Medicare vs. Medicaid
It's very easy to confuse Medicare and Medicaid, as both are federal programs designed to help people.
So let's make an important distinction. At Ericksen Insurance, we help people understand and sign up for Medicare, which provides health insurance for people 65 and older, folks with certain disabilites, and a select few others.
Medicaid, on the other hand, is income based health insurance designed to help Americans with lower thresholds of annual income.
It is possible to qualify for both at the same time, but the programs themselves are distinct from one another.
We are here to help you learn more about Medicare.
Medicare A, B, C, and D Explained
Medicare Part A: Often referred to as hospital insurance, it covers inpatient hospital care, skilled nursing facility care, hospice care, and some home-health services.
Medicare Part B: Known as medical insurance, it covers doctor's services, outpatient care, preventive services, and some medical supplies.
Medicare Part C (Medicare Advantage): This is an alternative to traditional Medicare and offers coverage through private insurance companies approved by Medicare. It typically includes Parts A and B benefits and may include additional services like prescription drug coverage.
Medicare Part D: This is prescription drug coverage that can be added to Original Medicare (Parts A and B) or included in some Medicare Advantage plans.
Enrollment in Medicare
Initial Enrollment Period: Typically, individuals can enroll in Medicare around their 65th birthday, with a 7-month window that includes the three months before, the month of, and the three months after their birthday month.
Annual Enrollment Period (AEP): Occurs from October 15 to December 7 each year, during which individuals can make changes to their Medicare coverage.
Costs of Medicare
Most people do not pay a premium for Medicare Part A if they or their spouse paid Medicare taxes while working. There are, however, monthly premiums for Medicare Part B, Part C (if applicable), and Part D.
Important note: Medicare also involves deductibles, copayments, and coinsurance for various services.
Medicare Coverage Gaps
Medicare can be wonderful, but it may not cover all of your healthcare costs, and beneficiaries may have out-of-pocket expenses. As a result, many people choose to purchase supplemental insurance, known as Medigap, to help cover some of these costs.
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