The world of Medicare is challenging to navigate, even on a good day. Thankfully, Corey Shader, CEO, and Founder of Insurance Pipeline, Inc., is here to explain the basics of each major part of Medicare and help you find a plan that suits your needs.
Medicare Part A: Hospital Insurance
Medicare Part A is a free premium for Americans age 65 and over who paid Medicare taxes for at least ten years. It covers the following services:
- Hospice care
- Nursing facility care
- Some home health care needs
- Inpatient hospital care
Although Medicare Part A is free, it does require you to pay a deductible when you need hospital care. You may have to pay the deductible multiple times in one year if you go to the hospital more than once, and your copay could increase if you stay longer than 61 days.
Medicare Part B: Medical Insurance
Medicare Part B is what most of us think of when we consider healthcare coverage. It helps cover the cost of doctor’s visits, medical equipment, home health visits, mental health services, outpatient care, and preventative services like cancer screenings.
In most standard cases, the premium for Medicare Part B is $144.60 per month as of 2021 but could vary based on your income. There is also a 20% copay for most services.
Medicare Part C: Medicare Advantage
Medicare Advantage acts as a sort of all-in-one package that gives you broad range coverage and limits how much you pay out of pocket each year. It is often a better choice than Medicare Part A and Part B together, plus it covers most prescriptions, so there is no need for Medicare Part D (more on that in a moment). Advantage, in most cases, includes Part D, and Medications within plan’s formulary are covered. If a certain medication is not in the formulary of the plan, extra steps can be taken with a physician to attempt to get the medication covered by the plan.
What’s confusing about Medicare Advantage is all the decisions you will need to make depending on your individual circumstances and needs. Usually, if you need a less expensive plan, you will need to stay in-network. There are also plans available from HMOs, PACE, PPOs, MSAs, and SNPs. If you have or want Medicare Part C, but you’re overwhelmed with all your options, Insurance Pipeline Inc. can help.
Medicare Part D: Prescription Drugs
If your retirement plan doesn’t cover your prescription costs, you may also need to consider Medicare Part D. Medicare Part A and Part B do not include prescriptions, so even opting for these two plans isn’t enough. Part D has various options that change yearly, so if you choose this coverage, it’s best to go over everything with a specialist to get the best rates for your situation.
Get the Right Coverage for You
Even with this basic breakdown of the various Medicare plans, it’s normal to feel confused and stressed about your options. Because it’s a decision you don’t want to take lightly, listen to the advice provided by Corey Shader, founder, and CEO of Insurance Pipeline, Inc. His knowledge in the field can make the decision-making process a lot smoother and ensure you get the coverage you need.
About Corey Shader
Corey Shader is a self-made entrepreneur, consultant, investor, real estate developer, and founder of several companies, notably Insurance Pipeline. Operating primarily out of Ft. Lauderdale, Corey’s endeavors span across the nation, consulting for start-ups, and sitting on the board of digital media and senior healthcare agencies. As a consultant, Corey helps young businesses develop sales funnels and maximize profitability. Shader takes pride in challenging others to push themselves to be their very best — he believes in constant self-improvement, inspiring others through sharing his own life experiences.