Medicare - Health Insurance

Medicare is a health insurance program that was established in 1965. There are several parts of Medicare (A, B, C, D) which cover different procedures in the health insurance arena.

Medicare Part A is commonly referred to as Hospital Insurance since it covers hospitilization, skilled nursing care, and hospice coverage. This portion of is usually free, but for those who have not worked 40 quarters will be responsible for a premium.

Medicare Part B is known as Medical Insurance. This covers your doctors, specialists, outpatient procedures and many other things. You will be responsible for a premium of roughly $100 per month and possibly an additional premium (penalty) if you are a high income earner. For those receiving extra help or Medicaid you will usually not have to pay for Part B.

Part C is known as a Medicare Advantage Plan (MA). This coverage is offered by private insurance companies and will act as your Medicare coverage. You will not lose your Medicare coverage if you enroll in this plan but this will be your primary coverage if you chose this route. You do not need a Medigap Policy if you enroll in Part C.

Part D is known as the Prescription Drug Coverage. This coverage is also offered by private insurance companies but you are required to enroll in a Part D plan or there will be a penalty that you are required to pay. These plans usually change each year so make sure to review your options through October 15th and December 7th.

Medigap policies help supplement the deductibles, co-pays, and co-insurance that goes along with Medicare. Medicare Insurance Finders will give you a quote online by clicking the get a quote now button. This is the most advanced tool on the web for comparing Medicare Supplement plans.

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