Medicare is the federal government’s health insurance program for people aged 65 or older. It offers healthcare coverage to qualifying seniors, retired workers and people with certain medical conditions. Here’s how to get the most out of Medicare.
Understand Your Benefits
When it’s time to enroll in Medicare, you’ll have access to Original Medicare, which includes Part A for hospital insurance and Part B for medical insurance. Part D, which provides prescription drug coverage, is optional for Original Medicare recipients and those who do not have a Medicare Advantage Plan.
When evaluating your Medicare benefits, consider your medical history, current health status, and healthcare budget. The agents at Schuder Insurance Agency are Medicare experts ready to help you consider your options.
Understand Your Costs
There’s no need to shop around for Part A and Part B coverage. Most people don’t pay a Part A premium if they paid Medicare taxes while working. Part B has a monthly premium determined by your monthly income, and the amount can change each year.
You’ll also pay deductibles for each inpatient hospital benefit period and a yearly deductible for Part B medical insurance costs. Generally, there’s a 20% coinsurance payment due when you see a doctor for covered services.
Medicaid is a joint federal and state program designed to help pay out-of-pocket Medicare costs for people with limited financial resources and income. Some people with lower incomes may also qualify for Supplemental Security Income (SSI).
Consider Medicare-Approved Benefits for Customized Coverage
Everyone’s healthcare needs are unique, and people have options to help fill gaps in coverage and reduce out-of-pocket healthcare expenses.
- Medicare Part C, also called Medicare Advantage, is a group of plans offering the same benefits as Part A and Part B coverage (with a few exceptions). Many Part C plans expand access to dental insurance, vision care and prescription drug coverage.
- Medigap Plans, also called Medicare Supplements, are provided by private insurers but are standardized by Medicare. These plans are designed to help cover deductibles, copayments, coinsurance and costs of out-of-network care.
Ready to learn more about your Medicare options in Texas? Contact Schuder Insurance Agency in Mansfield, Texas, today to get the healthcare coverage you need.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.