Medicare
Once you reach age 65 — or if you have certain disabilities — you may be eligible for Medicare. Medicare
helps pay for health care and is divided into four parts.
| Part A |
- Free to eligible recipients.
- Helps pay for in-hospital care; provides services associated with hospital and hospice care; limited coverage for skilled nursing and home health care.
|
| Part B |
- Covers physician services and outpatient hospital care.
- Enrollees pay a monthly premium and sometimes a deductible, co-payment or coinsurance, and pay amounts doctors may charge that are in excess of what Medicare covers.
|
| Part C |
- Known as Medicare Advantage and allows participants to purchase coverage from a private health insurance company that has contracted with the federal government to offer Medicare benefits.
- Participating insurers may offer Medicare beneficiaries coverage through fee-for-service plans, managed care plans (such as HMOs) and preferred provider organization (PPO) plans.
|
| Part D |
- Optional prescription coverage purchased through a private health insurance company that has contracted with the federal government.
- Enrollees pay a monthly premium and deductibles, co-payments or coinsurance may also apply.
- Coverage may end at a certain point, only to begin again if your prescription expenses reach significant levels.
- Coverage limits are set each year by the federal government.
|
Note: For additional information about Medicare coverage, call the Medicare Choices Helpline at (800) 633-4227.
What Is A Medigap Policy?
Medicare beneficiaries often are asked to pay out-of-pocket costs to cover gaps in the coverage provided by the
federal government’s health insurance program. Many rely on Medicare supplement insurance, or a “Medigap” policy,
to cover some or all of those gaps. However, you may not need a gap policy if your employer or former employer is
still providing you health benefits as that health plan may already act as a Medigap policy. Check with that plan
to find out. If you are paying premiums for that plan, you may want to compare the benefits and cost of that plan
against a Medigap policy.
Medicaid
Medicaid is for individuals with limited incomes and resources. Medicaid is a joint federal and state public assistance
program and the rules vary widely from state to state. Check with your state to learn about the rules in your area. For
more information about Medicaid, visit www.cms.hhs.gov.
State Children’s Health Insurance Program (SCHIP)
Your children may be eligible for health insurance under Medicaid or the State Children’s Health Insurance Program (SCHIP),
which provides health insurance for children whose family incomes are too high to qualify for Medicaid but who cannot
afford private health insurance.
For little or no cost, the program pays for physician visits, immunizations, hospitalizations and emergency room visits.
States have different eligibility rules, but in most states, uninsured children under the age of 19 whose families earn
up to $36,200 annually (for a family of four) are eligible.
To find out more about your state’s program, call (877) 543-7669, or visit www.insurekidsnow.gov/states.asp.
|
Auto
Insurance
Auto
Insurance
Previous