Are you qualified for the Medicare NY program? The Medicare program is the US government's entitlement health insurance program for those who are aged 65 and up and those who have a qualifying illness or disability. Those who are qualified will generally receive a package in the mail about 3 months prior to their 65th birthday and will need to understand what is covered to make the best possible choices about their coverage.
There are four major programs/Parts to the Medicare system, Part A which is considered to be hospital coverage, Part B which covers doctors fees and other non hospital related services, Part C which is also known as Medicare Advantage and incorporates the benefits of Parts A, B and often D into a single plan and Medicare Part D which covers prescription drugs.
Medicare Parts A and B are often known as Original Medicare or fee for service Medicare. These parts are overseen and administered by the Federal government and are often automatic enrollment when you turn 65 years old if you are qualified.
Medicare is not free for its members and can actually be very expensive if you do not choose the right combination of benefits. Although most people do not pay a monthly premium for Medicare Part A those who do not refuse Part B coverage will find that Part Bıs premium (which changes every January) is automatically deducted from their Social Security benefit check.
With both Medicare A and B you will need to pay some costs out of pocket including deductibles, co-payments and a co-insurance fee of 80/20% unless you also choose to add a Medigap policy to your health insurance package.
Those who choose to keep the Original Medicare Parts A and B will find that although most of what may be needed is covered there are still several large gaps in coverage as well as high out of pocket expenses inherent to the program. To combat these gaps and expenses Medigap policies were invented.
Medigap policies are supplemental insurance policies that are standardized by the government but sold by individual private insurance companies. These policies were designed to work in conjunction with Original Medicare Parts A and B and are canıt stand alone as coverage.
There are a total of ten Medigap plans that you can choose from to fill in those gaps in coverage that you feel you need the most.
Although Medigap plans are standardized by the government it is important for you to compare the rates for each plan from several health insurance companies before you make your choice as each health insurance company may charge different rates for the same plans.
Do you need help choosing which Medigap plan will cover your particular situation? Just give us a call and one of our experts will be happy to discuss your needs and help you find the right plan for you.