Since July 1965 Medicare has been providing healthcare to people 65 years and older no matter what their medical history or income. Today more than 60 million Americans are covered by Medicare. In 1980 Congress brought Medicare supplemental insurance under government oversight. Today seniors have choices about the type of Medicare coverage they want. At Moon – Baker Insurance Agency Inc. in Ada, OK we understand Medicare coverage is confusing, and having an insurance agent you trust can help with the decision-making process.
Medicare is not just one simple insurance policy. It has different parts with different requirements. You can choose from Original Medicare and a Medicare Advantage Program. You can only purchase a Medicare Supplemental Policy with original Medicare. Original Medicare has two parts:
- Part A which you receive free of cost covers inpatient hospital stays, hospice care, surgery, lab tests, and in-home health care. Skilled nursing care is also covered but not long term.
- Part B is medical coverage and you pay for it every month depending on your income. Coverage includes doctor’s visits, in-home care, outpatient care, and durable medical equipment.
Medicare covers 80% of the negotiated costs of these services. It also has a yearly deductible that must be met. For the costs to be covered the provider must accept the rate that Medicare will pay. Original Medicare does not cover prescription costs. This is Part D coverage which you are mandated to buy under threat of a lifelong penalty.
Medicare Part F
The reason why you need Medicare Supplemental Insurance is to pay the 20% that is not covered by Original Medicare. Many different companies offer these plans and they cover part or all of the 20% not covered.
Contact Moon – Baker Insurance Agency Inc. in Ada, OK to make an appointment to discuss your insurance needs.