Medicare is healthcare for people aged 65 and older that is funded by the government. Medicare consists of four parts: A, B, C and D.
- Medicare Part A covers Hospital Insurance, including inpatient care, and skilled nursing, hospice, and home health care to a certain extent.
- Medicare Part B covers necessary medical services such as outpatient care and doctor services as well as some preventative services needed to maintain your health
- Medicare Part C is a Medicare Advantage Plan managed by private insurance companies approved by Medicare. The plans cover the services offered in A and B, although these plans have co-payments, coinsurance, and deductibles.
- Medicare Part D assists with payment for prescription drugs and may help lower your prescription drug costs.
Original Medicare consists of Part A and Part B. However, these may not provide comprehensive coverage. You can fill the gaps in coverage with Medicare Advantage or a supplemental insurance plan called Medigap.
There are twelve different kinds of supplementary insurance plans available for Ohio residents. We can help you find a Medicare Advantage Plan or Medigap Plan that will help cover your co-insurance, co-pays and deductibles. One Source Benefits has years of experience in the industry and is associated with leading insurance companies approved by Medicare. We can help with
- Information on when to enroll for a Medicare Advantage Plan or Medigap Plan
- Filling gaps in coverage such as prescription drug coverage, extended hospital stays or long-term care, specialized in-home care, and more
- Comparing the costs and benefits of each type of supplemental insurance plan
- Choosing or changing plans
Understanding Ohio Medicare and making sure that you get the coverage you need is not easy. We can help you resolve these issues. Take advantage of our knowledgeable and friendly service available through telephone, online chat and e-mail, and ensure that you enjoy peace of mind in your retirement.
Facts about Medicare Advantage Plans and Medicare Supplement Plans
Medicare Advantage Plans take the place of Medicare Part A and Part B while you are enrolled in the plan. You do not lose Medicare. If you change to a Traditional Medicare Supplement, your Medicare Part A and Part B become primary. Medicare Advantage Plans cover above and beyond what Original Medicare covers. Many plans include the Medicare Part D prescription drug benefit at no additional cost. Many plans have $0 monthly premium options that include the prescription benefit. These options vary by insurance carrier. Insurance carriers receive money from Medicare each month for each individual enrolled in a Medicare Advantage Plan and because of this, many plans have monthly costs as low as $0.
Medicare Supplement Plans help cover expenses not covered by Original Medicare. You must have Medicare Part A and Part B to be eligible. You will always have to pay the Medicare Part B premium. A Medicare Supplement plan is a cost in addition to your Medicare Part B premium. Rates vary by age. Depending on which plan you chose you may or may not have any deductibles to meet prior to coverage beginning. Medicare and the insurance company will cover cost above these deductibles for doctor and hospital expenses. Part D prescription coverage has a monthly cost in addition to the Medicare Supplement and will vary in cost per month based on the insurance carrier chosen. The Part D drug benefit helps to lower the monthly out-of-pocket expense for prescription drugs.
You should speak to a qualified agent with any and all questions regarding Medicare.