Don’t let out-of-pocket costs affect your long term plans
After the age of 65, one may likely need more medical care than before. That means more visits to the doctor, more prescriptions, more trips to the hospital, and potentially home health care or assisted living.
It also means more options.
For more than 50 years, Medicare has provided health coverage for Americans over the age of 65. President Lyndon B. Johnson signed the legislation into law in 1966 and Harry Truman and his wife, Bess, were the first Medicare recipients. Truman was the first president to propose national health care 20 years earlier.
And Medicare continues still today. This health care program currently serves more than 60 million people.
Original Medicare (Parts A+B)
Part A (Hospital Insurance) covers inpatient hospital stays, limited home health care and limited care in a skilled nursing facility, and hospice care. Medicare pays 80% of this cost while you cover 20%.
Part B (Medical Insurance) covers specific doctors’ services, outpatient care, medical supplies, and preventative services. Medicare pays 80% of the cost, while you pay 20%.
Part A and Part B will not cover all of your medical expenses. Medicare Supplement plans are available to cover out-of-pocket costs from Original Medicare Insurance.
Part C is usually an HMO or PPO and is NOT a Medicare Supplement. They are network organizations.
Part D is prescription coverage. Part D ONLY covers prescriptions.
Medicare Supplement Plans
Medicare Supplement plans typically pay the 20% that Medicare does not. Today’s Medicare Supplement plans include F, G, high-deductible G, and N. Medicare Supplements allow you to choose any doctor or any hospital in all 50 states. In other countries, Medicare Supplements pay 80% of medical expenses.
Protect your medical care, your savings, and your family by purchasing a Medicare Supplement insurance plan. Phyllis Titko Insurance can help you assess all of your options.
Contact Phyllis Titko Insurance today for more information on Medicare and Medicare Supplements.
Plan F
- Covers Part A co-insurance and hospital costs
- Covers Part B co-insurance or co-payment
- Covers blood (first three pints)
- Covers Part A hospice care co-insurance or co-payment
- Covers co-insurance for a skilled nursing facility
- Covers Part A deductible
- Covers the Part B deductible
- Covers Part B excess charges
- Covers 80% foreign travel emergency
Plan G
- Only differs in that it does not pay the Part B deductible, under $200 per year
Plan N
- Differs only in that it does not pay the Part B deductible, under $200 per year
- You pay Zero up to $20 for doctor visits and $50 for ER visits)
- DOES NOT Cover Part B excess charges
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