Almost 14 % out of the entire state’s population have enrolled for Medicare. But do you know what is Medicare? What are the coverage options it provides to Texans? We shall find out answers to all these questions further in this blog. This blog will also help you learn if Medicare is right for you.
What is Medicare?
It is a federal health insurance program created in 1966 to cover hospital and medical expenses. Medicare coverage is also provided by private companies through a contract with Medicare. Currently, it has expanded its coverage into four parts. Or we can say 5 parts if we include Medigap. The parts of Medicare include:
It covers bill payments related to hospital visits, and nursing facilities as well as the end of life care.
It covers outpatient care such as doctor visits and physical therapy. In addition, it covers medical equipment and home healthcare facilities.
It covers all the benefits of Medicare however the coverage is provided by private insurance companies. It can include benefits related to dental, vision, and prescription drug coverage.
This part is also known as a prescription drug plan. It is an optional drug plan created by the federal government to help Medicare beneficiaries pay for self-administered prescription drugs.
Medigap also known as Medicare supplement insurance, helps pay for services that are not covered under Medicare. These services include copays, deductibles, and coinsurance. It is important to keep in mind that you won’t be eligible for Medigap if you are enrolled in Medicare part C.
Am I eligible for Medicare insurance in Texas?
Medicare is for citizens who are 65 or older. Nonetheless, if you are younger than that, you can qualify if you have received disability benefits for two years. You can also qualify for Medicare despite being younger than 65 if you have end-stage Renal Disease or Amyotrophic Lateral Sclerosis.
Enrolments period for Medicare
Open enrolment for Medicare takes place annually. The enrolment period begins on October 15th and ends on December 7th. You can also change how you receive your Medicare insurance coverage, switch Medicare insurance plans, and join, or cancel a Medicare plan during this period.
Cost of Medicare
Although it is a program run and funded federal government, it is not completely free. Everyone requires paying a monthly premium when they enroll for Medicare. It requires noting that Medicare doesn’t cover co-pays as well as deductibles that are paid from your pocket unless you opt for a Medicare supplement such as Medigap to deal with that cost.
Medicare may seem expensive however it is vital to ensure that you don’t have out of pocket. Because paying out of packet can be devastating when you need insurance cover.
Medicare offers several plans. If you enroll for Medicare insurance in Texas on time, you can save a lot of money. In case you want to learn more about Medicare insurance, feel free to get in touch with the most trusted insurance advisors right away.