Turning 65 and Need Help with Medicare?
Medicare is health insurance for people age 65 or older, under 65 with disabilities and people of any age with End-Stage Renal Disease. Medicare alone was never intended to pay for all medical expenses including coinsurance, co-pays and deductibles. A Medigap policy is health insurance sold by private insurance companies to fill the gaps in Original Medicare coverage. Medicare Supplement insurance can help you pay your medical expenses not paid for by Original Medicare.
Overview of Medicare Coverage
There have been many changes to Medicare since it was created in 1965. With these changes it is difficult to keep up with what is covered, enrollment dates and who is covered. Alabama Medicare wants to help you understand Medicare and the options available to you.
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Coverage Choices |
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There are two main ways to get your Medicare coverage:
- Original Medicare (Parts A and B), or
- Medicare Advantage Plan (Part C)
TIP: You will automatically be placed in the Original Medicare program unless you enroll in a Medicare Advantage plan.
After you decide which method to obtain your basic Medicare benefits from, you need to decide if you need to add Prescription Drug coverage. Currently, most Medicare Advantage plans automatically include prescription drug coverage. However, this practice may be changing in future years as a result of the Affordable Care Act (ACA) of 2010. Currently, Medicare pays Medicare Advantage companies over $1,000 more per person per year than Original Medicare. These additional payments are paid for in part by increased premiums by all Medicare beneficiaries -- including the 77% of seniors not enrolled in a Medicare Advantage plan. The new law will be gradually eliminating these overpayments to Medicare Advantage insurance companies.
If you have selected a Medicare Advantage plan to obtain your Medicare benefits, you don't need and can't be sold a Medigap policy.
If you have selected Original Medicare, you need to decide if you should add supplemental coverage (Medigap or Medicare Supplement Insurance policy).
There are advantages and disadvantages to each coverage choice. Click here to see a chart showing the difference between a Medicare Advantage and a Medicare Supplement plan.
Citation: Medicare & You, cms.gov
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