Understanding Medicare

By February 12, 2020 Medicare

Understanding Medicare can be very confusing. There are many plan options and it can feel overwhelming trying to navigate the entire process. The good news is that Steinlage Insurance Agency is here to help! Our licensed financial advisors are knowledgeable on all things Medicare and can provide you with the information you need to make the right choice.

We have done our best to simplify Medicare — here’s what you need to know!

Medicare Explained

Medicare is health insurance that you qualify for once you turn 65 years old. Every year from Oct. 15-Dec. 7 is the Annual Enrollment Period (AEP) where Medicare beneficiaries can change their Medicare plans.

Part A and Part B make up Original Medicare. Part A is hospital insurance that helps cover inpatient care in a hospital, skilled nursing facility, or religious nonmedical health care institution, hospice care, and home health care. Part B is medical insurance that helps cover medically necessary doctors’ services and many preventative services. For example doctor visits, testing, outpatient care, home health services, durable medical equipment, and mental health services.

There are standardized Medicare Supplement insurance plans (also called Medigap) to help bridge the 20 percent gap that Part B does not cover, like copayments, coinsurance, and deductibles.

Medicare Advantage plans (also called Part C) are another way to get your Medicare coverage. They are offered by Medicare-approved private companies that must follow rules set by Medicare.

You may still need additional coverage, for example, Part D is prescription drug coverage (including many recommended shots or vaccines) and plans are by private insurance companies that follow rules set by Medicare. Other health needs may be dental coverage, long term care, vision coverage, hearing aid coverage, and health club memberships.

Medicare Insurance Agency

Let Steinlage Insurance Agency help get you on the right Medicare path! Contact us today!