What To Know About Medicare

What To Know About Medicare – Medicare may seem confusing, but if you take it step by step, it all becomes clear. Start with Medicare Part A. This helps cover inpatient care in hospitals, skilled nursing facility care, hospice care and home health care.

Next, you have Part B, which covers services from doctors and other health care providers, as well as:

• Outpatient care.
• Home health care.
• Durable medical equipment such as wheelchairs, walkers and hospital beds.
• Preventive services — screenings, shots or vaccines and yearly wellness visits.

Part B will cover most routine medical expenses as well as emergency room and urgent care services.

Medicare Advantage plans are Part C. Medicare Advantage is a Medicare-approved plan from a private company that bundles Parts A, B and typically D, which helps cover the cost of prescription drugs.

With Medicare Advantage, you’ll need to use doctors who are in the plan’s network. Medicare Advantage plans may have lower out-of-pocket costs than Original Medicare does. In addition, they may offer some extra benefits, such as vision, hearing and dental services.

You join a Medicare drug plan in addition to Original Medicare or you get it by joining a Medicare Advantage plan with drug coverage. Medicare drug coverage is run by private insurance companies that follow rules set by Medicare.

If you stick with Original Medicare, this just includes Part A and Part B. You can use any doctor or hospital that takes Medicare anywhere in the U.S.

What should you do?

You only need to sign up for Part A and Part B once. Each year, you can choose how you want to get your health care coverage and whether you want to add or switch drug coverage. You don’t have to make the same choice as your spouse — Medicare plans aren’t offered for couples or families.

There’s also Medicare Supplement Insurance that’s called Medigap, a policy to help lower your share of costs for services you get. Medigap policies are run by private companies to fill the holes in regular Medicare coverage — copayments, deductibles and health care coverage — when you travel outside the country.

If you are receiving medical coverage through your job, you’re not required to enroll in Part B, but you may have to pay a late enrollment fee — in the form of a higher premium — when you finally do sign up for Part B. Late enrollment rules can be complex, but the government explains them in more detail online.

How does Medicare Advantage work?

You join through Medicare-approved private companies. Some Medicare Advantage plans will ask you to get referrals to see a specialist and others offer additional benefits to treat specific conditions.

With Medicare Advantage, you pay a premium for the plan in addition to the monthly Part B premium. Plans may have a $0 premium or may help pay all or part of your Part B premium. You can’t buy or use separate supplemental coverage like Medigap with Medicare Advantage.

If you or your spouse has worked and paid Medicare taxes for at least 10 years, Part A of Medicare is free. Part A and Part B each have annual deductibles you must reach before Medicare starts paying. Part C and Part D have monthly premiums that vary based on the plan you choose.

Basically, Medicare is a way for people to have health care coverage as they get older and leave the workforce. The program is funded primarily by three sources: general revenues, payroll taxes and beneficiary premiums.

Of course, this is just a summary, and there will be additional provisions and exceptions. What’s right for you? It depends on your particular financial and family situation. Work with a financial professional to find the options best suited for you.

Copyright, 2022

Did you enjoy reading, What To Know About Medicare?

 Interested in learning more about this subject? Attend our upcoming estate planning webinars!

Have You Properly Protected Your Loved Ones? (FREE Estate Planning Workshop), Trustee and Power of Attorney Training School Webinar, Medi-Cal Webinar, Probate Webinar, and our What To Do When a Loved One Dies Webinar Series. Get registered today for our estate planning webinars!

This website is not intended to be a source of solicitation or legal advice. General information is made available for educational purposes only. The information on this blog is not an invitation for an attorney-client relationship, and website should not be used to substitute for obtaining legal advice from a licensed professional attorney in your state. Please call us at (626) 403-2292 if you wish to schedule an appointment for a legal consultation.

For more information about The Hayes Law Firm, visit our Google My Business page.

Thanks for reading,What To Know About Medicare!

• Author
• Recent Posts

William Hayes

As an attorney in private practice in Los Angeles County, California William Hayes provides extensive estate and tax planning services to individuals and businesses in Los Angeles, Pasadena, Glendale, Burbank and surrounding communities. Attorney Hayes’ primary focus is to help clients avoid probate, protect their assets, and provide for the security of their loved ones with a well-crafted estate plan. He believes in giving each client the time needed to explain his or her needs and wishes and then dedicates his efforts toward making the client’s desires clear in their final estate plan.

Latest posts by William Hayes (see all)

• Avoid These Top Trust Problems - September 18, 2023
• Should I Leave My Child A Buck? - September 12, 2023
• For Estate Planning, Try FIRE - September 12, 2023