Medicare is a government-mandated health insurance program for people aged 65 and over.  Contrary to popular belief, Medicare is not an all-encompassing service nor does it pay 100% of your medical bills.  With several plans to choose from, enrollment can sometimes be confusing.  Determining factors such as lifestyle, health, budget, and needs all must be considered when signing up. This article will highlight the four packages that encompass Medicare in New Hampshire, and what they cover.

Part A

Medicare Part A is part of Original Medicare, and it refers to hospital insurance.  Covering inpatient care and hospital stays, this type of coverage is free if you have worked for 10 years and paid FICA deductions.  Hospice and nursing home care may qualify under Part A. However, it’s important to note that Part A does not cover long-term or custodial care.

Part B

Also a part of Original Medicare, Part B has a monthly premium that can be deducted from your social security payments. Covering doctor visits, outpatient care, necessary medical supplies, and preventative services, Medicare Part B covers most of the common medical expenses.  However, you should keep in mind that there are several services that Medicare does not cover, and it has an 80%/20% co-insurance.  Most dental and eye care, as well as hearing aids, are typically not covered unless a supplemental policy that offers this type of covered is purchased separately.

Part C

Also known as Medicare Advantage, this option is offered through private companies.  Part C includes all of the coverages offered under A and B.  These Medicare-approved private insurance plans could also offer additional benefits such as vision, dental and hearing.  Some even include prescription drug coverage.

Part D

Medicare Part D is prescription drug coverage.  An individual may choose Part A and/or Part B coverage and add Part D to the base plan.  Individuals are given 63 days from the loss of health coverage, or from turning the age of 65, to write their Part D coverage without penalty.  Further, it’s imperative to check coverage on the drug plan you choose against your current prescription drugs.  Each insurance company has their own list of covered drugs, known as a formulary.

Medicare is an important coverage option for most people.  Don’t let the options overwhelm you when it’s time to choose the right plan. We at Brownell Financial are here to help choose the plan is best suited for your lifestyle and needs.  Offering seminars and private appointments, contact us today for your consultation on Medicare in New Hampshire (603) 437-1992.