Medicare and You.
Whether you are working or not, Medicare is an important part of your financial portfolio and you'll have questions. Even if you received your Medicare and You handbook from the federal government, you will more than likely have questions. We are glad that you chose to explore this website for additional information. We put together a few FAQs for you below and you can discover your Medicare options by simply clicking through this website.
What is Medicare?
It's a health insurance program for people who are:
Aged 65 or older
Under 65 and deemed disabled
A person of any age when in End-Stage Renal Disease
When do I apply for Medicare?
Generally, you can apply three months prior to your birth month, your birth month, and three months after your birth month through the Social Security Administration. There can be circumstances that do not apply to this general rule.
Does Medicare cover the same things that my own insurance plan covers?
Medicare is comprised of different parts:
Part A - mostly hospital and inpatient coverage, usually no premium cost to you because you or your spouse paid for it with payroll taxes, and it has a deductible, then coinsurance (benefit periods apply).
Part B - mostly outpatient and physician coverage, carries a minimum premium which is determined by your prior income (rules apply), and has a deductible, then coinsurance.
Part D - this is Medicare prescription drug coverage that you must obtain through a private insurance source, you may or may not pay a premium depending upon whether you are eligible for Low Income Subsidy (Extra Help) that you can apply for at any time.
Why do I need anything else other than Medicare for my insurance needs?
Medicare does not pay 100% of everything. That can leave you open to financial risk.
Medicare Part A has a deductible and hospitalization is further defined as having a Medicare hospital benefit period for admission. That benefit period has a direct impact on what you would pay for services. Medicare Part B has a deductible and then a 20% coinsurance based upon Medicare allowable rates. This coinsurance does not have a stop loss and the deductible is applied every calendar year. With Medicare Part D, you can obtain prescription drug coverage separately or within a Medicare Advantage plan. You may or may not have a deductible for your Part D plan.
I'm still working and have insurance through my employer. Do I have to have Medicare?
Every person has unique circumstances. You can find out from your human resources representative what is offered to you by your company when you age into Medicare. Then speak with one of our Medicare Advisors for an unbiased review at no cost to you.
I own a business with Medicare age workers whom I insure. What can your Medicare Advisors help me with?
Our Medicare Advisors will analyze your business health insurance current plan and determine the most cost effective method of offering insurance to your Medicare age workers. There is no cost for this analysis.
I have Veterans Administration benefits but not Tricare for Life, how can your Medicare Advisors help me?
If you obtain your pharmaceuticals from a VA source, you may have an option of a Medicare Advantage Plan C without an embedded Part D. Contact our Medicare Advisors for an assessment.
I have Medicaid and Medicare because I am disabled. How can your Medicare Advisors help me?
If you have Medicaid and Medicare, you may be eligible for a Special Needs Medicare Advantage plan depending upon where you live. Contact our Medicare Advisors for an assessment.
What can Medicare Plans Washington Advisors do for me?
Our certified Medicare Advisors can analyze what your financial risks may be and review your options such as Medicare Supplement plans, Medicare Advantage plans (aka Part C), Part D plans, and Special Needs Dual plans (Medicare + Medicaid). Our Advisors will get to know you, what your health care needs are, and what type of plan will work best for you. Our Medicare Advisors take the time to truly understand your financial and health needs, shop across many insurance companies, and determine cost effective health care coverage choices for you.