The Basics of Medicare - Netquote University Video Series

Medicare Parts A, B, C and D

 

How great would it be if learning the letters of Medicare was an easy as learning the letters of the alphabet?

Medicare provides health insurance to millions of Americans age 65 and older, so it’s beneficial to understand the federal program for yourself and for your parents or grandparents who may need some help navigating the often confusing maze of rules and exclusions.

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Medigap, Advantage and Supplemental Plans

 

Here’s an overview of how seniors can get the most out of their health care coverage by choosing an additional plan to help pick up the costs not paid by Original Medicare.

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Part D and Prescriptions

 

Medicare Part D is the federal health insurance program’s drug benefit portion that helps seniors cover the cost of prescription drugs. We'll cover the basics in this video.

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Medicare with Dental and Vision Coverage

 

Those new to Medicare may be surprised to learn that the government health insurance program for seniors does not provide coverage for all your medical needs. This is especially true for dental procedures and vision care.

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Medicare Vocabulary You Should Know

 

Even if you master Parts A, B, C and D of Medicare there are still plenty of terms that might leave you confused. Here at NetQuote we’ve picked a few of the more popular terms and defined them for you.

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Video Transcripts

Medicare Parts A, B, C and D

How great would it be if learning the letters of Medicare was an easy as learning the letters of the alphabet?

Medicare provides health insurance to millions of Americans age 65 and older, so it’s beneficial to understand the federal program for yourself and for your parents or grandparents who may need some help navigating the often confusing maze of rules and exclusions.

Let’s start with Medicare Part A. This covers hospital stays and some at-home care services. As far as the cost, this will depend on how much the individual paid into the system during his or her life through payroll or self-employment taxes.

Luckily for many Americans who were employed most of their adult lives this part comes with no cost.

When looking at Medicare Part B, think of it as covering medical treatments and procedures. This includes doctor visits, surgeries and lab work.

Part B does requires you to pay a premium, but the amount depends on when you enroll. Currently it’s about $120 a month.

Medicare Part C sort of rolls all Medicare parts into one plan. It’s known as Medicare Advantage and is offered by private health insurance companies. You get the same coverage as with regular Medicare, but extras – such as vision care – also could be included.

Medicare Advantage plans, of course, come at additional costs that vary depending on the plan.

Part D of Medicare is more aligned with parts A and B. It covers the cost of prescription drugs and does require a premium, which currently runs about $35 per month.

That’s Medicare in its simplest from. Need more information or want a free insurance quote? Then check us out at NetQuote.com.

Medigap, Advantage and Supplemental Plans

Here’s an overview of how seniors can get the most out of their health care coverage by choosing an additional plan to help pick up the costs not paid by Original Medicare.

In addition to what Original Medicare won’t pay for, you are still responsible for any deductibles, copayments and coinsurance.

The idea is that supplemental insurance plans give you more benefits — such as dental, vision and prescriptions drug coverage — while reducing your out-of-pocket costs, too.

This “supplemental coverage” is also known as Medigap.

Medigap can pay deductibles and the 20 percent coinsurance you might be responsible for after visiting a doctor or receiving treatment at a hospital.

If you don’t want Medigap, then your other option is Medicare Advantage.

A Medicare Advantage plan, which is known as Medicare Part C, can provide additional coverage through a Health Maintenance Organization (HMO) or Preferred Provider Organization (PPO).

Advantage offers the same benefits as Original Medicare, plus dental, vision, hearing and prescription drug coverage.

Both Medigap and Advantage plans are offered by private insurance companies. Costs can vary greatly among the plans so it’s a smart strategy to shop around.

Request your free quote and compare Medicare plans at netquote.com. 

Part D and Prescriptions

Medicare Part D is the federal health insurance program’s drug benefit portion that helps seniors cover the cost of prescription drugs.

You have two option for drug coverage under Medicare. One option is to use an Advantage Plan (known as Part C) that works in conjunction with Parts A and B to provide additional coverage through a private insurer at an additional cost.

Advantages plans can offer coverage for dental care and eye exams, and usually include a prescription drug component.

If you don’t sign up for Part C, then you are left with Parts A and B. Neither covers the costs of prescriptions drugs. This is where your second option -- Part D -- comes in.

Note, however, you do cannot be enrolled in both Part C and Part D. You can only participate in one of them.

You can expect to pay a monthly premium for Part D. You also have an annual deductible which was no more than $360 in 2016 and will be $400 in 2017.

The big unknown when using Part D is that monthly premium because it can vary greatly from plan to plan and from state to state, so it’s important to shop around.

Using NetQuote.com to find the best plan for the best price will save you money and give you peace of mind regarding your health care costs.

Request your free quote today and compare plans at netquote.com. 

Medicare with Dental and Vision Coverage

Those new to Medicare may be surprised to learn that the government health insurance program for seniors does not provide coverage for all your medical needs.

This is especially true for dental procedures and vision care.

That means dental exams, fillings, cleanings, tooth removal and even your dentures aren’t covered. Same goes for trips the eye doctor. Eyeglasses and contacts will have to be paid out-of-pocket by you.

Anything eye- or dental-related that’s considered routine just isn’t covered by Medicare.

That said, under some circumstance, Medicare may be of help if dental or vision services are required after a medical emergency or accident. Patients suffering from diabetes or glaucoma also may have certain eye exams covered.

Confused? You’re not alone. But there’s some good news.

Many vision and dental procedures are included when you choose coverage through a Medicare Supplemental Plan. These plans “fill in the gaps”, so to speak, where traditional Medicare falls short.

You can also sign up for a Medicare Advantage plan, which provides basic Medicare as well as a range of other services, including vision and dental care.

Both supplemental plans and advantage plans will require you to pay more because they are usually provided by private insurance companies.

If you want to know more about these additional plans, including costs and what’s covered, then visit Netquote.com and start shopping around. We’re here to help you personalize your insurance needs so you can get the most out of Medicare.

Medicare Vocabulary You Should Know

Even if you master Parts A, B, C and D of Medicare there are still plenty of terms that might leave you confused. Here at NetQuote we’ve picked a few of the more popular terms and defined them for you.

Original Medicare is the federally administered health care program for seniors that was signed into law back in 1965. It’s also known as Traditional Medicare and is available to those 65 and older.

Deductible is the amount you must pay for medical care and services first, before Medicare or another insurance starts to pay for covered claims.

Coinsurance is the percentage of cost that you’re required to pay after your health insurance pays. For example, insurance may pay 80% of the cost of a medical service and your remaining coinsurance would be 20% after meeting your deductible.

Copayment or copay is a flat amount you pay for each medical service, which does not reduce your annual deductible. For example, you might have a $5 copay for each drug prescription you fill.

Late Enrollment Penalty is a fine for not signing up for Medicare Part B when you first become eligible. Your monthly premium can go up 10 percent for each year that you remained uninsured.

Medigap is supplemental insurance sold by private companies. It covers costs that Medicare Parts A and B don’t cover. 

Donut hole or coverage gap is a temporary limit on what Part D (the prescription drug portion of Medicare) will cover.

Initial Enrollment Period or (IEP) is the first chance you have to enroll in Medicare. You have a seven-month window to sign up that begins 3 months before the month you turn 65.

If you’re about to turn 65 it’s smart to take some time to understand Medicare. To help, request free quotes and compare plans at NetQuote.com.