Are you nearing retirement age and wondering what types of health insurance options may be available to you? Medicare could be one possible option to help cover your health expenses. If you are located in Willmar, Minnesota, and have questions about your health insurance options, MG Insurance, Inc. is here to help. Read on to learn more about Medicare coverage and how it works.
What Is Medicare?
Medicare is a type of health insurance that is provided by the federal government and is primarily intended to cover people over 65 years of age, as well as people experiencing kidney failure and certain younger people with disabilities. It serves as one of the most common types of health coverage for senior citizens and helps protect them after retirement from the workforce. Medicare is different from Medicaid in that Medicaid is an insurance based on need, however your income is not a determining factor when qualifying for Medicare. Medicare does have certain restrictions and regulations, and does require monthly premium payments.
Types of Medicare Coverage
There are different types of coverage to choose from once you become eligible for Medicare. People become eligible for Original Medicare by the age of 65, which is covered by the government and is divided into Part A and Part B, and the remaining types are optional add-ons.
Medicare Part A – covers hospital stays, some home health care, nursing home facilities, and hospice care. Part A does not require a premium payment, and if you are enrolled in a Health Savings Account, you will no longer be able to contribute to that if you are enrolled in Part A.
Medicare Part B – covers doctor visits, preventative care, diagnostic tests, and other outpatient care. Part B typically does require a premium payment.
Medicare Part C – this is a type of voluntary private coverage sometimes referred to as Medicare Advantage and typically covers what both Part A and Part B do. These plans are sold through insurance companies that are contracted with the government and most plans do offer prescription drug coverage.
Medicare Part D – helps to cover the costs of prescription drugs and also includes most recommended vaccines and shots. It is provided by private insurers and a premium payment is required and the cost will vary depending on the type of plan that is chosen.
Medigap – sometimes referred to as Medicare Insurance Supplement, this is a supplemental insurance plan that covers health care expenses that Original Medicare does not, and you can only buy Medigap if you are enrolled in Original Medicare, it cannot be used with a Medicare Advantage Plan. Original Medicare only covers 80% of healthcare services, so a Medigap plan helps to cover the remainder, eliminating copayments and other out-of-pocket expenses.
If you are interested in learning more about your health insurance options in Willmar, Minnesota, contact MG Insurance, Inc. today for a consultation.