Congress enacted Medicare in July, 1965 and began paying benefits
in July, 1966. There have been many changes since then & we will
attempt here to give you an outline of the current options. Details
of the current Medicare plan can be found on the Medicare web site
at www.medicare.gov .
Look for the bulletin, Medicare & You 20XX.
There are two three part sections to the current Medicare plan.
- Part A is
referred to as Hospital Insurance.
- Part B is commonly referred
to as Medical Insurance.
- Part D is referred to as the Prescription Drug
You will need to understand the meanings of the words
coinsurance, Copayment, Deductible, & Benefit Period. You are
required to pay premiums for you Part B coverage, 93.50 in 2007.
This will be deducted from your Social Security Check. You may elect
to not have Part B coverage but may be assessed premium penalties if
you add it at a later date.
You have several options from the insurance world to help you reduce
your part of future medical claims associated with Medicare. There
are Medigap policies which fill in most of the gaps in your Medicare
coverage. There are also Medical Advantage plans that can reduce your
costs. Plus of course, Medicare Part D Prescription Drug Plans to
reduce costs associated with medications
The “Medicare & You 20XX”
can be a great aid in helping you
understand what Medicare will and will not cover. Also, if your
income and assets qualify, you may be able to get assistance with a
“Low Income Subsidy” or qualify for Medicaid.
We can help you understand an work through the process that will
best match your economic circumstance and individual needs
What did you have in mind? Let’s find a solution together. For more
information on this and other subjects call Bruce at 407-765-9444
or fill out the form on our Contact Page.
You may also refer to out Learning Center on this subject in the
menu on the left.