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How Does Medicare Work?

Introduction

Medicare is a federal health insurance program that provides benefits to people with Medicare eligibility. The program was established in 1965, and it's not tied to employment or any particular business. It's mostly funded through a combination of payroll taxes paid by employers and employees and general tax revenues.



Who's Eligible For Medicare?

You're eligible for Medicare if you:

● Are age 65 or older

● Have been receiving Social Security disability benefits for 24 months or more, and are younger than 65 (for people with disabilities)

● Are under age 65 and have permanent kidney failure

The program is not available to people who are younger than 65 and have not been on Social Security disability.

Enrollment Period

Medicare enrollment periods are open for a specific time, and you can enroll during any open enrollment period. You can also enroll at any time during the year if you miss the initial enrollment period.

Enrollment periods are designated by the Centers for Medicare & Medicaid Services (CMS) based on a calendar year, not on when your birthday is or how old you will be in that calendar year. Each month, CMS announces two different open enrollment periods: one for new beneficiaries who qualify for Medicare Part B or Part D and one for people who currently receive benefits from Medicare but not from Social Security yet.

If you fail to meet these deadlines, there's still hope! If it's less than three months before your 65th birthday or less than seven years after getting disabled (if applicable), then there are special circumstances called "special enrollment."


Medicare Parts

● Medicare Part A helps pay for inpatient hospital care and hospice care after you’ve met the annual deductible.

● Medicare Part B helps pay for doctor's services, outpatient hospital care, and other medical services (lab tests, x-rays, etc.) that may not be covered by Part A. Most people must enroll in Part B unless they qualify for certain exemptions. The premium cost of this part will depend on your income level and where you live.

● Medicare Part C plans are private health insurance plans offered by private insurance companies approved by Medicare under its contract with the Health Insurance Marketplace. You must select a plan during open enrollment or when you lose coverage due to certain life events such as getting married or divorced. If eligible, you can also switch between different types of Medicare Advantage plans during an Annual Election Period (AEP). For example, if an individual has a chronic health condition that requires specialized treatments such as kidney dialysis therapy he/she would most likely enroll in an HMO type plan rather than a PPO type because it would provide better access and lower out-of-pocket costs associated with treatment specific needs over time.* Some MA plans require co-pays but others do not have any monthly premiums so consumers should carefully consider which type best fits their needs before signing up. For more info, you can go to https://www.aetnamedicare.com/en/for-members/member-faq.html


How To Get Help Choosing A Medicare Plan?

Your doctor is a valuable resource, as they are familiar with your medical history and can help you make decisions that will have the most significant impact on your health. If you don't have a primary care physician yet, ask friends and family for recommendations. The library and local health centers are also good places to start.

You can find out more about choosing a plan by calling the State Health Insurance Assistance Program in your state (look under 'assistance' or 'health insurance). They will be happy to answer any questions you have! You should also try contacting your local hospital or health center; they may have resources available that offer specific guidance on this subject. Finally, checking with an insurance broker or agent is another option worth considering!


Feeling overwhelmed by the thought of choosing a Medicare plan? You aren't alone. We have some tips to help you feel at ease. If you're feeling overwhelmed by the thought of choosing a Medicare plan, you aren't alone. We have some tips to help you feel at ease.


Conclusion

So, how do you choose a Medicare plan? If you’re like most people, you might feel overwhelmed by the thought of it. But don’t worry! We have some tips to help guide you through this process. First, make sure your doctor accepts Medicare (or is willing to accept it). Second, go online and search for plans that offer coverage in your area—but also look up any out-of-network benefits so you know what services will be covered when visiting those doctors. Thirdly and finally: consider whether or not there are other factors involved (like cost) before deciding on which plan best fits your needs!


About Preferred Senior Benefits in Meridian, Idaho

Medicare is a federal program that provides healthcare coverage to individuals 65 years or older. Original Medicare coverage is broken into two parts - Part A and Part B - and is accepted by nearly every doctor and hospital in the country. Medicare Part A covers inpatient or hospital stays, while Part B covers outpatient or medical care. Together, Part A and B cover about 80% of the typical healthcare costs seniors face. This leaves a few significant gaps in coverage. Medicare Supplement (Medigap) and Medicare Advantage plans are policies designed to help extend coverage, lessen costs and ultimately give beneficiaries peace of mind. If you or someone you know would like more information about how to enroll in Original Medicare or one of the Medicare Advantage plans, call now to speak with a licensed agent (208) 818 2523. We cannot wait to help you learn about your options.

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