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Medicare Facts You Need to Know
Cloud Peak Law Group/Mark S. Pierce, Esq.
Investment Centers of America/Colin Peldo, CFP®
- What is Medicare
- Medicare Facts
- Part A vs. Part B
- Who Pays
- Medigap Supplements
- Questions & Answers
Medicare has four parts:
A, B, C and D, which is for prescription drugs.
Medicare Part A (Hospital Insurance)
Pays for inpatient hospital care, some skilled nursing-facility care, hospice care and some home health care. Most people get Medicare Part A automatically when they turn 65.
- There is usually no premium or monthly payment for Part A.
Medicare Part B (Medical Insurance)
- Pays for doctor services, outpatient hospital care and some other medical services that Part A does not pay for. Part B pays for these services and supplies when they are medically necessary.
- There is a premium for Part B.
WHO WILL PAY?
Don’t forget the deductibles
Medicare: Pays for Skilled Care Only
First 20 Days
$152/Day (Medigap, Medicaid?)
If you are admitted or are you placed in observation status:
- Part A – Inpatient
- Part B - Outpatient
- Medicare Supplement Policy:will only cover some or all of the deductibles. This is a policy that you will have to purchase separately. Medicare supplements will not pay for custodial long-term care costs.
- These supplemental policies are often referred to as “Medigap plans” and are purchased through private companies. These supplements pick up co-pays and deductibles.
Two Approaches to Planning
PROACTIVE vs. REACTIVE
Wait until it is too late and then react (badly) to your crisis.
You lose Control
Create a proactive plan before the crisis develops and reach your goal.
You have full Control
Where’s the bathroom?