Bravera Bank
As retirement approaches, questions about Medicare are common. Often, people find Medicare elusive and confusing, but it doesn’t have to be! Understanding Medicare requires you to forget everything you thought you knew about health insurance and simplify it.
Let’s break down what Medicare is, what makes up its different parts, and what other options could be available to you.
Medicare is a federal program for individuals who are turning 65, are disabled, or have end-stage renal disease. Some individuals get Medicare automatically, but others must sign up. This can depend on whether they start receiving retirement or disability benefits from Social Security before age 65.
Part A covers stays in hospitals and nursing homes, home health care, and hospice care. Part A is provided at no cost to most individuals.
Part B is essentially medical insurance, covering doctor’s visits, preventive care, and supplies needed for medical care. The cost for Part B coverage is based on your income.
Part D is prescription drug coverage. Even if you aren’t currently taking any prescription drugs, you should still enroll when you are first eligible or you could be subject to an indefinite penalty.
Medicare Parts A and B are commonly referred to as Original Medicare. A federal agency called the Centers for Medicare & Medicaid Services runs the Medicare program.
In addition to what is covered under Original Medicare, you can also opt for additional coverage such as a Medicare Supplement or a Medicare Advantage plan (also known as Part C). These policies are offered through private insurance companies contracted with Medicare and help to cover gaps in coverage, offer extra benefits like vision, hearing, and dental services, and can help cover costs that you would typically be responsible for, such as co-pays and, in some cases, deductibles. Your options could depend on the county you live in as not all plans are offered in all counties.
Do you still have questions? Our Individual Benefits Account Executives are well-versed in Medicare, the options you have, and have a passion for helping to find the right plans to meet your needs.
Click here to learn more about common Medicare scams and how to protect yourself.
Questions about insurance?
Contact one of our insurance advisors by calling 800-225-9104 or by contacting us online. You can also request a quote online.
Bravera Insurance has locations throughout North Dakota and Montana. We are licensed in 38 states with multiple areas of expertise.
Bravera Insurance is an equal opportunity provider. Products and services offered through Bravera Insurance are: * Not a deposit * Not FDIC insured * Not insured by any federal government agency * Not financial institution guaranteed