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Rejoice! You're Turning 65

Learn the basics about medicare supplements for you and your family.

So you or a loved one is turning 65, and for months you’ve been receiving mountains of mail from insurance companies and other vendors who provide services for retired or retiring individuals.  You may have also taken it upon yourself to do your own research online and found an abundance of information related to Medicare. It’s no wonder many seniors experience moments of anxiety during this time.

Well, I’m here to tell you not to worry.  You’re turning 65 and its time to rejoice! Your health insurance is about to become much less complicated and in most cases, much less costly.

What is Medicare?

Let’s start with the basics. Medicare is health insurance for individuals age 65 or older and others under age 65 with certain disabilities or End Stage Renal Disease. Medicare consists of four distinct “Parts.” Part A Hospital Insurance, Part B Medical Insurance, Part C Medicare Advantage and Part D Prescription Drug plans.

Part A  Hospital Insurance - Part A covers inpatient care in hospitals, skilled nursing, hospice care and home health care.

Upon turning 65 and receiving Social Security you will receive Part A automatically. If you are not already receiving Social Security you may do so online or by calling 800-772-1213. There is no cost for Part A if you or your spouse has been paying taxes to Medicare for 10 years (40 quarters). 

Part B Medical Insurance - Part B covers services from doctors and other health care providers, outpatient care from hospitals, durable medical equipment and home health care. Part B also covers preventative services to help maintain your health and to keep certain illnesses from getting worse.

The standard cost for Medicare Part B is $134 but your actual premium will be based on your income.  To find out what your Part B cost will be it would be wise to consult Medicare for an exact figure.  You can do this by visiting www.medicare.gov or calling 1-800-MEDICARE.

Part C Medicare Advantage - Medicare Advantage plans include all benefits and services covered under Part A and B and are run by Medicare approved private insurance companies. Medicare Advantage Plans will vary by company and by county.

Part D Prescription Drug Coverage - Medicare Prescription Drug plans cover the cost of prescription drugs and are also provided by Medicare approved insurance companies. Prescription Drug Plans will also vary widely by company. When choosing prescription drug coverage be sure your current prescriptions will be covered. The Medicare website has a very good tool where you can list your current prescriptions to find the appropriate plans available for you.

Medicare Supplement or Medigap Policies

Medicare Supplement policies (or Medigap) are plans provided by private insurers to offset the out of pocket costs of Medicare such as coinsurance, copayments, deductibles, etc. Medicare supplement policies are standardized and identified by letters, Plan A through N.  The chart below shows a little bit about the benefits covered by each plan. 

 

Medicare

Supplement

Plans

 

Benefits

A

F

G

N

Medicare Part A coinsurance and hospital costs.

100%

100%

100%

100%

Medicare Part B coinsurance or copayment

100%

100%

100%

100%

Blood (first 3 pints)

100%

100%

100%

100%*

Part A hospice care coinsurance or copayment

100%

100%

100%

100%

Skilled Nursing facility care coinsurance

 

100%

100%

100%

Part A deductible

 

100%

100%

100%

Part B deductible

 

100%

100%

 

Part B excess charges

 

100%

100%

 

Foreign travel emergency (up to plan limits

 

80%

80%

80%

*Plan N pays 100% of the Part B coinsurance except for a copayment of $20 for some office visits and up to $50 for emergency room visits that don’t result in inpatient admission.


now offering medicare supplements

Contact our team today to learn more about new Medicare supplements available from GDA Plus+ Insurance/GDIS.
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