Medicare
Purchasing Medicare insurance can be a challenging task. With all the dynamic laws governing health insurance and increasing government influence on health insurance, finding an insurance agency that helps you break down your health insurance needs can be one of the best decisions you will ever make. Are you a resident of Minnesota and looking for Medicare insurance? Don’t look beyond Insurance Lab. We have the right Medicare insurance plan to fit your needs and budget.
But before going far, let’s handle the basics first.
What is Medicare insurance?
It’s a social insurance program sponsored by the federal government, which focuses primarily on senior citizens (adults of 65 years and above) to cover their health care costs. It also covers some young folks receiving Social Security disability benefits.
What are the different parts of Medicare?
This is where things can get a bit tricky. Medicare is offered in three options:
- Original Medicare: Has Part A (Hospital Insurance) and Part B (Medical insurance). It also includes Part D and the possibilities of a Medigap. This option enables you to visit any doctor or hospital in the US as long as they accept Medicare.
- Part C (Medicare Advantage Plan): Gives an option to people to access Medicare benefits. It’s provided by private insurances and consists mostly of HMO and PPO health plans.
- Part C (Medicare Advantage Plan) and Part D: Part D includes prescription drug coverage.
When can I enroll for Medicare?
If you are receiving Social Security benefits, you will automatically be enrolled for Medicare Part A and B. Otherwise, you need to make an application for Medicare. The ideal time depends on your situation, but you are likely to fall under the below options.
The first time you enroll for Medicare insurance, it’s called the Initial Enrollment Period (IEP), which is seven months. Your IEP usually:
- Commences three months before the month of your 65th birthday
- It is inclusive of the month you turn 65
- It ends three months after the month of your 65th birthday
Does Medicare cover all my costs?
Medicare covers part of your health costs. Depending on your plan, you might have to go into your pocket to pay for deductibles, premiums, coinsurance, and copayments.
As you can see, understanding Medicare can be daunting. That’s why you need an insurance agency like Insurance Lab located in Minnesota to digest health insurance information for you. And that’s not all. If looking to purchase Medicare insurance, we are the go-to agency for personalized plans.
