Offered by: Integrity Insurance of Brighton
Medicare is the federal health insurance program created in 1965 for people ages 65 and over, regardless of income, medical history, or health status. The program was expanded in 1972 to cover certain people under age 65 who have a long-term disability.
- Part A covers inpatient hospital stays, skilled nursing facility (SNF) stays, some home health visits, and hospice care. Part A benefits are subject to a deductible ($1,408 per benefit period in 2020). Part A also requires coinsurance for extended inpatient hospital and SNF stays.
- Part B covers physician visits, outpatient services, preventive services, and some home health visits. Many Part B benefits are subject to a deductible ($198 in 2020), and, typically, coinsurance of 20 percent.
- Part C refers to the Medicare Advantage program, through which beneficiaries can enroll in a private health plan, such as a HMO or PPO, and receive all Medicare-covered Part A and Part B benefits and typically also Part D benefits. In 2020, More than one-third (36%) of all Medicare beneficiaries – 24.1 million people out of 67.7 million Medicare beneficiaries overall – are enrolled in Medicare Advantage plans; this rate has steadily increased over time since the early 2000s. (per Kaiser Family Foundation)
- Part D covers outpatient prescription drugs through private plans that contract with Medicare, including stand-alone prescription drug plans and Medicare Advantage plans with prescription drug coverage. New for 2021, beneficiaries will have the option to enroll in a Part D plan participating in the new Senior Savings Model, in which enhanced drug plans cover insulin products at a monthly copayment of $35 in the deductible, initial coverage, and coverage gap phases of the Part D benefit. Participating plans do not have to cover all insulin products at the $35 monthly copayment amount, just one of each dosage form (vial, pen) and insulin type (rapid-acting, short-acting, intermediate-acting, and long-acting).
- Supplemental coverage fills the gaps in original Medicare and is offered by private insurance companies. A Colorado regulation has established a special enrollment period for 2021, Jan-June, allowing changes for enrollees in Plan F or Plan C. Contact me for details to see if this may be an option you would like to consider.
Medicare is my specialty; you have options, and it is the time of year to choose for 2021.
I can clarify any Medicare questions you may have. Call 303-887-8584 to get individual attention for your needs.