What Is Medicare?
Medicare was established in 1965 and is a U.S. Government Administered Health insurance Program for:
- People age 65 and older
- People under age 65 with certain disabilities
- People of all ages with kidney failure requiring dialysis or a transplant
Medicare has 4 parts
Part A - Hospital Insurance - this is free for most people
Part B - Medical Insurance - $96.40 for most in 2010. Most new enrolee’s pay $110.50
Part C - Medicare Advantage Plans
Part D - Prescription Drug Plan
When to apply for Medicare
Most people become eligible the month they turn 65. The easiest way to apply is directly thru the social security website at www.socialsecurity.gov but you can also go into your local social security office.
Generally, Each year from November 15 to December 31 you will be able to change your plan if you are on an Advantage Plan. There are a few other special enrollment periods thru out the year please call to see if you are eligible.
Options in selecting your Medicare Supplement
There are many insurance companies representing each type of insurance. There are advantages and disadvantages to each type of plan. So you must decide what type of plan is right for you. FG Insurance represents top rated companies and is happy to help you thru the confusion.
Medigap Plans
These are excellent plans and you do not have to worry about choosing any network of doctors. The nice thing about Medigap Plans is that once you choose your plan, all insurance companies most offer exactly the same coverage.
With a Plan F you will have little to no medical expenses. The bad part of these plans is that less and less doctors are now accepting Medicare. You must find your own Prescription Drug Plan and these plans do not pay for Glasses, Hearing Aids, Dental and have a limited Alternative Care
Medicare Advantage Plans
There are many of these plans on the market and you need to find a plan that is available in the area you live in. Most of these plans use a PPO network and you must make sure your doctor is an in network doctor. Advantage plans work similar to health insurance, you have a co-pay at the doctor and usually a co-pay for hospitalization, surgeries and other procedures.
There is a yearly limit to your out of pocket expenses and it varies widely. The real advantage to these plans is that many of them offer Alternative care, Vision Care and many offer some Dental. Usually your Prescription drug plan is part of your monthly premium.
Prescription Drug Plans
With your Advantage Plan you will generally just take the prescription plan that goes with the plan you are on. With a Medigap plan you will have to choose your own plan. FG Insurance represents several carriers, but quite frankly this is not usually best for you. If you go to www.medicare.gov click on the prescription link you will be able to find the least expensive plan for the medications you are currently taking and apply right on line.
