Medicare Part B
Medicare Part B
Do You Know Enough About Medicare?
Original Medicare, recognized as a fee-for-service plan, has two primary components: Medicare Part A (Hospital Insurance) mentioned in the previous post on automatic qualifications and Medicare Part B (Medical Insurance).
Medicare Part A is generally premium-free. However, Medicare Part B requires the payment of a monthly premium. The premiums are withheld from your monthly Social Security or your Annuity. In addition to Original Medicare, there is also Medicare Advantage carried by private insurance companies. These companies must still comply with the guidelines, policies and procedures under Original Medicare. For simplicity we will refer to Original Medicare as Old Medicare and Medicare Advantage as New Medicare, although it has been around since 1999.
In order to qualify for Medicare Advantage (Part C) you must be eligible for Medicare Part A and Medicare Part B. The Medicare Advantage Plans, which are not available in all states, cover A, B, C and sometimes D (Prescription Drugs). Medicare Prescription Drug Plans may not be included in all Medicare Advantage plans. Medicare Advantage Plans, however, provide a number of alternatives in coverage such as Medicare Health Maintenance Organizations (HMOs) or Preferred Provider Organizations (PPOs).
Medicare recipients have a number of plans to choose from for hospital and medical benefits. Whatever plan you choose, you still maintain all of the benefits, appeals rights and protection afforded under Medicare.
P. S. Always Remember To Share What You Know.
Medicare is an important part of your retirement planning
