medicare

Medicare is a federal program for people who are 65 or older, certain younger people with disabilities, and people with end-stage renal disease (permanent kidney failure requiring dialysis or a transplant).

Medicare Part A

Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home healthcare.

Medicare Part B

Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services.

Medicare Part C

A Medicare Advantage Plan, also called “Part C” or “MA or MAPD Plan”, is offered by private companies and is approved by Medicare.

Medicare Part D

Helps cover the cost of prescription drugs including many recommended shots and vaccines.

Medicare Supplemental/ Medigap

Don’t be confused, Medigap and Medicare Supplemental insurance plans are the same thing.

All Medigap policies are standardized. This means they offer the same basic benefits no matter where you live or which insurance company you buy the policy from. There are 10 different types of Medigap plans offered in most states, which are named by letters: A-D, F, G, and K-N. The price is the only difference between these plans with the same letter that are sold by different insurance companies. It is important to point out that in Massachusetts and a couple of other states the Medigap plans are standardized in a different way than in most states.

If you have not shopped your Medigap plan to compare rates for a while you may find out by doing so that there can be premium savings available to you with another carrier. It is important to point out that the coverage is exactly the same from one carrier to another for the same plan choice; however, there can be a difference in eligibility to move from one carrier to another.

Part D Plans

Medicare Prescription drug plans are regulated by the federal government but only offered by private insurance companies. Prescription drug plans can change quite a bit from year to year. It is recommended for you to check your coverage of your prescriptions annually by using the prescription drug plan search tool on medicare.gov.

Medicare Advantage

You can get your Medicare benefits through Original Medicare or a Medicare Advantage Plan. A Medicare Advantage Plan, also called “Part C” or “MA or MAPD Plan”, is offered by private companies and is approved by Medicare. Medicare pays these companies to cover your Medicare benefits. If you join a Medicare Advantage Plan, the plan will provide all of your Medicare Part A and Part B coverage, and most also cover Part D for prescription drugs.

Indemnity Plans

Indemnity plans can be a good compliment to handle some of the risk associated with copays and coinsurance, and also for a specific health diagnosis. We can provide you with a quote for these coverage options to make you feel more comfortable about how you are covered.

Resources

Still Have Questions?

Cranberry Meadow is here to help guide you on your healthcare journey.