Medicare & Medigap
The closer we get to retirement, the more we aske ourselves, “What is Medicare?”
In 1965 the United States Government passed a government supported health insurance program called Medicare for people 65 years of age and older.
In certain situation Medicare is available for individuals who are not yet 65 years old if they qualify under disability guidelines. A person with “End Stage Renal Disease” (also known as “kidney failure”) may qualify for Medicare regardless of their age.
If you are 65 years of age or, if you are approaching the age of 65, Weber’s Insurance recommends that you discuss Medicare with one of its Senior Insurance Specialists who can help you make informed and affordable choices.
When it comes to Medicare you have many choices.
Original Medicare. Medicare insurance plan for people, normally 65 years and older and it covers hospitalization (known as “Part A”) and out-patient benefits (known as “Part B”).
Original Medicare also allows you to purchase a Prescription Drug Plan (known as “Part D”) from any private insurance company of your choice, such as Weber’s Insurance.
Medicare does not pay for everything, however, and therefore “gaps” can and do occur in the coverage and this can create unpredictable health care costs. The solution is to purchase what is known as “gap” coverage or, more accurately, Medigap Insurance.
Original Medicare Pluse a Medicare Supplement. This combination is what Weber’s Insurance recommends as the best choice possible.
The good news for those utilizing Medicare is that with Medigap Insurance, your health care costs may be covered at 100%.
If you have a Medicare Supplement (Medigap) you have the freedom to visit and doctor or hospital anywhere in the United States that will accept Medicare. Original Medicare, pluse Medigap Insurance equals FREEDOM.
Prescription Drug Plan. A Medicare prescription drug plan is known as “Part D” with “D” standing for the word “drugs” and this type of insurance is a lot like Medigap because it provides coverage for prescription medications. The drug plan is optional.
Although Plan D offers help with the cost of your prescription drugs, it does not cover the total cost. Although a Drug Plan is optional it is advised that you have one because if you do not your costs will be 1% per month higher.
Medicare Advantage. There is a plan known as Medicare Advantage Plan. This plan is operated by a private insurance company, such as Weber’s Insurance, while being subsidized by the United States government.
Some Medicare Advantage plans work with HMO and PPO networks and by doing so premium costs can be reduced for you, in some cases to zero!
Some Medicare Advantage Plans do not work within HMO and PPO networks. Check with your doctor to see what types of Advantage Plans are accepted. Doctors are not obligated to accept your plan.
There are some Medicare Advantage Plans that are called “bundled” plans because they include your Prescription Drug Plan (“Part D”) as a part of your total Medicare Insurance.
Visit our Document & Resource Center for Medicare Information.
