What is Medicare?
Medicare[AI1] is a federal run insurance program for retired America. Typically you get Medicare Insurance coverage once you are 65 or are on social security disability for over 24 months and is mandatory in some aspects. There are 4 working parts under Medicare; A,B,C and D. Medicare is not meant to cover everything however many beneficiaries will maintain an additional insurance such as a Medicare Supplement, Medicare Advantage Plan (also known as a Part C or Medicare Replacement) or some sort of employer/retirement coverage. It is important to review your plans, options and even changes in your health care needs with your agent on at least a yearly basis. This will make sure you are not under utilizing your benefits. After all you are paying for them!
WHAT IS MEDICAID?
Many individuals are dual eligible [AI3] which means this person is entitled to both Medicare and Medicaid. A person who is dual eligible is entitled to have additional insurance and at no cost! All too often clients think they are fully covered with just having these 2 types of coverage ( both Medicaid and Medicare) In many instances, Medicaid has a certain level of “cost sharing”[AI4]” in which you have virtually no coverage until you reach a certain dollar amount. In this instance, having a Medicare approved plan, can, in conjunction with Medicaid, allow a recipient to receive MAXIMUM amount of benefits between all three coverage types. Even if you do not have a share of cost and are deemed “full Medicaid”[AI5] you still could best utilize your benefits by having a Medicare plan. This will allow you to receive many benefits not typically covered by either Medicare or Medicaid alone i.e. opening you up to a network of doctors to better manage your care, over-the-counter medicine allowance, gym & health club membership benefits, routine no-cost transportation etc.