Welcome to our new Medicare Blog. We work with clients in and around Winchester, VA, Martinsburg, WV and Charles Town, WV. The purpose of this page is to educate our clients and the community about medicare and to introduce different paths to obtain medicare coverage. Let’s start with the basics. Let’s talk about ORIGINAL MEDICARE today:
Turning 65 soon and wondering what are your health coverage options? Already receiving so many letters in the mail that make you confused? Original medicare is managed by the federal government and provides you with coverage to access hospitals, doctors and other healthcare providers that accept medicare.
Original Medicare is a health insurance for people
● Age 65 and older ,
● Under age 65 with certain disabilities that have received social security disability benefits for 24 months, and
● Any age with end stage renal disease
There are 2 parts to Original Medicare:
● Medicare Part A: Hospital Coverage
● Medicare Part B : Outpatient medical services Like doctor visits
You can sign up to receive Medicare Part A and/or Part B during your initial election period. This period is a 7 month window, which starts 3 months before, the month of , and 3 months after your part B effective date, which for most people is the month of their 65th birthday.
How much does it cost to sign up for original medicare? For most people, medicare Part A is premium free as long as you or your spouse have worked and paid medicare taxes for at least 10 years (40 months) during your lifetime. Medicare part B has a premium. Part B premium depends on your income, but most people will pay the standard premium amount. This amount for 2020 is $144.60.
Original medicare has NO networks. This means you can visit any doctor or specialist or go to any hospital or any other healthcare facility around the country, as long as they accept medicare eligible patients. That is a Great news!!!
On the other hand, there is NO maximum out of pocket amount for medical expenses when you obtain medical care through original medicare. This means your cost for medical services can add up and turn into a huge financial debt . NOT so good!!
One last fact on this subject: Although some of your outpatient prescription drugs administered by your provider in a healthcare setting are covered under medicare part B, generally, original medicare does NOT cover prescription drugs. Therefore, in order to have coverage for your prescriptions, you need to purchase a separate prescription drug plan (Part D) through private insurance companies
Have more questions? We are here to help you select the right insurance plan based on your medical needs. Call us today at (540) 877- 5846 to speak with Brian or one of our Insurance agents or visit our website :www.brianknowsmedicare.com to obtain more information.