using the VA, you want to make sure you get it right.

Medicare Part A, B, C & D

When we talk with people on the Space Coast about signing up for Medicare when they turn 65, most are familiar with at least one part of the program. Often times we find people do not know there are four distinct parts of Medicare, and sometimes an associated cost along with them. Many people are familiar with Part A which covers a trip to the hospital, but not much more than that. Read on to learn the differences in the parts of the Medicare program, and what you may qualify for.

As always, if you have any questions contact us! We are happy to discuss Medicare or any other health related coverage with you today!

Medicare Part A

Medicare Part A (Hospital)

Medicare Part A also often referred to as simply “hospital coverage”, pays for your care in a hospital. Many people do not realize it also may cover skilled nursing facilities, nursing homes (as long as it’s not just for custodial care), hospice and certain types of home health services. Like all things Medicare related, it’s important to understand your particular situation to ensure you will be covered and not create supplemental bills you will be responsible for in the future.

Medicare Part B (Medical)

There is a large difference between a hospital stay and medical care, which sometimes confuses people. Medicare Part B coverage includes medically necessary services or supplies needed to diagnose and treat a medical condition. It also covers preventive services. These services may include shots for illnesses like the flu for example. Medicare Part B includes inpatient and outpatient physician services and, in some cases, limited outpatient prescription drugs. Again, it is important to know what you qualify for, as prescription drugs are generally covered by Medicare Part D.
Medicare Part A

Medicare Part C (Medicare Advantage)

Medicare Part C, Medicare Advantage is also known as MA plans.  These plans are sold by private companies and generally come in two forms: HMO plans and PPO plans.  These plans take the place of Part A, Part B and, sometimes even Part D coverage. Depending on the plan you select, there may be other coverage as well.  This can include coverage such as vision, dental, hearing aids, and wellness services.  Verus Health Partners can help you decide if Medicare Part C is right for you.

Medicare Part D (Prescription Drugs)

Medicare Part D is a little more straight forward than the other parts. It provides prescription drugs from a list (called a formulary). Each Medicare prescription drug plan has its own list. Most plans place drugs into different “tiers,” with each tier having a different cost. Again, it is very important to know your specific situation to ensure Medicare Part D is the right option for you when compared to other options on the market.

Medigap

It can be very hard to predict Medicare costs. Because of that, many retirees who don’t choose a Part C (MA) plan purchase a Medigap plan instead.  Medigap plans, generally do not cover prescription drugs.  In this case, you would likely need a Medigap plan and Part D coverage.

A one-time Medigap open-enrollment period starts the month you turn 65 and are enrolled in Part B and lasts six months. During this period you can buy any Medigap policy sold in your state regardless of your health. Afterward, if you want a Medigap policy you could be denied coverage or forced to pay a higher premium.

Medicare Advantage can be an alternative to a Medigap policy, plus Part D coverage. It’s important to look at your own circumstances and figure out which plan is better for you.  Agents at Verus Health Partners can help you look at your options and inform you to to make the right choice.

Verus Health Partners Can Help

At Verus Health Partners, we educate our clients.  Our goal is to ensure you have the proper coverage for your situation.  Contact us today to learn more about the Medicare plan parts and what you qualify for.  We will help you determine the right combination for you based on your specific needs.  You can follow us on Facebook for other helpful information.