What is Medicare?

Medicare is health insurance that the federal government provides for seniors 65 and older, people with certain disabilities, and people with permanent kidney failure. It’s easy to feel overwhelmed by all the information you’ll need to review before signing up for Medicare benefits. You’re likely to have many questions and need a trusted source for advice. Muneris can help. Our knowledgeable staff can make sense of your Medicare benefit and supplemental coverage options so you can make the best selection.

The first step in getting the most from your Medicare benefits is learning what each the four parts has to offer.

You need to sign up for Medicare about three months before you turn 65. You are eligible for premium-free Part A if you are 65 or older and you or your spouse worked and paid Medicare taxes for at least 10 years. Part A has a deductible that changes each year. For 2011, the deductible is $1,132. Check this website for more information: www.medicare.gov.

Part B premiums are deducted monthly from your Social Security, Railroad Retirement or Civil Service Retirement checks. Premium amounts change each year. the premium for 2011 is $110. Check this website for more information: www.medicare.gov.

Medicare Part A

(Hospital Insurance) helps cover your inpatient care in hospitals. It also helps cover skilled nursing facility, hospice, and home health care if you meet certain conditions.

The Medicare Part A deductible for 2011 is $1,132.

Medicare Part B

(Medical Insurance) helps cover medically-necessary services like doctors’ services and outpatient care. It also helps cover some preventive services to help maintain your health and keep certain illnesses from getting worse. All Medicare beneficiaries must pay a Medicare Part B premium, which is generally $115.40 in 2011. Part B premium is indexed to annual income.

Medicare Part B deductible for 2011 is $162.

Medicare Part C

(Medicare Advantage Plans) combines Part A, Part B, and, sometimes, Part D (prescription drug) coverage under one plan. Part C plans are managed by Medicare-approved private insurance companies and must cover medically-necessary services. However, these plans can charge different co-payments, coinsurance fees, or deductibles for the services they provide.

Medicare Part D

(Medicare Prescription Drug Coverage or PDP) helps cover prescription drugs and may help lower your costs and protect against higher costs in the future.

Anyone with Medicare Part A and/or Part B can join a Medicare Prescription Drug Plan offered in your area. If you are in a Medicare Advantage Plan, your plan may also offer drug coverage.

How much does it cost? For 2011, stand alone PDP will cost on average $50 per month.

Source: Center for Medicare and Medicaid Services (CMS)