Knowing the Basics of Medicare Can Save You Big Money

Medicare Parts A and B: Understanding What’s Covered

Medicare, the federal government’s health insurance program, can be a complicated subject if you don’t know the basics of what’s covered and when you qualify. If you’re age 65 or older, under age 65 with certain disabilities or of any age with End-Stage Renal Disease (ESRD), which is permanent kidney failure requiring dialysis or a kidney transplant, you qualify for Medicare. You’re probably being pummeled with Medicare literature in the mail, but what’s really covered? The topic is overwhelming, thanks to the complicated coverage policies.

There are limits to what Medicare will or will not pay, so it’s in your best interest to stay informed. It’s outlined by service, benefit, coverage and the cost to you. Coverage is based on three factors: federal and state laws, national coverage decisions made by Medicare about whether something is covered and local coverage decisions made by companies in each state that process claims for Medicare. (These companies decide whether something is medically necessary and should be covered in their area.)

Watch the interview on the basics of Medicare with Curt Chojnowski, Principal at Executive Benefits Group and Medicare specialist. Curt has more than 20 years of experience in the industry and focuses on the ins and outs of Medicare coverage. http://rightonthemoneyshow.com/knowing-the-basics-of-medicare-can-save-you-big-money-curt-chojnowski/

With Part A Hospital Insurance, you usually don’t pay a premium because you or your spouse already paid for it throughout their payroll taxes when they were working. Part A helps cover inpatient care in hospitals, including critical access hospitals and skilled nursing facilities (not custodial or long-term care). It also helps cover hospice care and some home health care, but beneficiaries must meet certain conditions to get these benefits.

With Part B Medical Insurance, most people pay a monthly premium. Part B helps cover doctors’ services, outpatient care and some other medical services that Part A doesn't cover It’s clearly defined what Medicare Parts A and B cover, so it’s up to you to plan accordingly when it comes to your retirement strategy how and when to utilize your Medicare benefits. Be sure to enroll, because there are great benefits available to you. Also, seek the assistance of an independent insurance professional with access to the correct information about the market, cost, benefits and provisions. You want to ensure the details are right in order to choose the right Medicare plan.