What’s Medicare Eligibility and The Right Coverage For Your Parents?

Growing up, my parents worked hard to provide the things that I needed to thrive and succeed every day. They made sure I had the correct health insurance coverage just in case something happened at any given time, we were covered. Just for that alone, I am very grateful to them.  As the baby boomers get older and closer to retiring age (if they have not already retired), medical coverage should become even more important as medical expenses can surge as they reach their elder years and everyone’s overall health can be affected. Having the correct coverage can go a long way for them. Some of them may be able to pick their own plan or may need help from you. Understanding medicare eligibility the types of coverage may be a little bit challenging to some.

Below, I will break down the current Medicare coverages for you in the simplest terms I can.

Medicare Supplements (Medigap)

Medicare supplement insurance helps cover some of the health care cost that you/your parents will incur that the original Medicare does not cover. Such as co-payments, co-insurance, and deductibles. When helping them pick the type of coverage they need there are a couple of things you will need to consider.

  • The need to decide if they want to stay with original Medicare or a Medicare advantage plan (Like an HMO or PPO).
  • They will also need to decide if they want prescription drug coverage (which is their part D coverage.)
  • They will need to decide if they want supplemental coverage.

You may think you/your parents really need Medicare and is it worth it. Keep in mind that this type of insurance is used to cover what their original Medicare does not cover. It pays health care providers what your parents would have to pay if they did not have this type of coverage.

Medicare Advantage

Medicare advantage is often called Medicare Part C or MA plans are offered by private companies that get their approval by Medicare. If you/your parents go with a MA plan they will get Medicare Part A coverage (Hospital Insurance) and Medicare Part B (Medical Insurance). They will not have their original Medicare. Medicare Advantage plans offer extra coverage that Medicare supplements do not.

  • Vision
  • Hearing
  • Dental
  • And/or Health and wellness programs.

Most Medicare Advantage plans include prescription drug coverage (which is Part D). You/your parents would not be able to have a Medicare supplement plan and a Medicare Advantage plan at the same time. They would need to choose one. If you/your parents will be turning 65 or already 65, they can sign up 3 months before their 65th birthday and has until 3 months after their 65th birthday. This is considered their initial enrollment period. If they are 66 or older and would like to change plans that they are currently enrolled in they can do it from October 15th – December 7th. This timeframe is considered their annual enrollment period. By visiting udecideit.com you would be able to get the process started for them. You both can answer a few questions and schedule a time to speak with an agent today.

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