Medicare Advantage
Medicare Advantage plans are new health care options that are part of the Medicare program. Coverage may include Medicare Part D prescription drug coverage as well as hospital, doctor, skilled nursing, and other medical services.
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Medicare Supplement
A Medicare Supplement (Medigap) insurance, sold by private companies, can help pay some of the health care costs that Original Medicare doesn't cover, like copayments, coinsurance, and deductibles.
Medicare Part D
Medicare Part D is the federal government's prescription drug program that covers both brand-name and generic prescription drugs at participating pharmacies in your area.
Your Trusted Professional Advisors:
Health Insurance Advisory LLC was established to help current and soon to be retirees navigate the often-confusing options regarding health insurance. The health decisions made at this stage of life can have a significant impact on an individual's health and financial well-being. Our mission is to provide guidance that allows our clients to make informed decisions that lead to positive health and financial outcomes.
Common Questions From Those Reaching Medicare Age:
How Old Must You Be To Get Medicare Coverage?
Generally, you must be at least 65 years old to enroll in Medicare. However, in certain cases, you may be eligible to enroll in Medicare at a younger age.
You may be eligible for Medicare under the age of 65 if you receive Social Security Disability benefits or if you have been diagnosed with ESRD or ALS. If you do not meet these requirements, then you will need to wait until you turn 65 to receive Medicare coverage.
Is there A Penalty For Delaying Medicare Coverage?
If you decide to work past 65 and delay Medicare without creditable coverage, you may be responsible for paying a late enrollment penalty.
When you delay enrollment for Medicare Part B without qualifying health insurance in place, you must pay the Medicare Part B penalty. This penalty is a 10% fee on top of your Medicare Part B premium for each 12-month period you are eligible to enroll in coverage but do not.
This late enrollment penalty lasts the lifetime of your Medicare Part B coverage.
Is Medicare Free?
If you or a spouse contribute to Medicare taxes while working a minimum of 40 quarters in the U.S., then Part A of Medicare is free. However, Part B of Medicare is paid for on a montly basis once you join Medicare. Most Part B enrollees have a standard monthly premium that changes from year to year ($174.70 for 2024). Social Security determines a person's Part B premium cost based upon their Adjusted Gross Income for the last two years before enrolling in Medicare.
Does Medicare Provide Drug Coverage
Traditional Medicare (Medicare Parts A and B) covers 80% of Medicare authorized doctor and hospital expenses, with the senior responsible for the remaining 20% of these expenses. Traditional Medicare also does not provide prescription drug coverage. However, Medicare Advantage plans (also known as Medicare Part C) are an alternative to traditional Medicare wherein private insurance companies contract with Medicare to provide not only all the benefits of traditional Medicare, but also can provide prescription drug coverage, low copays and set maximum out of pocket limits.