If you're approaching your 65th birthday or facing the transition to Medicare due to disability or End-Stage Renal Disease, understanding Medicare is crucial. Holden Kiefer Insurance is here to provide clarity and guidance in Missouri, Arkansas, and Illinois.
Medicare is the United States' federal health insurance program designed for individuals aged 65 and older. It's also available for certain individuals under 65 with disabilities or those with End-Stage Renal Disease. Medicare consists of various parts, each offering different types of coverage.
You're not alone. Many individuals facing this milestone share the same sentiment. Let's break down the essential steps as you transition to Medicare.
The first crucial piece of information is that waiting to enroll in Medicare can lead to penalties and potential gaps in coverage. Enrollment in Medicare is typically limited to specific periods. Some individuals are automatically enrolled, while others must apply themselves. Your initial enrollment period spans seven months, beginning three months before you turn 65 and ending three months after your birth month. If you're already receiving Social Security benefits, you'll be auto-enrolled; otherwise, you'll need to take the initiative to enroll.
Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care. In most cases, Part A does not incur any cost.
Part B provides outpatient medical coverage, including medically necessary services performed on an outpatient basis for diagnosing and treating medical conditions. This includes surgeries, lab work, and preventative services.
Also known as Medicare Advantage (MA), Part C offers an alternative to Original Medicare, often including prescription drug coverage and extra benefits. Private insurance companies offer Medicare Advantage plans.
Part D offers prescription drug coverage, available as a Stand Alone Option (PDP) or as part of a Medicare Advantage plan. Private insurance companies contracted by Medicare provide Part D plans.
Medicare Supplement plans, also referred to as Medigap, are tailored to work alongside Original Medicare Parts A and B. These policies help cover healthcare costs not included in Original Medicare, such as deductibles, coinsurance, and foreign travel emergencies. Medicare Supplement plans are available through private insurance companies and are accessible to those with Medicare Part A and B. However, individuals enrolled in Medicare Advantage plans (Part C) are ineligible for Medicare Supplement insurance policies.
Choosing the right Medicare coverage can be a complex task. Our highly trained and experienced agents are here to answer your questions about Medicare and health insurance. We'll work with you to create a comprehensive plan tailored to your needs.
Don't hesitate to reach out. Call us at 314-437-8420 or submit a consultation request below to get started!
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