What You Need to Know About Medicare

Medicare is the most common form of health insurance for individuals 65 and older in the United States. According to state demographics, there are over one million beneficiaries in North Carolina alone. Eligibility to apply for Medicare begins 3 months before you turn 65 and possibly earlier depending on your individual medical conditions. Understanding what your options are when it comes to Medicare is an important part of making sure you have the coverage you need. 

Medicare is based on your personal needs—different plans are available to cover a variety of health necessities. This short blog post will help you get started with what these plans are and what they mean for you while making decisions regarding your healthcare as you age. 

There are two general Medicare options available that offer a variety of different coverage levels. These two options are called Original Medicare and Medicare Advantage. These plans are made up of combinations of Part A, Part B, Part C and Part D. 

Part A: Part A covers inpatient hospital care. This includes nursing facility care, hospice care and home health care. 

Part B: Part B acts as Medical Insurance and covers outpatient care as well as visits to the doctor, home health care, durable medical equipment and other preventative services such as vaccines, screenings and wellness visits. 

Part C: Part C is available through the Medicare Advantage plan and is a Medicare-approved bundle of Part A, B and D from a private company that is an alternative to Original Medicare. 

Part D: Part D is a Medicare drug plan that helps to cover the cost of prescription drugs. Medicare.gov explains that “You join a Medicare drug plan in addition to Original Medicare, or you get it by joining a Medicare Advantage Plan with drug coverage. Plans that offer Medicare drug coverage are run by private insurance companies that follow rules set by Medicare.” 

Original Medicare and Medicare Advantage are different in their levels of coverage. Because Medicare Advantage is through a private company, it is only available with doctors that are within the plan’s network. Alternatively, Original Medicare is accessible at any doctor or hospital in the U.S. that accepts Medicare. 

Medicare Advantage tends to have lower out of-pocket costs than Original Medicare and allows access to additional services that Original Medicare does not cover such as dental, vision and hearing care. If you opt for Original Medicare, you can still have access to these services through an additional insurance called MediGap that is available through a private company. 

Whatever your needs, remember that the team at Hillsborough Wills & Trusts has the expertise to help you Build Your Circle of Security through strong legal documents and good counsel. We are here to help you succeed! Call us at 919-245-8440 or contact us at: https://hillsboroughwills.com/contact.