Medicare Insurance
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Medicare Insurance
What is to know?
Who is qualified – If you or your spouse have put in at least 10 years’ worth (or 40 quarters’ worth) of labor and Medicare Tax. When do you qualify?
Unless your birthday falls on the first of the month, in which case Medicare will take effect the month before you turn 65. Some disabled adults under the age of 65 may qualify for Medicare. These people must either have End Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS, popularly known as Lou Gehrig’s disease), or they must have earned Social Security Disability benefits for 24 months.
Enrolling in Part B should be done no later than four months before the month of your delivery, as it might take up to sixty days for Medicare to provide the insurance.
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Medicare Part A – What does it cover?
Includes skilled nursing, home health, hospice care, and hospitals.
Your Medicare tax, which you paid while working, was used to cover this premium.
Hence, you are now automatically registered in Part A on the first of your birth month and pay NO extra fees.
(There are deductibles and copays) - Medicare Part B –
- Medicare Part c-
- Medicare Part D-
- Medicare Supplements –
Includes durable medical equipment, preventive care, clinical research, and medically essential services.
The average cost of Part B in 2020 is $144.60; those with low incomes may be exempt from paying this amount, while those with high incomes would pay more (deductibles & copays apply)
Programs for Medicare Advantage offered by Insurance Companies –
These plans may also include Part D, but they must offer the same services that Medicare Parts A and B cover.
Many of these programs provide extra advantages that Basic Medicare does not provide.
The insurance provider would be the network!
You must maintain your Medicare Part A and B enrollment.
Coverage for Prescription Drugs by Insurance (deductibles & copays apply)
Insurance firms provide these plans, which integrate with Original Medicare and use the Medicare provider network.
The richest plan for people who will be eligible for Medicare before January 1, 2020 is Plan F (pays 100% of the co-pays and coinsurance of Part A & B and covers Excess). These plans have letters A-N.
The best option for those entering Medicare on or after January 1, 2020 is Plan G, which functions similarly to Plan F with the exception that the Part B Deductible is required.
- There will be a special enrollment period (Part B January–March with July effective) and a penalty for each month you were not enrolled if you are not enrolled in a large employer group health plan and do not choose Part B & Part D when you are eligible. This penalty will apply for the rest of your life.
- Part C & Part D –After your initial enrollment, open enrollment runs from October 15 to December 7 every year, with the plan going into effect on January 1st. Medicare Supplements are medically underwritten, and after the first six months of Part B’s implementation, you may be denied coverage due to health issues.
- Understand your options – It’s crucial to be aware of all of your options because they may have long-term effects on you. Does it truly make sense for you to continue on the group insurance plan? It might not be wise to continue on a group plan just because your spouse is covered by your employer’s plan.
- We are available to assist, and there is no fee for our assistance.
- 404.434.5613
- sal@diversifiedinsuranceusa.com
- PO Box 768875 Roswell Ga 30076