Medicare and Me DFW

Medicare is a federal health insurance program for people 65 and older, people with certain disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Medicare has four parts:

• Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health care.
• Part B covers certain doctors’ services, outpatient care, medical supplies, and preventive services.
• Part C (Medicare Advantage) is a private health insurance plan that provides all or most of your Medicare Part A and Part B benefits.
• Part D (Medicare Prescription Drug Coverage) helps pay for prescription drugs.

Medicare does not cover all health care costs. You may have to pay a monthly premium, deductible, copayments, and coinsurance. There are also some services that Medicare does not cover at all.

There are a number of insurance plans available to help mitigate the costs of Medicare. These plans include:

• Medigap (Medicare Supplement) plans are private insurance plans that can help pay for some of the out-of-pocket costs of Original Medicare, such as deductibles, copayments, and coinsurance.
• Medicare Advantage Prescription Drug Plans are Medicare Part D plans that are offered through Medicare Advantage plans.
• Dual-eligible Special Needs Plans (DSNPs) are Medicare and Medicaid plans that are designed for people who are eligible for both programs.
• Cost-sharing assistance programs are government programs that can help pay for some of the out-of-pocket costs of Medicare.

The best way to find out what type of insurance is right for you is to talk to a licensed insurance agent. They can help you compare plans and find one that fits your needs and budget.

Here are some additional things to keep in mind about Medicare:

• You can sign up for Medicare during your Initial Enrollment Period (IEP), which is the seven-month period that begins three months before the month you turn 65. You can also sign up during the Annual Enrollment Period (AEP), which runs from October 15 to December 7 each year.
• If you miss your IEP or AEP, you may still be able to sign up for Medicare, but you may have to pay a late enrollment penalty.
• Medicare is a vital resource for many people, but it is important to understand how it works and what types of insurance are available to help you mitigate the costs. By talking to a licensed insurance agent, you can find the right plan for your needs and budget.