Traditional Medicare Insurance

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Traditional Medicare Insurance

Choosing Medicare coverage, especially if you still have access to private insurance, can be a complex decision. This is especially true when you consider options like Medicare Part D (prescription drugs), Medicare Supplement plans, and Medicare Advantage plans.

That's why we are here. Let us help you navigate all the information and come to the right health insurance choices for you and your family.

About Traditional Medicare Insurance

Medicare is a federal health insurance program for people age 65 and older, as well as people with certain disabilities. It is made up of four parts: Part A, Part B, Part C (Medicare Advantage plans), and Part D (prescription drug plans).

Medicare Part A and Part B are the two main parts of Medicare. Part A covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care. Part B covers outpatient doctor visits, preventive care, outpatient hospital services, and some prescription drugs.

Eligibility for Medicare

To be eligible for Medicare, you must be:

• Age 65 or older
• A U.S. citizen or permanent resident
• Lawfully present in the United States for at least five years

If you are under age 65 but have a disability, you may also be eligible for Medicare. To find out if you are eligible, visit the Centers for Medicare & Medicaid Services (CMS) website.

Medicare Premiums

Most people do not have to pay a premium for Medicare Part A. However, if you have worked less than 40 quarters of Social Security-covered employment, you may have to pay a monthly premium for Part A.

Medicare Part B has a monthly premium, which varies depending on your income. The higher your income, the higher your premium will be. In 2023, the standard monthly premium for Part B is $164.90.

Medicare Deductibles

Medicare Part A has a deductible of $1,556 in 2023. This means that you have to pay the first $1,556 out of pocket for covered services before Medicare starts to pay.

Medicare Part B has an annual deductible of $233 in 2023. This means that you have to pay the first $233 out of pocket for covered services before Medicare starts to pay.

What is Covered Under Medicare Part A and Part B?

Medicare Part A covers the following services:

• Inpatient hospital care
• Skilled nursing facility care
• Hospice care
• Some home health care

Medicare Part B covers the following services:

• Doctor visits
• Preventive care
• Outpatient hospital services
• Some prescription drugs

For a more detailed list of what is covered under Medicare Part A and Part B, visit the CMS website.

When Medicare Coverage May Be Deferred

Medicare coverage may be deferred if you are still working and have health insurance through your employer. However, you must enroll in Medicare Part B within eight months of leaving your job or losing your employer-sponsored health insurance coverage. If you do not enroll in Part B during this time period, you may have to pay a late enrollment penalty.

Do you have questions about Traditional Medicare Insurance?

Contact an insurance agent at Insurance Associates of the Triad today to answer any questions about Traditional Medicare Insurance or for a free review and insurance quote for Traditional Medicare Insurance. And don't forget, as an independent insurance agency, we represent several top rated insurance companies. We have the flexibility to help you find coverage at competitive premiums for business, home, auto, and more.