The novelties this year on Medicare market are two, but let's first reiterate the concepts of importance:
1. The original Medicare we get after the age of 65 includes parts A and B.
2. Part A is free of charge and covers hospital expenses. Part B is paid, approximately $ 125 per month if it's purchased at the age of 65. Parts A and B cover 80% of treatment costs, 20% is our responsibility.
3. Part B is not mandatory, but if it is not purchased at the age of 65, it will be fined. These fines can only be avoided if your income is very low and you qualify for full Medicaid.
4. Part D is for medicines and is being offered from private insurance companies. It also collects fines if it is not bought in combination with another product or alone at the age of 65.
5. Part C is offered by private insurance companies and covers parts A and B, and typically includes part D or other incentives. It can cost $ 0 and reach over $ 200 a month. It always offers more services than A and B, but there are specific networks of doctors and hospitals to use. Networks may be PPO (PPO) or HMO (HMO).
6. Medicare Supplements are products that aim to eliminate our 20% co-pay responsibility, keeping access to the entire network of doctors accepting Medicare. They have different prices and are also offered by private insurance companies. They do not offer more coverage; they only claim to eliminate parts or all of these 20% of our responsibility. These insurances can be bought throughout the year. They cannot be combined with part C.
• The new one for this year is that insurance companies offering Part C will include products where B is paid by Medicaid. This means that if the Medicaid program has fully paid the Part B payment, we can get involved in C: Enriching our coverage and making it more desirable for network service providers and doctors. Drugs or so-called part D are also included in the coating and do not have to pay extra for them.
• The other new offer is also for part C. It is a new product for our state market called Medicare Advantage with a Medical Saving Account (MSA). This product is with high deductible but after January 15th will deposit $ 2,500 in enrollee’s medical savings account. I think it is suitable for people in good health who are looking rarely for medical services and are in good financial condition. It does not include part D-medication coverage. This product also allows you to use the entire Medicare network: every provider who accepts Medicare.
Remember that the enrolment and changes for 2019th time is limited. Special enrolments in some cases apply as well. For questions, call and/or text me (773) 742-6626, the phone only (773) 988-7608.