Medicare is a federal health insurance program in the U.S. that primarily serves individuals who are 65 years old or older. It was established in 1965 as part of the Social Security Act to provide health coverage and financial assistance to older Americans. However, it also covers some younger individuals with certain disabilities or specific medical conditions. It offers a variety of benefits, including hospital insurance, medical insurance, and prescription drug coverage.
Understanding how to navigate the complexities of Medicare insurance in New Jersey might seem difficult at first, but the financial advisors at Leonard Financial Solutions can help.
What to Know About Medicare Insurance in New Jersey
Medicare is divided into several parts, each covering different aspects of health care services. Our licensed New Jersey Medicare insurance agents are ready to explain the various plans and supplements so you can make informed decisions about the right coverage for your needs and budget. Here’s a brief overview.
Medicare Part A
Also known as hospital insurance, Part A covers inpatient hospital stays, skilled nursing facility care, hospice care, and some home health services. Most people don’t have to pay a premium for Part A because they or their spouse paid Medicare taxes while working.
Medicare Part B
This is known as medical insurance and covers medically necessary services and supplies, such as doctor's visits, outpatient care, preventive services, and some medical equipment. Part B requires a monthly premium, and the cost is typically based on the beneficiary's income.
Medicare Part C
Also called Medicare Advantage, this is an alternative to Parts A and B and is offered by private insurance companies approved by Medicare. It provides all the benefits of Parts A and B and often includes additional benefits like prescription drug coverage (Part D), vision, dental, and hearing services. Medicare Advantage plans may have different costs and rules compared to original Medicare.
Medicare Part D
This is the prescription drug coverage portion of Medicare. It helps pay for prescription medications at participating pharmacies. Part D plans are offered by private insurance companies approved by Medicare, and costs and coverage options vary between plans.
It's important to note that Medicare doesn’t cover all healthcare expenses, and there may be out-of-pocket costs, such as deductibles, copayments, and coinsurance. Some individuals might also need supplemental coverage. Our skilled team of advisors provides the insight you need to make the best choice.