Explaining the Basics of Medicare
What Exactly is Medicare?
DID YOU KNOW: In 1966, Medicare spurred the racial integration of thousands of waiting rooms, hospital floors, and physician practices by making payments to health care providers conditional on desegregation!
FACT: President Harry Truman and his wife became the first recipients of Medicare!
Medicare Part A
With that said, Medicare Part A is pretty comprehensive but there are several gaps in coverage that you might want to consider. Medicare Part A had an inpatient hospital deductible of $1408, coinsurance per day as $352 after 61 days confinement within one “spell of illness”, coinsurance for “lifetime reserve days” (essentially, days 91-150 of one or more stay of more than 60 days) of $704 per day. There is a little more to these deductibles so take a look at the chart below. There are also deductibles for skilled nursing stays, limits on coverage for blood transfusions, durable medical equipment (covered under Part B), and more. To understand your coverage gaps and how to get the most out of your Medicare benefits, schedule some time to meet with one of our licensed insurance agents or give us a call at 623-777-3315.
Medicare Part B
While there is a lot more to Medicare Part B, you can see that it does not cover everything, and it can leave you with a substantial out of pocket liability.
Need help understanding Medicare?
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Medicare Part C
Medicare Part D – Prescription Drug Plans
DID YOU KNOW: Medicare Part D wasn’t established until 2003!
Medicare Enrollment Period
Initial Enrollment Period (IEP)
7-Month “Turning 65 Election Period
Annual Enrollment Period (AEP)
October 15 – December 7
Open Enrollment Period (OEP)
January 1 to March 31
Special Enrollment Periods (SEP)
Individuals who drop their employer group health plan, qualify for the Extra Help (Low-Income Subsidy (LIS)) program, or eligible for both Medicare and Medicaid benefits (Dual-eligibility).