As you approach retirement age, it’s important to become familiar with Medicare coverage and learn what options are available. Our team at MBAH Insurance is ready to offer an expert look at choices offered. A well-informed decision will help ensure a smooth transition into your Medicare coverage.
What is Medicare?
Medicare has 4 parts:
- Medicare Part A (Hospital Insurance)- Part A helps cover inpatient hospital stays, skilled nursing facilities, hospice care and some home health care. Usually there is no monthly cost for Medicare Part A coverage if you or your spouse paid Medicare taxes while working.
- Medicare Part B (Outpatient Insurance)- Part B helps cover doctor visits, outpatient care, laboratory services and other medically necessary services. There is a monthly cost or premium for Part B coverage. Income determines the monthly premium.
Some individuals choose to purchase a supplemental insurance policy, otherwise known as a Medigap plan, to assist with Part A & B coverage gaps.
- Medicare Part C (Medicare Advantage Plan)- Medicare Advantage Plans are combination plans approved by Medicare and offered by private insurance companies to provide all benefits covered under Traditional Part A & B Medicare. Some plans include Part D or prescription drug coverage. These plans consist of a network of doctors and hospitals and can include copays, deductibles and annual out-of-pocket expenses.
- Medicare Part D (Prescription Drug Insurance)- Part D is prescription drug coverage. Plans are offered by private insurance companies approved by Medicare. There is a monthly premium for Part D coverage.
What is my Next Step?
Call or email our office to schedule your complimentary Medicare consultation. You’ll meet with a local, certified enrollment advisor to discuss your personal situation and determine the next steps toward your Medicare coverage.