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If you will have Medicare in the near future or if you're already enrolled, it's good to understand your insurance choices. Making good ones can lead to a better Medicare experience with more security and peace of mind. The truth is that Medicare A & B by itself is not enough. There are gaps and many items that aren't covered. So how do you do you learn about your insurance choices and keep your sanity along the way? Well, it starts right here. This guide contains information on all the parts of Medicare and after reading it, you'll be headed in the right direction. Let's get started with the foundation of Medicare.
Medicare A & B
There are 5 parts to Medicare, which we cover in the different sections of this guide. The two main parts are Medicare A & B. Medicare Part A covers you for hospitalization and Medicare Part B covers you for doctors and outpatient care. These are two general areas but understand that they will cover medically necessary care within these general categories. Medicare Part A is usually no cost because you've paid for it in full during your working lifetime. The monthly cost of Part B can vary, mainly depending on when you enroll and your income. The premium that most people pay for Part B in 2020 is $144.60 per month. In addition to a monthly cost, there are out of pocket costs when you receive medical care. These are items such as deductibles, copay's, and co-insurance, that are typical with all types of medical insurance. Because Medicare A & B does not set annual limits to these costs for you, it's clear that it's not intended to be had alone. This is the main reason supplemental coverage is needed.
You can view up to date information on Medicare A & B costs by CLICKING HERE and visiting Medicare.gov.
Medicare A & B, by itself, does not set annual limits on your out of pocket deductibles and co-pays.
Medicare A & B also does not include coverage for prescriptions and other ancillary benefits like dental & vision.
These are the two main reasons to have a Medicare Supplement or Advantage Plan.
Recommended Next Section: 2 Ways To Have Medicare
About Your Agent
Since beginning his career as a Licensed Insurance Agent, Ben Rodriguez has personally helped nearly 700 Medicare recipients. He has a degree in Business Finance from Kent State University and has acquired nearly 15 years of experience in financial services & insurance. Having a close relationship with his parents and grandparents has made him in tune to the needs of boomers and seniors. Ben is known for his professionalism with a personal touch that he brings to each of his clients.
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