Medicare

Have you seen the commercials for Medicare? They are everywhere – trying to convince you that “my insurance company” has the best offer. But for many people choosing the right plan, Medicare or any other type of insurance, can be a confusing prospect. My neighbor come over to ask me to help him decide which plan he should use. Years ago the company would decide which plan we all took. Now that decision has been put back in our hands. So with all these commercials bombarding us and all the massive insurance books and pamphlets mailed to us, this whole process can become overwhelming.

The open enrollment period is from October 1 through December 7 for existing Medicare participants. New enrollees will be notified by the government several months before they are eligible.

There are several basic parts to Medicare

Medicare Part A (Hospital Insurance) helps cover:

  • Inpatient care in hospitals
  • Skilled nursing facility care
  • Hospice care
  • Home health care

Medicare Part B (Medical Insurance) helps cover:

  • Services from doctors and other health care providers
  • Outpatient care
  • Home health care
  • Durable medical equipment
  • Some preventive services

Medicare Part C (Medicare Advantage [HMO or PPO]):

  • Includes all benefits and services covered under Part A and Part B
  • Usually includes Medicare prescription drug coverage (Part D) as part of the plan
  • Run by Medicare-approved private insurance companies
  • May include extra benefits and services for an extra cost

Medicare Part D (Medicare prescription drug coverage):

  • Helps cover the cost of prescription drugs
  • Run by Medicare-approved private insurance companies
  • May help lower your prescription drug costs and help protect against higher costs in the future

When you are ready to make your decision, I recommend talking with an insurance broker, who can help guide you to the right decision.

For more information about Medicare 2015, go to http://www.medicare.gov/Pubs/pdf/10050.pdf.

Brenda Gayle Bryant is the owner of the gayle group, is certified in QuickBooks and Microsoft Office, and is a past board member of both the National Speakers Association and American Society for Training and Development. Although she has been a corporate consultant for many years, her passion is teaching people sound financial techniques. Contact her at brenda@thegaylegroup.com for a free financial analysis.

 

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