Sunday, September 24, 2023

What is Medicare Insurance?

October 28, 2020 by  
Filed under Business, Health, News, Opinion, Weekly Columns

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( Chances are, you have heard about Medicare at some point. You may know that it is a form of insurance coverage for people over a certain age or who have certain disabilities. You may also know that it is a program offered by the federal government. These things are all true. But what you may not know is that Medicare only covers 80% of healthcare costs. You are responsible for the other 20%.

Furthermore, there are some healthcare costs that simply are not included in Medicare plans. So what happens if you need a procedure and can’t afford the 20%? What happens if you cannot pay what the insurance company says is your part? The results can be disastrous to your financial health.

So what can you do? This is where Medicare insurance comes in. But first, let’s review what Medicare is.


What is Medicare?

Medicare is a federal health insurance program that is available in the United States. Medicare is available to people over 65 years old, younger people with disabilities, and adults who have End-Stage Renal Disease (ESRD). There are four types of Medicare:

  • Part A: Individuals who earn Part A by working can be covered for hospitalization, home health, and hospice. If you did not earn Part A, it is around $400 per month to enroll.
  • Part B: Individuals who turn 65 or have received Social Security Disability Income (SSDI) for at least two years may qualify for Medicare Part B. Part B covers 80% of healthcare costs that are not considered hospital care. Part B is around $100 per month for qualified individuals.
  • Part C: If you have Part A and Part B, you may be eligible for Part C benefits. Part C is health insurance offered by a private insurance company. With this plan, you have additional benefits that Medicare doesn’t offer, such as dental and vision coverage. Many states have Part C coverage with a $0 premium.
  • Part D: If you have Part A or Part B, you likely qualify for Medicare Part D. This coverage is specifically for prescription drugs. Generally, the premium for Part D is around $40 per month.

You can learn more about qualifying for Medicare and coverage by visiting the Healthcare Marketplace, contacting individual insurance companies, or by visiting

What is Medicare Insurance?

Medicare insurance is a type of insurance that covers the 20% of healthcare costs that Medicare does not cover. A Medicare Supplement Insurance like Medigap helps pay for healthcare costs that Medicare doesn’t cover, including:

  • Copays
  • Deductibles
  • Coinsurance
  • Vision
  • Dental
  • Prescription Drugs
  • Hearing Aids
  • Long-Term Care

Some Medigap policies also cover things that Medicare doesn’t, such as travel insurance.

Many companies offer Medicare insurance coverage, including major insurers like Anthem, Humana, and Cigna. Each company has its own processes for applying and managing your coverage. It is recommended that you carefully review your options before purchasing Medicare insurance.

Need Help Getting Medicare Insurance Coverage?

If you need help getting Medicare insurance coverage started, you may find it helpful to speak with an insurance agency in your area. An independent insurance agent can help you choose the best plan for your needs. A skilled insurance agent will also be able to identify any discounts or savings you may qualify for.

Staff Writer; Gary Adams

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