Medicare is a federal health insurance program for U.S. citizens and permanent residents that offers support for people who are 65 and older or have certain types of disabilities. Some parts of Medicare are included for no cost for those who meet these criteria, but others may have to pay for services. The enrollment period happens yearly from October 15 to December 7. Deciding on which parts of Medicare to enroll in and which coverage to purchase outside of Medicare can be intimidating. That’s why Insurance Lounge will assess your needs to make personalized recommendations about your options.
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Once you enroll in Medicare, you’ll need to decide how you’ll get your coverage. Medicare offers two options for coverage: Original Medicare and Medicare Advantage.
Original Medicare includes hospital insurance and medical insurance, but you will have to pay for deductibles and a monthly premium. If you want prescription drug coverage, you’ll have to add that separately.
Medicare Advantage is the "bundle“ alternative to Original Medicare, and it includes medical costs, hospital visits, and prescriptions. Medicare Advantage plans also offer other benefits that Original Medicare doesn’t include, like coverage for vision, hearing, and dental insurance. Monthly premiums for Medicare Advantage tend to be higher than those for Original Medicare. Regardless of which plan you choose, you’ll have to reenroll every year.
When you enroll, the first step is choosing the coverage you want. Part A and Part B of Original Medicare cover your hospital stays and doctor visits, lab work, etc. Though Part A is free for most people, you’ll probably have to pay for Part B each month.
Medicare Advantage bundles Parts A and B together through insurers approved by the Medicare program, giving you a bigger health network. This means you have the opportunity to see healthcare providers who aren’t in-network with Original Medicare.
When enrolling in Medicare, there are many options to consider. At Insurance Lounge, our team can help you build a plan that meets your healthcare needs. We partner with various insurance carriers to compare rates and find the best price while filling in any gaps in your coverage. With locations throughout Oregon, we’re working to make insurance more transparent. Call us at 1-800-211-8660 or get a free quote online today.