What is
Medicare?
Medicare is a federal health insurance program for people…
- Ages 65 and older
- Under age 65 with certain disabilities
- Any age with end-stage renal disease or kidney failure
Original Medicare Plans A + B provide a menu of benefits, but it isn’t a complete package because there are no limits to the amount of money you can spend out of pocket.
Luckily you have alternative options and Legacy RP will educate you on the available options that best suit your needs and budget
Basic Medical Insurance Options for 2024
1. Original Medicare Plans A (Hospital) & B (Physician Services)
| Medical Costs 2024 | ||
|---|---|---|
| Part A | Part B | |
| Monthly Premium | $0 | $174.70 |
| Deductable | $1,632 per benefit period | $240 per year |
| Cost Sharing | $0 for the first 60 days in hospital | Medicare pays 80%, you pay 20% |
| $408/day pay days 61-90 | ||
| $816 per ady after 90 days (max 60 days) You pay 100% beyond 150 days |
No limit on total out-of-pocket costs! |
|
2. Medicare Advantage Part C (Managed Care)
Managed Care – Helath Maintenance Organizations (HMOs) and Preferred Provider Organizations (PPOs)
- 50% of all consumers purchasing health insurance purchase the private managed care plans. Why? …
- 90% of literature on health insurance is about medicare part C. This is because the day you choose a managed care plan, control of your healthcare transfers from Medicare (Government) to the insurance company’s plan you choose .
- For consumers on tight budgets Part C appears to be the best choice but high and hidden out of pocket costs can make it much more costly than meets the eye.
Maximum out of pocket cost: HMO $4,00 – $5,000 and for PPO $7,000 – $8,000.
3. Original Medicare plus Supplemental Plans (Medigap) 2024
By purchasing original medicare with supplimental private insurance intended to fill the gaps left by parts A & B you are getting complete coverage.
- The monthly premiums can be higher than the alternatives but you and your doctors gain total control and flexibility in your coverage
- With Medcare plus supplimental plans are standard across all plan options. The benefits are that you can go to any doctor, any hospital, any time with no referrals, no co-payments and no co-insurance.
Maximum out of pocket cost is $3,000
The only issue with any basic medical insurance plan you choose is this:
Medicare solutions do NOT cover Long-Term Care
You can find this fact right in on Page 56 of the Medicare & You official government handbook, where it states:
Medicare and most health insurance, including Medicare suppliment insurance (Medigap), do not pay for long-term care. Long-term services and supports include medical and non-medical care for people who have chronic illness or disability.
Assisted or long-term care insurance prvides care at your home, in the community, ina assisted living facilities, or in a nursing home.
It is important to strat planning for long-term care now to maintain your independence and to make sure you get the care you may need, in the setting you want.
Long-Term Care
DID YOU KNOW?
How Long-term Care Insurance Works
Long-term care insurance policies reimburse policyholders daily amount (up to a pre-selected limit) for assisted care services. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
Eligibility for Long-term Care Insurance
Step one in obtaining long-term care insurance is us sitting down to review your medical history to determine if your application is acceptable. Your premium amount will be determined by a number of factors, such as, the amount of insurance coverage you request, your age, and gender.
You buy long-term care with your health, meaning if you wait until your health has already decline then you may not qualify for it …
However, if you get it while healthy it is a vert low cost for the benefits your receive. For example:
A person 62 who qualifies may pay $100 monthly premium for access to $70,000 of benefit for use as needed.
Benefits of Long-Term Care
- Offers independence and financial security.
- Offers flexibility in making choices of where you receive care.
- Provides coverage for unexpected health expenses.
- Days of care do not have to be consecutive within the claim period.
