Medicare

What’s Original Medicare?

There are 4 parts to Medicare:

Part A- Hospital

Part B- Medical

Part C- Medicare Advantage Plans

Part D- Prescription Drug Plans

How much does it cost?

  • Part A is paid for through your taxes when you are working.
  • Most people pay the Part B premium of $104.90 each month.
  • Generally, you pay a deductible and coinsurance for your Part A and Part B services

Part C is Medicare Advantage Plans

  • There are Health Management Organization (HMO), Preferred Provider Organization (PPO), and Private Fee For Services (PFFS)
  • These included both part A and part B
  • Some Plans include part D

Who provides coverage?

Private insurance companies approved by Medicare.

How do you choose your providers?

In most MA plans, you need to use plan doctors, hospitals, and other providers or you pay more or all of the costs.

 What is a Medicare Supplements?

Medicare Supplements are insurance plans offered by private insurance companies to help pay for the co-insurance that Medicare does not pay.

How much does it cost?

  • Medicare Supplements have monthly premiums based on your area and age. These premiums increase as your age increases.
  • There may be underwriting requirements when applying for a Medicare Supplement.

 Part D is the Prescription Drug Plan

  • You are required to purchase a drug plan or you will be penalized 1% every month you go without.
  • There is a monthly premium along with co-pays and deductibles.