Medicare Enrollment and Insurance Rates
The high cost of healthcare affects every American citizen—whether healthy or otherwise. The cost of healthcare in the US has created a lucrative market for private health insurance companies.
And even though private insurance companies dominate the environment, the US government nevertheless has a health insurance program for its more vulnerable constituents—those aged 65 years or older, those with disabilities, and those with permanent kidney impairment. If you belong to any of these groups, the wizards behind MoneyWizard.co can help you get the best insurance coverage from Medicare.
Compare Medicare Quotes in Your Area
Turning 65 is the trigger for many Americans to enroll for Medicare. The Social Security Administration (SSA) handles all enrollments—which means that you will enroll at their offices or online. Before signing up, comparing quotes is important because there are different brackets for Medicare coverage.
Medicare has several brackets—Part A, Part B, Supplemental or Medigap, Medicare Advantage or Part C, and Part D.
Choosing the bracket that most closely aligns with your needs will ensure that you’re adequately covered in case of medical emergencies. Medicare doesn’t provide coverage for all your medical expenses or the cost of long-term care. Bearing this in mind, comparing different Medicare quotes can help you choose a policy that will save you money and at the same time provide coverage for all or most of your health care needs.
Get the Best Medicare Coverage
Medicare has several brackets—Part A, Part B, Supplemental or Medigap, Medicare Advantage or Part C, and Part D. In order to get the best Medicare coverage, determining what each plan covers cis critical. These comparisons can be overwhelming—especially when you don’t know what exactly to look for in an insurance plan. Lucky for you, the wizards behind MoneyWizard.co have done the research. We’ll help you secure the best Medicare coverage online. All we need to work a little magic is your zip code!
Types of Health Insurance
In the US, the following health insurance plans can be purchased in the marketplace:
Comprehensive Coverage
Called Obamacare by some, major medical, or qualified health plans by others, this coverage is comprised of platinum, gold, silver, and bronze plans. They are all ACA compliant—and are available for individuals and families.
Short-term Medical Plans
These plans are also called temporary insurance. Even if they are more expensive when compared with other marketplace plans, short-term medical plans do not offer as much coverage as comprehensive plans. You can enroll for these plans anytime throughout the year. They can provide coverage for as long as one year or as little as 30 days.
Medical Indemnity Insurance
With this insurance plan, you will receive a fixed cash benefit in the event of certain injuries or illnesses as specified in the policy. This is not a popular option for people seeking health insurance in the US.
Supplemental Plans
These are additional coverage plans for risks not covered by the major health insurance plans. You can enroll for these plans to complement your short-term medical plans or ACA compliant plans. These plans include dental insurance plans, accident insurance, critical illness insurance, and vision insurance plans. All these plans are meant to protect you from losses due to illnesses.
Original Medicare—Medicare Parts A and B
Original Medicare is a federal health insurance program that is mandated by the US government. In case of an illness, original Medicare will pay your insurance provider directly on a fee-for-service basis. It is accepted by almost all hospitals and doctors. With this plan, you will be required to pay coinsurance for every medical service received. Also, limits will be placed on the amount of money that hospitals and doctors can charge you.
Original Medicare can be broken down into:
Medicare Part A
Medicare Part A will provide coverage for hospital care, skilled nursing care after three days of formal admission, and inpatient hospital care. Depending on your policy, you may or may not pay monthly premiums in order to benefit.
Medicare Part B
Medicare Part B will cover for outpatient services which might include certain medical services received as an inpatient in the hospital. In Part B, the insured is responsible for paying monthly premiums to the insurance provider in order to benefit.
Medicare Advantage Plans (Medicare Part C)
This is an alternative to original Medicare benefits. It allows you to receive Medicare program benefits through a Medicare Advantage Plan instead of the government. The Advantage Plan is made available by Medicare-approved private insurance companies. The rates for this coverage plan vary depending on the preferred policy. US laws require Medicare Advantage Plans to offer the same insurance coverage as original Medicare Part A and B. Even so, they don’t need to cover for hospice care. Open enrollment for this plan runs from January 1 to March 31.
Medicare Drug Coverage (Medicare Part D)
This plan is also referred to as Prescription Drug Coverage, which you can obtain coverage through stand-alone Medicare Advantage drug plans or through Medicare prescription drug plans. These plans are offered by private insurance agencies in the marketplace. Even if it is optional to enroll, you will pay a late-enrollment penalty if you fail to enroll as soon as you are eligible. You can enroll for Medicare Part D three months before your 65th birthday or during the annual enrollment period (October 15th to December 7th each year).
Medicare Supplemental Coverage (Medigap)
Medicare Supplemental Coverage provides coverage for costs that you would have otherwise paid for out-of-pocket. These costs include co-payments, deductibles, overseas emergency coverage, and coinsurance. This plan supplements Original Medicare Part A and B. Enrollment for this plan occurs only once (a six-month period starting from when you turn 65).
Medicare FAQ
What is Medicare insurance?
Medicare is a national health insurance program for citizens who are 65 or older or people of any age with disabilities. It is subsidized by surtaxes, payroll taxes, and premiums. It protects senior citizens and the disabled from financial losses due illnesses.
What does Medicare cover?
Part A covers inpatient hospital care, hospice, lab tests, surgery, home health care, and services received at a skilled nursing facility.
Part B covers home health care, some preventive services, durable medical equipment, outpatient care, and health care provider’s services.
Supplemental policies pay for out-of-pocket expenses like deductibles, coinsurance, and copayments.
Medicare Advantage Plans cover for prescription drugs in addition to vision, dental and hearing.
Part D provides coverage for prescription drugs.
How do I get Medicare?
While some people receive Medicare automatically, some have to sign up. If you are 65 years of age (or approaching 65)and not getting social security, you might have to sign up for Medicare. If disabled, you may also need to enroll. Depending on the Medicare coverage chosen, at certain times of the year, you can change your coverage. As indicated, you can choose how to get your Medicare coverage during enrollment.
What is the annual or open enrollment period?
This is the period during which those enrolled for Medicare can reevaluate their coverage. The enrollee can make changes to various aspects of their plan if they want to do so. This period runs from October 15 to December 7.
