Medicare Coverage: What Are My Options?

Enrolling in Medicare is considered a major milestone in your life’s journey. If your insurance does not automatically enroll you into Medicare when you are able, you will have to sign up manually with your carrier. Medicare is full of different plans and this is a new step so it can all be a little overwhelming. Below we’ve gone over all of the different plans of Medicare to help you decide what plan is best for you.

Original Medicare

As mentioned earlier, some people get enrolled in Medicare automatically, but for others they may have to sign up for coverage manually. There is an age restriction for Medicare, unless for certain situations, where you must be 65 or close to the age. This could also mean that you are not able to get Social Security. There are certain times of the year when you sign up for Medicare or change the current plan you have. When signing up you can choose how you get your Medicare coverage and you may be able to get help with your Medicare costs.

What’s important is to remember that everyone who is signing up for Medicare has a different situation. This is why there are different types of coverage plans available.

Medicare Part A Covers:

Inpatient care in a hospital
Skilled nursing facility care
Nursing home care (inpatient care in a skilled nursing facility that’s not custodial or long-term care)
Hospice care

Home health care

Medicare Part B Covers:

Medically necessary services:

Services or supplies that are needed to diagnose or treat your medical condition and that meet accepted standards of medical practice.

Preventive services:

Health care to prevent illness (like the flu) or detect it at an early stage, when treatment is most likely to work best.

Did you know that if you sign up for Medicare Part B when you’re first eligible, you can avoid a penalty?

Medicare Part D (Drug Coverage)

All Medicare plans cover a wide range of prescription drugs that those with Medicare take. These include most drugs in certain protected classes such as drugs that treat cancer or HIV/AIDs. Many Medicare drug plans and Medicare health plans with drug coverage place drugs into different levels called “tiers” on their formularies. Drugs in each tier have a different cost. For example, a drug in a lower tier will generally cost you less than a drug in a higher tier.

Medicare Advantage Plan (Part C)

Medicare Advantage Plans, also labeled as “Part C” or “MA Plans,” are an “all in one” alternative to Original Medicare. These coverages are offered by private companies that are approved by Medicare. Not to worry though, if you join a Medicare Advantage Plan you will still have traditional Medicare. These plans are bundles that will always include Medicare Part A, Medicare Part B and usually Medicare Part D (drug coverage).

To learn more about adding Medicare to your plan, reach out to your local agent today.

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