Medicare Insurance

Which Medicare Strategy will you use?

 

Part A

Often referred to as your, “Hospitalization Benefit” it actually covers the following.

  • In patient care in hospitals
  • Skilled nursing facility care
  • Hospice Care
  • Home Health Care

Part A is what you paid for while you were working

Part B

Often referred to as your “Doctor Benefit” it works like 80/20 co-insurance where you pay the 20%..

  • Services from Doctors and other providers
  • Outpatient care
  • Home Health Care
  • Durable Medical Equipment
  • Some Preventive Services

Part B is $135.50 a month typically

Part D

This is the part that covers your prescriptions.  One of the problems with Part D is called “The Donut Hole.”  The “donut hole” is a flaw in the coverage that causes people with a high prescription load to pay a disproportionate amount after a certain dollar amount has been spent.  The chief way the “Affordable Care Act” (i.e. Obamacare) impacted Medicare benefits was to end the donut hole.  The benefits for high usage patients will improve each year until the year 2020 at which point there will be no more donut hole.  Unless you visit Dunkin Donuts…they still have them.  It’s a good thing for retirees that the “hole” is getting filled.

Medi-Gap

Also known as a Medicare Supplement, this helps pay the parts of your Medical Bills that traditional Medicare doesn’t cover.  Traditional Medicare is often described as working like at 80/20 plan, but there are times that it can work like a 65/35 plan if you get hit with excess charges. In addition, there is no out of pocket maximum with traditional Medicare.  A supplemental policy can give you the financial protection of a low out of pocket maximum and coverage for excess charges.