Medicare coverage is designed to reduce out-of-pocket medical expenses for people 65 and older and younger people with certain medical conditions. If you qualify for Medicare coverage, you can customize your coverage to help meet your health care needs.
Contact Laymon Group Benefit Consulting today to learn more about your Medicare options.
What Is Medicare?
People with certain medical conditions and qualifying seniors can receive Medicare coverage to help pay hospital and medical bills. Medicare coverage is government-provided health care.
Those eligible for Medicare may be able to customize their coverage with a Medicare Advantage plan, a Medigap supplement plan and Part D prescription drug coverage.
What Are the Different Types of Medicare?
Medicare types are called parts and plans. Original Medicare includes the following:
- Part A hospital insurance can help pay for inpatient care in hospitals, home health care, hospice care and skilled nursing facility care.
- Part B medical insurance can help pay for services from health care providers, home health care, outpatient care, durable medical equipment and many preventative services.
Optional Medicare coverage includes the following:
- Medicare Advantage (MA) plans, also called Medicare Part C, are provided by private insurers and regulated by Medicare. This alternative to Original Medicare may help cover certain medical expenses excluded by Original Medicare, such as vision, dental and hearing care. Prescription drug coverage may also be included with an MA plan, depending on your chosen plan. MA plans may have a monthly premium.
- Medigap plans, also called Medicare supplement insurance, work with Original Medicare and cover many out-of-pocket health care expenses. Some plans help cover health care services not covered by Original Medicare, such as emergency medical care when traveling outside of the United States. Insurance companies provide access to standardized Medigap plans (A, B, C, D, F, G, K, L, M and N). Medigap plans require regular premium payments set by the insurer.
- Medicare Part D helps pay for prescription drugs. This optional coverage may not be necessary if you choose an MA plan that includes drug coverage. Part D plans require premium payments. If you choose not to enroll in Part D when you are first eligible but want to enroll later, you may pay a late enrollment penalty.
Your agent can help you understand your Medicare options in North Carolina and get quotes for various MA plans, Medigap plans and Part D coverage.
Who Can Get Medicare?
The Medicare website provides access to Medicare applications during your initial enrollment window if you are close to age 65. Talk with your agent about your options if you receive Railroad Retirement or Social Security benefits.
The initial enrollment window for Medicare starts three months before your 65th birthday, including your birth month, and ends three months after you turn 65. You may be able to sign up for Medicare during a special enrollment period if you have health care coverage through a group plan or during the eight months starting during the month after your coverage or employment ends, whichever comes first.
How to Choose the Right Medicare Options
Choosing the right combination of Medicare coverage options for your situation can seem confusing. The Medicare experts at Laymon Group Benefit Consulting in Wilmington can help you understand how various coverages may work to help pay for your health care costs. Contact us today for more information.