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Medicare and Medicare Advantage basic facts are as follows:
Medicare is a federal health insurance program sold by Medicare.gov and AHIP-certified and licensed health insurance agents and carriers. Medicare is for the elderly (65 and older) and disabled individuals under 65 who have either ALS or end-state renal disease. Income is not a factor in determining eligibility for Medicare. However, premiums may increase depending on an individual's income. Those beneficiaries with low incomes may be eligible for further help.
Medicare is a federal health insurance program that provides coverage to eligible individuals who are over 65 years of age, as well as to individuals with certain disabilities, such as ALS and people with end-stage renal disease. Medicare has four parts:
Part A, which covers inpatient hospital care, skilled nursing care, and hospice care; Part B, which covers inpatient and outpatient medical services, such as doctor visits and diagnostic tests; Part C, which is also known as Medicare Advantage and provides coverage through private insurance companies; and Part D, which provides coverage for prescription drugs by private third-party stand-alone carrier plans.
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- Medicare Advantage is an alternative to traditional Medicare and is offered through private insurance companies. Medicare Advantage plans must provide at least the same level of coverage as traditional Medicare but may offer additional ancillary benefits, such as vision, dental, and hearing coverage, and wellness benefits, such as gym memberships.
- Medicare beneficiaries can choose to enroll in either traditional Medicare or a Medicare Advantage plan.
- Original Medicare Part A and Part B beneficiaries are allowed to enroll in Supplement Benefit Programs, also called Medigap coverage.
- Enrollment in Medicare Advantage is optional, and beneficiaries are allowed to switch between plans or go back to original Medicare during designated enrollment periods.
- Medicare is funded through payroll taxes and premiums, as well as general revenues. Beneficiaries are responsible for paying monthly premiums, deductibles, coinsurance, and copayments, depending on their coverage.
- Medicare and Medicare Advantage Plans provide coverage for a wide range of healthcare services, but they do not cover all medical expenses. Beneficiaries may need to pay out-of-pocket costs for certain services, such as deductibles, copayments, and coinsurance, or may choose to purchase supplemental insurance, known as Medigap, to help cover some of these costs.
Medicare and Medicare Advantage provide important healthcare coverage to eligible individuals, helping to ensure that they have access to affordable healthcare services and support.
MedHelpCenter.us recommends that you call the Senior Health Insurance Agency at 813-592-8568 for further explanation.
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