Medicare
With the massive amount of information regarding Medicare on the web and everywhere else, you may feel as though you are in a Medicare maze.
- Should I consider Original Medicare coupled with a Supplement or a Medicare Advantage plan?
- What is the difference between Medigap and Medicare Advantage plans?
- How do I sign up for prescription drug coverage?
Medicare can be confusing and complicated. Our experts at Olson Insurance can help you navigate the piles of information you receive and find a Medicare plan that fits your needs.
We take pride in helping our clients understand the many aspects of Medicare, alleviate your anxiety and answer all your questions. At Olson Insurance, we want to make sure you are not just satisfied, but delighted with our service. We are always just a phone call away. Contact Us Here.
What is Medicare?
Medicare is the federal health insurance program primarily for:
- Individuals aged 65 and older
- Individuals with certain disabilities, regardless of age
- Individuals with kidney failure requiring dialysis or transplants
Medicare Overview
In Patient Hospitalization
- Skilled nursing
- Home healthcare
- Hospice
- Blood
Out Patient Services & All Physician Services
- Lab
- X-Ray
- Imaging
- Emergency Room
- Ambulance
Private medicare health insurance plans
- Lab
- X-Ray
- Imaging
- Emergency Room
- Ambulance
Coverage through private companies
- For generic & brand name
- Prescription drugs
When do I apply for medicare health insurance?
Although there is generally no premium for Part A, a premium will be charged for Part B. Part B premium is adjusted for higher income levels.
Delaying enrollment in Part B could result in a delay of coverage and a penalty. The Penalty for late enrollment is 10 percent for each 12-month period you are eligible, but didn’t enroll, unless you qualify for a “Special Enrollment Period”.
If you have medical insurance through a group health plan based on your or your spouse’s current employment, you may not need to apply for Medicare Part B at age 65. You may qualify for a “Special Enrollment Period” (SEP) that will let you sign up for Part B during:
- Any month you remain covered under the group health plan and your, or your spouse’s, employment continues; or
- The 8-month period beginning with the month after your group health plan coverage, or the employment it is based on ends, whichever comes first.
Late enrollment in Part D could also result in a penalty. You will pay a penalty of 1% per month for every month you were eligible, but not enrolled in a creditable drug plan. The penalty is based on the national average monthly prescription premium cost.
What is medigap?
If you are enrolled in original Medicare (Parts A and B) and buy a Medigap policy, Medicare will pay its portion of your medical costs first, then your Medigap policy will pay its portion.
Medigap plans are named by letter: ‘Plan A’ through ‘Plan N’ these are not to be confused with Medicare Parts A, B and D; they are different. A Medigap policy cannot pay if you enroll in a Medicare Advantage Plan.
If you have other coverage available and need more information, contact your insurance provider, or ask Olson Insurance for help.
Ask Olson Insurance
What is Medicare Advantage?
Advantage Plans are Medicare health plans offered by private companies contracted with Medicare. These plans provide all Part A and Part B benefits, and MAY offer additional coverage (beyond Medicare benefits), such as routine vision or dental. Medicare Advantage Plans include Health Maintenance Organization (HMO), Preferred Provider Organizations (PPO), Private Free-For-Service Plans (PFFS), Special Needs Plans (SNP), and Medicare Medical Savings Account Plans (MSA).
Most Medicare services are paid by the Advantage plan and are not paid directly by Medicare. Prescription drug coverage is included in most, but not all plans. You must continue to pay your Part B premium and the plan’s premium, if applicable, and agree to your plan’s terms and conditions.
Medicare Advantage Plan cost and availability is determined by the county you live in.
