The Centers for Medicare & Medicaid Services (CMS) provides Medicare healthcare subsidies to individuals on behalf of the U.S. federal government. This national health insurance program is available to eligible people aged 65 or older. However, if you’re younger than 65, you can still apply for Medicare coverage if you meet specific eligibility requirements, such as having certain health conditions.
What Is Medicare Coverage?
Having Medicare coverage gives you access to subsidized medical services. The federal program includes multiple coverage options with varying costs. Before enrolling in Medicare, you must understand the benefits and cost of each available plan. This way, you can choose cost-effective coverage for your unique healthcare needs.
What Are the Types of Medicare Coverage?
The main types of Medicare coverage options are:
- Original Medicare Coverage
This plan has two components:
Medicare Part A: This component is also known as hospital insurance. It can cover your short-term inpatient admission costs in a healthcare facility like a hospital, hospice center, or skilled nursing home.
Medicare Part B: Also called medical insurance, this component covers outpatient care. Coverage includes ambulance services, psychotherapy, medical equipment, doctor’s visits, and urgent care.
- Medicare Advantage (Part C):
Medicare offers these plans in conjunction with private insurers. Each such plan must at least provide parts A and B coverage benefits. Many of these plans cover additional health services, such as gym memberships.
- Medicare Part D:
Original Medicare coverage doesn’t typically include prescription drugs. For the extra coverage, you can purchase a part D plan. This stand-alone option is available through private carriers.
- Medicare Supplement Insurance (Medigap):
Even with Medicare parts A and B coverages, you’ll bear a portion of your hospital or medical costs out of pocket. A Medigap plan can reduce these costs by covering your deductibles, copays, or coinsurance fees.
How to Select the Best Plan for Your Healthcare Needs
Consider these tips when choosing your Medicare plan:
- Do you have any medical needs that are not covered under original Medicare? You may need Medicare Advantage to cover your short-term and long-term healthcare requirements comprehensively.
- Can you afford monthly premiums for broader Medicare Advantage coverage? If not, Medicare parts A and B may be more appropriate for you.
- Explore Medicare savings programs, such as the Qualified Medicare Beneficiary (QMB) Program.
- When looking up “Medicare coverage near me,” prioritize your preferred local providers or drug needs. You can save on medical costs by purchasing a plan with in-network providers in your area.
When Can You Sign up for Medicare?
Medicare enrollment is automatic for social security beneficiaries. Other people should apply to enroll when they turn 65. You can sign up later, such as every January 1 –March 31, but you may have to pay a late enrollment penalty.
How We Can Help at Medicare Advisors
At Medicare Advisors, we have the expertise and experience to simplify your Medicare enrollment:
- As a licensed and certified Medicare agent, we’re committed to helping you make better sense of the various health plans available and select the right option for your needs and budget.
- We’ll provide free, unbiased, and no-obligation Medicare consultation.
- We can help update your plan to close any coverage gaps.
- Thanks to our affiliation with multiple A-rated insurers, we offer a broader range of coverage options at competitive rates.
- Our extensive industry experience and training enable us to give you practical Medicare advice
Interested in learning more? Contact us now to get a quote!