Richland Hills Medicare Plans

Medicare

Medicare is a federal health insurance program for people who are 65 or older, have certain disabilities, or have End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant).

Why Medicare?

Medicare was created in 1965 to provide health insurance to older Americans. The program was designed to help seniors afford the high cost of healthcare. Medicare has been very successful in achieving its goal, and it now covers over 60 million Americans.

When do you qualify for Medicare?

You are eligible for Medicare if you are:

• 65 years old or older
• Under 65 years old and have a disability that meets Social Security’s definition of disability
• Under 65 years old and have End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant)

How much does Medicare cost?

The cost of Medicare varies depending on the type of coverage you choose. Here is a breakdown of the costs for each type of coverage:

• Medicare Part A (hospital insurance): Premium-free for most people. You may have to pay a monthly premium if you have earned less than $85,000 in the past year or if you are married and your spouse has earned less than $170,000 in the past year.
• Medicare Part B (medical insurance): Monthly premium of $148.50 in 2023. You may have to pay more if you have a high income.
• Medicare Part D (prescription drug coverage): Monthly premium that varies depending on the plan you choose.

What are the penalties for not having Medicare?

If you do not have Medicare when you are first eligible, you may have to pay a late enrollment penalty. The penalty is 10% of the monthly premium for each year you were eligible but did not have Medicare.

What are the different types of Medicare insurance plans?

There are four main types of Medicare insurance plans:

• Original Medicare: Original Medicare is made up of Part A (hospital insurance) and Part B (medical insurance). You can choose to get Original Medicare by itself, or you can get it with a Medicare Advantage plan.
• Medicare Advantage plans: Medicare Advantage plans are private health insurance plans that offer all of the benefits of Original Medicare, plus some additional benefits. Private insurance companies offer Medicare Advantage plans.
• Medicare Part D prescription drug plans: Medicare Part D prescription drug plans help you pay for prescription drugs. You can get a Medicare Part D prescription drug plan if you have Original Medicare, a Medicare Advantage plan, or both.
• Medicare Supplemental Insurance (Medigap) plans: Medicare Supplemental Insurance (Medigap) plans help pay for some of the out-of-pocket costs of Original Medicare, such as copayments, deductibles, and coinsurance. You can buy a Medigap plan if you have Original Medicare.

How do you choose a Medicare insurance plan?

There are many factors to consider when choosing a Medicare insurance plan. Some of the factors you may want to consider include:

• Your health needs
• Your budget
• The benefits offered by each plan
• The cost of each plan
• The quality of care offered by each plan

You can get help choosing a Medicare insurance plan from an Ashford Insurance Medicare plan advisor.