The federal government provides Medicare health insurance programs to certain eligible people. If you live in or near Greenfield, WI, Medicare insurance plans may be available to you if you are:
- At least 65 years old
- Are someone with specific disabilities, even before you are 65 years old
Medicare Insurance plans have various parts, each one of which covers different types of medical expenses.
- Medicare Part A, also called Hospital Insurance, contributes to your expenses in the hospital, hospice care, or a skilled nursing facility. You may find it helps cover some in-home approved expenses, too.
- Medicare Part B, also called simply Medical Insurance, contributes to more typical medical expenses. This part of Medicare helps with appointments with medical professionals, outpatient procedures at the hospital, preventative screenings, and various medical supplies.
- Medicare Part D, also called Drug or Prescription Insurance, contributes to the costs of your prescription medications. It also contributes to the cost of some vaccines.
- Medicare Supplemental Insurance, also called Medigap or Gap Insurance, offers coverage for many medical services the other parts of Medicare don’t cover. Many people find great peace of mind with this additional coverage.
How Medicare Coverage in Greenfield, WI Works
Once you have Medicare insurance coverage, it contributes to specific, approved medical expenses. Medicare contributes to many medical costs, but not all. And Medicare only pays a portion of the costs of your medical bills. Usually, you are responsible for 20% of the bill, and Medicare pays the other 80%.
So, for example, if you had a medical bill that was $100, you would pay $20, and Medicare would take care of the remaining $80.
Most people don’t pay premiums for Medicare Part A, hospital coverage. If your spouse or you worked for more than 10 years, paying into Medicare, you don’t need to pay premiums. But if you worked for less than 10 years, you may need to pay to purchase Medicare – Part (A) insurance. You can choose to buy Part A coverage, but you will need to pay a premium.
If you never paid into Medicare, or paid in for less than 7 ½ years, your 2023 premium would be $506. If you paid in for more than the 7 ½ years but for less than the 10 years needed for no premiums, your premium would be just $278. These fees usually go up every year.
It is crucial to get expert advice when it is time for Medicare coverage. Contact us for more information.