Burchfield Insurance Group is at the ready, prepared with the know-how to help you with Medicare planning. Medicare is a federal health program providing coverage for people who are aged 65 or older, as well as those who are younger than 65 but with certain disabilities and those with End-Stage Renal Disease (ESRD). Medicare’s different parts provide specific types of coverage.
- Medicare Part A is hospital insurance covering inpatient hospital stays, as well as hospice care, skilled nursing facility care, and some home healthcare. It is free for most who are eligible, but does have cost sharing for services.
- Medicare Part B is medical insurance covering outpatient care, physician’s services including preventive services, and medical supplies. Medicare Part B requires the payment of a monthly premium, adjusted based on an individual’s income. Medicare Part B does have cost sharing for services. After satisfying a deductible, coverage is generally 80 percent, leaving the member responsible for the remaining 20%.
- Medicare Part D is prescription drug coverage, which can be added as stand alone coverage to Original Medicare (A and B), or can be obtained as part of a Medicare Advantage Plan. Part D plans require payment of a monthly plan premium, adjusted based on an individuals income. In some cases, failure to enroll in a Part D plan when you are first eligible can result in permanent penalties.
Additional coverage options are also available in the form of Medicare Supplements and Medicare Advantage Products. The many product options may leave you feeling as if you need help understanding the ins and outs of Medicare. The good news is, you are not alone. Medicare, with its variety of programs, can be difficult to navigate, but our team is ready to provide you with the guidance you need to choose the appropriate Medicare program. We are focused on serving our clients and building relationships built on integrity and trust. Medicare assistance is waiting for you at Burchfield Insurance, where we always look out for the best interest of our clients.
What is Medicare?
Medicare is the federal government healthcare program for those aged 65 and over, as well as younger individuals with certain disabilities and End-Stage Renal Disease (ESRD). For seniors, Medicare healthcare coverage is crucial in determining medical coverage as you grow older. Even so, Medicare doesn’t pay for every medical expense, making it important to understand what is covered, what is not, and how you can fill in the gaps. We are ready to help you understand the ins and outs of Medicare and find the appropriate coverage to meet your unique needs.
Applying for Medicare
Seniors are automatically enrolled in Social Security, and subsequently signed up for Medicare through Social Security when they become eligible. If you are over 65 (or close to turning 65) and are not receiving Social Security, you will need to sign up for Medicare Part A hospital insurance and Part B medical insurance. You won’t automatically receive Medicare. Signing up for Medicare can be done online or by contacting Social Security directly. Should you need assistance in applying for Medicare, we can help!
Medicare Advantage, sometimes called Medicare Part C, features individual health plans offered by private insurers that have contracted with Medicare. These private companies provide Medicare Part A and Part B benefits, with most offering prescription drug coverage as well. When you enroll in Medicare Advantage, your services are covered through your chosen plan, not Original Medicare. Medicare Advantage Plans are available in various formats, and offer additional benefits beyond the scope of Original Medicare including dental coverage, vision coverage and much more.. We can help you navigate the advantages of Medicare to find the plan which meets your healthcare needs and fits your lifestyle and budget.
Medicare Supplements, also called Medigap, is supplemental insurance that is designed to cover healthcare costs not covered by Original Medicare. Medicare Supplements are available through private insurance companies and differ from Medicare Advantage. When you enroll in a Medicare Supplement plan, Medicare pays its share of the approved amount for healthcare and your Medigap plan helps cover the remaining , coinsurance, and copayments. Some Medicare supplements cover additional services like healthcare when traveling outside of the United States. If you are concerned about the associated costs with Medicare, Burchfield Insurance can help you choose the Medicare Supplement Plan that is right for you.
Medicare Part D
Medicare Part D is prescription drug coverage available to those who have Medicare. Part D can be added as stand alone coverage alongside Original Medicare, or can be obtained as part of a Medicare Advantage plan. In some cases, failure to enroll in a Part D plan when you are first eligible can result in permanent penalties. Our team can explain this additional Medicare coverage and help you choose prescription drug plan that is right for you.