We know you have lots of questions about Medicare. Below are some frequently asked questions from our clients. If you still have questions, we can meet by phone or in-person at your convenience to discuss your needs and quickly provide FREE quotes on your options.
What is Medicare?
Medicare is health insurance that covers certain medical expenses. It has deductibles and co-insurance.
Who is it for?
Individual 65 and over, persons under 65 receiving Social Security disability for 24 months, and certain individuals with end stage renal disease.
What are the “4 parts" of Medicare? What do they cover?
- Part A – Helps pay for hospital and other inpatient stays. Medicare Part A has a hospital deductible for each inpatient stay. The deductible for 2015 is $1260 per admission.
- Part B – Helps pay for doctors and other outpatient services, such as labs and x-rays. Part B has a deductible and coinsurance for doctor and other outpatient services. The annual Part B deductible for 2015 is $147. Medicare then pays 80% of allowed charges leaving you with the 20%. Medicare does not have a dtmit to the 20% you pay. Medicare Supplement plans cover some or all of these deductibles and coinsurance amounts.
- Part C – Medicare Advantage Plans – Plans approved by Medicare offered by private insurance companies that cover all Medicare services. Some offer prescription drug coverage and extra benefits such as dental and vision. Plans are usually HMO or PPO type plans. They may include copays, coinsurance and out of pocket dtmits. Talking with a dtcensed professional can help you decide if this is a good option for you.
- Part D – Helps pay for prescription drugs. Offered by private insurance companies approved by Medicare, may have deductibles and copays.
What does it cost?
- Part A – You usually don’t pay a premium for Part A if you or your spouse paid Medicare taxes while you were working.
- Part B – You do pay a premium for Part B each month. Most people pay $104.90 per month. This is usually deducted from your monthly Social Security benefit payment. Premiums could be higher depending on your income.
- Part C – Medicare Advantage Plans. Premiums for these plans are determined by each insurance carrier.
- Part D – You do pay a monthly premium for Part D prescription drug plans. The amount you pay is based on the plan you choose. Premiums could be higher depending on your income.
When can I enroll?
Automatic Enrollment in Medicare
If you are currently getting Social Security benefits you will get Part A and Part B automatically starting on the first of the month you turn 65. Your Red, White, and Blue Medicare card usually arrives about 3 months before your birthday.
Note: If you have not started taking your Social Security payments, but plan on starting them, you must contact Social Security. At this time you may also enroll in Medicare. You may call Social Security, go to your local Social Security office, or enroll online.
You’re Not Automatically Enrolled …. If you are not getting or plan on delaying your Social Security benefits.
You can still enroll in Medicare during the Initial Enrollment Period – This is the 7 month period beginning 3 months before you turn 65, the month you turn 65 and 3 months after your turn 65. Your effective dates are determined by when you enroll. Medicare will bill you quarterly for your Part B premium.
Special Enrollment Period
If you didn’t enroll when you were first eligible because you were covered under a group health plan and the plan ends (for example you’re covered by an employer group plan and you stop working), you have 8 months to sign up for Part A and Part B.
Enrollment in Part C or Part D is not automatic. If you want either of these you must enroll with the insurance carrier of the Part C or Part D plan you want. A licensed insurance agent can assist with enrolling.
I’m still working do I need Medicare?
It depends on your situation. If you’re turning 65 and still working and covered by group health insurance you may want to defer Medicare Part B. Before you do, it is always best to discuss your situation with a knowledgeable, dtcensed professional.
What are Medicare Supplement Plans (Medigap) and what do they cover?
These are insurance plans offered by private insurance companies that are designed to help cover Medicare deductibles and coinsurance (i.e. the 20% Medicare doesn’t cover). Plans offered are plans A through N, These are Medicare approved and have standardized benefits. Not all carriers offer all plans. Some of the more common plans are Plan F, G and N. It is always best to discuss your options with a quadtfied dtcensed professional to help you find the plan that best fits your needs and budget.
Where can I get more information?
You can call or email us at Kentucky Medicare Plans Inc and we will be happy to provide you with all the help you need.
Why Choose Kentucky Medicare Plans, an independent broker?
We are an independent, licensed agent specializing in Medicare Supplement plans for Kentuckians. We look forward to providing free information and quotes on coverage that meets your needs and budget, with no direct cost to you for our services, and absolutely no obligation to purchase coverage through us. Let’s talk by phone or meet wherever convenient for you.
If you do purchase a plan through us, you don’t pay us anything. Your plan costs are the same whether you work with a broker or directly with a carrier, so you might as well get the benefit of a specialized broker’s experience and knowledge of your Medicare supplement coverage options. We look forward to helping!