As you approach retirement age, you may want to learn more about the Medicare options that are available to you. At Business Benefits Group (BBG), our benefits consultants can help ensure you find the best coverage for your needs. Although the government has taken steps to simplify the Medicare system, it remains very complex, and having specialist guidance can make all the difference.
Eligibility For Medicare
Employees who have made contributions to the Medicare system via payroll taxes are eligible for Medicare at age 65 in most cases, regardless of their health or income. Those who have received social security disability insurance for more than two years may be eligible sooner.
Understanding Types Of Medicare
One aspect of Medicare that can be particularly difficult to understand is the difference between its four programs, which are known as parts. Here is a brief look at the various components of Medicare that our team can help you navigate.
Medicare Part A
This is Medicare’s hospital insurance program, and it covers the costs of inpatient hospital care as well as stays at skilled nursing facilities, certain home healthcare services, and hospice. Most Americans do not have to pay a premium for Part A, unless they did not contribute enough money to the system during their working years. In that case, they might be able to purchase it for a monthly premium.
Medicare Part B
This is the medical insurance component of Medicare, and it covers outpatient medical care, preventive care, occupational therapy, physical therapy and doctors’ services. Individuals who wish to enroll in Medicare Part B must pay a monthly premium based partly on their income level, and it can be set up to be deducted automatically from their social security check.
Medicare Part C
Also known as the Medicare Advantage Program, Medicare Part C refers to a combination care plan that is managed by a private insurance company that has gained approval from Medicare. It combines Part A and Part B coverage, and some may also include Part D coverage. It must cover all medically necessary services, but plans are given discretion over the deductibles, coinsurance and copays they wish to charge.
Medicare Part D
This is the component of Medicare that covers outpatient prescription drugs and applies to everyone who is eligible for Medicare. However, individuals must sign up for a plan offered by a private insurance company to obtain Part D coverage. The plans vary by state and must provide a minimum level of benefits for prescription drugs; some also offer additional benefits. This can be one of the most challenging components of Medicare to understand, and the team at BBG can help you choose the right option for your situation.
It is important to note that Medicare only covers services deemed medically necessary to diagnose or treat a condition and not those that are provided for convenience. Individuals who are concerned about the coverage provided by Medicare can purchase supplemental insurance for more comprehensive coverage.
Why Work With BBG For Medicare?
Our benefits consultants can help you determine the best way to use the various Medicare coverage options to ensure you receive maximum protection. Our team has the experience and expertise needed to explain the options, determine the need for supplemental coverage, avoid confusion and stress, and help you make the most of the opportunities you are eligible for.
Reach Out To BBG for More Information
For assistance navigating the complex web of Medicare benefits, reach out to Business Benefits Group today. You can contact our experienced consultants online or call us at (844) 201-3609.
Contact BBG For More Information
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