What is Medicare?
Medicare is a government run program providing healthcare for senior citizens and certain disabled individuals eligible to collect Social Security benefits. All U.S. citizens and legal residents who have paid into Medicare for at least tens years automatically qualify for Medicare Part A & B. Individuals, however are only automatically enrolled in Medicare, if receiving Social Security benefits. If not receiving, then you must proactively enroll in Medicare to avoid late penalty fees.
Upon turning 65 years of age you have a total of seven months to enroll Medicare Plans A, B & D with the ability to waive Parts B & D only if there is creditable coverage elsewhere. Part D Prescription Drug plans are offered through private insurance carriers contracted with Medicare and cannot be obtained without being enrolled in Part A.
Medicare Part C or Medicare Advantage (MA) plans that vary by geographical area and are offered through private insurance carriers. MA plans are designed to fill in all that original Medicare plans A&B do not cover and offer additional benefits such as dental, hearing and vision. MA plans are also offered with Prescription Drug Plans and are referred to as MAPD plans. You must be enrolled in Parts A & B in order to obtain Parts C & D.
Medigap policies or Medicare Supplement plans is another type of plan offered through private insurance carriers that provides coverage for up to 80% of what Medicare covers and has a Maximum Out of Pocket for the 20% that you are responsible for. This plan does not include Prescription Drug coverage and a Part D standalone policy would be required.
ING Insurance Services represents a variety of leading insurance carriers that are contracted with Medicare so that we can offer the right plan for your needs.
Contact us today for a discussion about Medicare and
what plan is right for you.