Medicare is the federal health insurance program for people 65 and over; for disabled individuals who receive SSDI through Social Security; and those with Lou Gehrig’s (ALS) or End Stage Renal Disease (ESRD). Your (red, white and blue) Medicare card has your unique identification number and the effective dates of Part A, or Part B,…
You can only enroll in Medicare during certain times of the year or when special circumstances allow you to do so. What follows are six important enrollment periods. You may want to review ‘Medicare’ under Services, and my blog ‘Original Medicare Costs for 2023’ first. Initial Enrollment Period (IEP). This is the first opportunity that…
Medicare plans from private insurance companies fall into three groups: Medicare Advantage plans, Stand-alone Prescription plans, and Medicare Supplement Insurance. For people who do not want a Medicare Advantage plan, Medicare Supplement Insurance helps to offset the costs of Original Medicare.** Medicare Supplement Insurance is also called Medigap. How does Medigap help to cover costs? …
Every Medicare Advantage plan has a Summary of Benefits (SB). It answers the question, “Is this plan for me?” The SB includes the plan’s medical costs and procedures and a list of extra benefits. Most Medicare Advantage plans include prescription medications. The abbreviation for Medicare Advantage plans is MA. If the plan includes prescription drug…
You’ve seen television commercials where you’re urged to call an 800 number to find out about the extra benefits that come with a Medicare Advantage plan. You may be under the impression these extra benefits are unlimited and never cost money. This is not true. Let’s look at a some extra benefits that typically come…
In most cases, the answer is ‘yes.’ But read on! Background: The Medicare Part B premium is set by the federal government. It covers outpatient medical services such as doctor visits, diagnostic tests, urgent care, ambulance costs and emergency room visits. This premium is separate from your Medicare Advantage or Medicare Supplement plan. The premium…
Each year, Medicare publishes a ‘standard benefit’ that insurance companies must meet to sell medications. Insurance companies can do better than the standard, but they can’t do worse. There are three stages of drug coverage: The Deductible Stage 1. Deductible: You pay the full price of the drug until you fulfill your deductible. The standard…