Richardson Insurance Services

Medicare covers some but not all of your health care costs. Depending on which plan you choose, you may have to share in the cost of your care by paying premiums, deductibles, copayments and coinsurance. The amount of some of these payments can change from year to year.

If you receive Social Security benefits at the time you turn 65, or apply for them at a later date, the Social Security Administration (which handles Medicare enrollment) will automatically enroll you in both Part A and Part B and send your Medicare ID card through the mail. But (if you have primary insurance from a current employer, as described above) you can decline Part B, following the instructions that Social Security includes in its letter that accompanies your card and meeting the deadline.

You do not need Part D prescription drug coverage if you have creditable coverage from elsewhere such as from a current or former employer, COBRA, the federal employees health benefits (FEHB ) program, the military’s TRICARE programs, the Veterans Affairs health system, or individual health insurance you’ve purchased yourself. Creditable coverage means that Medicare considers it to be of equal or better value than Part D.

Medicare Part A helps pay for the costs of inpatient care in the hospital and short-term skilled nursing facilities including a semiprivate room, bed, meals and nursing care. It also pays for some home health services and hospice care, at no charge to you if you meet the conditions for coverage.

Medicare can be a very confusing maze of choices and decisions. Do not get lost! Contact us today for a review of your options.

Medicaid is a joint federal and state program that helps with medical costs for some people with limited income and resources. Medicaid programs vary from state to state, but most health care costs are covered if you qualify for both Medicare and Medicaid.

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