Health Insurance Medicare News
Health Insurance Medicare Basics
Medicare is a government-sponsored health insurance suite intended primarily for people over the age of 65, along with certain disabled individuals. Enrollment in one or more parts of health insurance Medicare benefits at the age of 65 is automatic for people who are receiving Social Security payments. Others may enroll at their local Social Security office or online within several months surrounding their 65th birthday. Missing the initial enrollment period can cause delays in coverage or late-enrollment penalties in the form of higher premiums.
Original Medicare coverage consists of two parts: Part A (Hospital Insurance) covers care during hospitalizations and Part B (Medical Insurance) pays a share of professional services such as doctor visits, lab work and even some medical equipment. Most people who are eligible for Social Security benefits receive “premium-free Part A” because the cost has already been deducted from each of their paychecks during their working years.
People who reach the age of 65 without signing up immediately for the health insurance Medicare Part B benefits they qualify for may be penalized by having to pay higher premiums when they do enroll. Also, they may only sign up during the yearly General Enrollment Period and will face a delay in receiving benefits. An exception applies to those who still have health insurance from an employer based on their current work or that of a family member.
Medicare Part C (Medicare Advantage) offers an alternative that includes all the health insurance Medicare basics of both Part A and Part B. Private companies contract with Medicare to offer treatment within their network of facilities and providers. Many offer extra services or discounts, and each sets its own terms for co-payments and out-of-network medical care. Most include Medicare Prescription Drug Coverage in their plans.
Medicare Part D (Prescription Drug Coverage) offers added benefits for people enrolled in Part A and Part B. The same initial enrollment and yearly enrollment periods apply as those for beginning basic Medicare coverage.
Medicare information also helps in deciding whether to buy a Medigap policy from a private insurance company to cover some of the co-pays and deductibles of the Medicare plans. The Medigap Open Enrollment Period, starting as soon as a person is 65 years old and enrolled in Medicare Part B, allows the purchase of any Medigap policy sold within a state without consideration of any pre-existing conditions.
Providers and facilities accepting Medicare assignments are responsible for filing the paperwork for each claim. They can also explain the rules and offer more Medicare tips to get the most out of this popular benefit.