{"id":157903,"date":"2023-08-21T12:49:32","date_gmt":"2023-08-21T12:49:32","guid":{"rendered":"https:\/\/businessyield.com\/?p=157903"},"modified":"2023-08-21T12:49:34","modified_gmt":"2023-08-21T12:49:34","slug":"medicare-demystified-making-sense-of-your-coverage-options","status":"publish","type":"post","link":"https:\/\/businessyield.com\/insurance\/medicare-demystified-making-sense-of-your-coverage-options\/","title":{"rendered":"Medicare Demystified – Making Sense of Your Coverage Options","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
Whenever it comes time for you to get one of several Medicare options, you need to make sure that you know what your options are, and more importantly, what options are the best for you and your needs. But with so many options, as well as a massive amount of pressure for you to get on the correct Medicare plan and stick to it, what do you need to know about the various options that you have access to? <\/p>\n\n\n\n
This article is going to demystify Medicare and break down the various options that you will be able to work with, and once you read through it you will have a much better understanding of how Medicare can help you stay in good health as you age.<\/p>\n\n\n\n
Starting with the basics of our Medicare breakdown<\/a> comes the five parts of Medicare coverage.\u00a0<\/p>\n\n\n\n This is one of the two parts<\/a> of Medicare coverage that the Federal government provides and it is available from the Social Security Administration. Part A coverage is what covers the costs of visiting a healthcare facility, such as going to a hospital or going to a psychiatric facility. Once you hit age 65 you will be eligible for Part A as long as you apply during the Initial Enrollment Period.\u00a0<\/p>\n\n\n\n Additionally, if you or your spouse have been at a job where you have worked at least 40 calendar quarters and have paid Social Security taxes, then you will not pay premiums on your Part A coverage.<\/p>\n\n\n\n Again provided by the Federal Government and available from the Social Security Administration, Part B Medicare coverage covers the costs of outpatient procedures. These can include seeing a doctor or having a laboratory or radiology treatment. Just like with Part A coverage, you become eligible when you turn 65 during the initial enrollment period and will need to pay premiums. <\/p>\n\n\n\n These monthly premiums are based on your adjusted gross income from the Federal Income Tax that you filed 2 years before you chose to enroll. The various premiums for Part B can change based on when you enroll and whether or not you have enrolled in Part A coverage. Make sure to do your research before you enroll, and you will be fine.<\/p>\n\n\n\n You can find this plan offered by commercial insurance companies. While you need to enroll in Medicare Parts A and B to gain access to the Part C program, once you get access to the benefits of a Part C program, your Part A and Part B benefits are suspended, because you can\u2019t have all three parts active at the same time.\u00a0<\/p>\n\n\n\n You can get Part C plans available as HMO plans that have you work with a contracted network of providers. You can also get them as POS plans that allow you to access specific services outside of the network, and PPO plans let you work with any service you want, though you will be paying higher costs. <\/p>\n\n\n\n A Part D Medicare plan is also known as a PDP (prescription drug plan) and is often offered by commercial insurance companies to help them pay for their prescription medications. If you have a Part A plan, you can enroll in a Part D plan as well.<\/p>\n\n\n\n Whenever you enroll during your Initial Enrollment period, you must enroll with a Part D medical plan, or you need to enroll within 63 days of leaving another form of prescription drug coverage. If you wait 63 days and then attempt to enroll in part D Medicare coverage, you will be given a late enrollment penalty based on how long you didn\u2019t have the coverage.<\/p>\n\n\n\nOriginal Medicare Part A<\/span><\/h3>\n\n\n\n
Original Medicare Part B<\/span><\/h3>\n\n\n\n
Part C Medicare Coverage<\/span><\/h2>\n\n\n\n
Part D Medicare Coverage<\/span><\/h2>\n\n\n\n
Medicare Supplements<\/span><\/h2>\n\n\n\n