Medicare Oversimplified Info
An attempt to present your Medicare options in a simple understandable form.
Since it's oversimplified there will be many exceptions and details left out.
I'm no medicare expert. I'm just an old lady who will soon be eligible for medicare. I have to figure out what my choices are, how much it will cost me, and what would be best for me.
The plan is to keep notes as I find things out. Since I'll be doing that anyway for myself, I may as well make what I learn available for others. I tried to find this on the net and it wasn't readily available. If I couldn't find it, others probably can't either.
So here's what I know. This is all current as of the last half of 2009. Things will certainly change with time, and I probably won't update them here, so pay attention.
What is Medicare?
Medicare is a medical insurance program provided by the US government
Who is eligible?
Everyone 65 and over who is eligible for Social Security is eligible for Medicare, whether or not they are actually collectiong Social Security payments.
How much does it cost?
Medicare Part A is free if you're eligible for Social Security.
Medicare Part B is $96.40 per month if your income is 85,000 or less, 134.90 if income 85,001 to 107,000 Max is $308 for income above $213,000. If you wait to sign up for Part B it gets 10% higher each year you wait. (with a few exceptions)
Medigap insurance is sold separately by insurance companies at varying prices.
How do I get signed up?
If you are already collecting Social Security you will automatically be signed up for Part A and Part B. The Part B premium will be deducted from your Social Security payment.
If they would otherwise sign you up automatically and you don't want then to you'll need to contact them in advance.
If you've been waiting to start collecting your Social Security you'll have to contact the nice folks at Social Security to get started. You should do this several months before your 65th birthday.
What does Medicare cover?
Medicare part A covers all but $1068 hospital costs for 60 days, and part of the cost (all but $261/day) for the next 30 days, and less the next 60 days. After that Medicare stops paying until the next benefit period, whatever that means.
Medicare part B covers doctor services. You pay the first $135 each year, then you pay 20% of the doctors bills and Medicare pays the other 80%. If the doctor doesn't accept the Medicare payment you have to pay the difference. Preventive care is normally covered under part B.
Skilled nursing care is covered (A or B? not sure) completely for the first 20 days, and you pay up to $133.50 for each of the next 80 days. After that you pay it all.
Hospice care is covered, something like 95% but there are limits. You also probably pay $5.00 for each medicine they use.
Home health care is often covered, at least in some cases. Probably most cases.
Foreign travel care is not covered.
What is Medigap coverage?
Medigap policies cover the expenses regular Medicare doesn't cover. There are 12 standard Medigap plans that cover different combinations of expenses. I still have to figure that part out.
Medigap does NOT cover long term nursing care, vision or dental care, private nursing.