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Retirement planning in Washington IL

Medicare Insurance

What is Medicare?

Medicare is a federal health insurance scheme designed primarily for individuals aged 65 and above. It's also accessible to some individuals under 65 who have disabilities, as well as those suffering from end-stage renal disease (ESRD)—a condition of permanent kidney failure that necessitates dialysis or a transplant. Medicare encompasses various segments that cater to distinct medical needs, including hospitalization, physician services, and prescription medications. For a detailed understanding of what Medicare Parts A, B, C, and D offer, continue reading below.

Life insurance in Washington IL

What Medicare Covers?

Hospital Insurance

Medicare Part A is one of the four parts of Medicare, the United States' federal health insurance program for people aged 65 and older, some younger people with disabilities, and people with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant). Part A is known as hospital insurance and covers inpatient hospital care, skilled nursing facility care, hospice care, and some home health care services.

Medicare Adventage

Medicare Part C, also known as Medicare Advantage, is an alternative way for Medicare beneficiaries to receive their Medicare Part A (hospital insurance) and Part B (medical insurance) coverage. Medicare Advantage plans are offered by private insurance companies approved by Medicare. These plans must provide at least the same level of coverage as Original Medicare (Part A and Part B), but they often include additional benefits that Original Medicare does not cover.

Presciption Drug

Medicare Part D is the prescription drug coverage component of Medicare, the federal health insurance program in the United States. Established under the Medicare Modernization Act of 2003, Part D provides outpatient prescription drug coverage to Medicare beneficiaries who choose to enroll in this optional program. Part D is offered through private insurance companies that have contracts with the federal government, and it is available to anyone who has either Medicare Part A and/or Part B.

Medicare Supplement

Original Medicare, Part A and B, pays for many of your health-care services and supplies, but it doesn’t pay for everything. That’s why you may want to consider getting a Medicare Supplement plan, also called Medigap. Unlike Original Medicare, a Medicare Supplement plan is offered through private insurance companies. These Medigap plans help pay some of the hospital and medical costs that Original Medicare doesn’t cover, such as copayments, coinsurance, and yearly deductibles.
Some Medicare Supplement plans also help pay for a few services that Original Medicare doesn’t cover, such as emergency overseas travel coverage or Part B excess charges. Two out of ten Medigap plans include a yearly out-of-pocket limit, which Original Medicare doesn’t include. Basically, a Medigap policy fills the “gaps” in Original Medicare coverage.

Life insurance in Washington IL

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