Meeting October 14, 2010 | Speaker Norb Fillian| AXA Advisors
| AXA Advisors Norbert Fillian 1805 Hicks Road Rolling Meadows, IL 60008 Visit Website Email 847-359-3900 |
Specializing in working with business and self-employed individuals providing them full array of employee benefits including Health, Dental and Disability Insurance in addition retirement plans such as 401(k), SEP and SIMPLE plans. |
Today we heard from Norb at AXA Advisors, and he spoke in detail concerning the service of Medicare and how most people do not understand the benefits and limitations of Medicare. With many baby boomers turning 65 this coming year Norb spent his time today explaining Medicare and below is more detail on just that.
Medicare
Medicare is a federal program that provides health insurance to retired individuals, regardless of their medical condition. Here are some basic facts about Medicare that you should know.
What does Medicare cover?
Medicare coverage consists of two main parts: Medicare Part A (hospital insurance) and Medicare Part B (medical insurance). A third part, Medicare Part C (Medicare Advantage), is a program that allows you to choose among several types of health-care plans. A fourth part, Medicare Part D, offers prescription drug coverage that can help you handle the rising costs of prescriptions.
Medicare Part A (hospital insurance)
Generally known as hospital insurance, Part A covers services associated with inpatient hospital care. These are the costs associated with an overnight stay in a hospital, skilled nursing facility, or psychiatric hospital, including charges for the hospital room, meals, and nursing services. Part A also covers hospice care and home health care.
Medicare Part B (medical insurance)
Generally known as medical insurance, Part B covers other medical care. Physician care – whether you received it as an inpatient at a hospital, as an outpatient at a hospital or other health-care facility, or at a doctor’s office – is covered under Part B. Laboratory tests, physical therapy or rehabilitation services, and ambulance service are also covered.
Medicare Part C (Medicare Advantage)
The 1997 Balanced Budget Act expanded the kinds of private health-care plans that may offer Medicare benefits to include managed care plans and private fee-for-service plans. Medicare Part C programs are in addition to the fee-for-service options available under Medicare Parts A and B. Medicare Part C programs vary, but generally provide all Medicare-covered benefits. Many also offer extra benefits, including prescription drug coverage, and coverage for additional days in the hospital.
Medicare Part D (prescription drug coverage)
All Medicare beneficiaries are eligible to join a Medicare prescription drug plan offered by private companies or insurers that have been approved by Medicare. Although these plans vary in price and benefits, they all cover a broad number of brand name and generic drugs available at local pharmacies or through the mail. Medicare prescription drug coverage is voluntary, but if you decide to join a plan, keep in mind that some plans cover more drugs or offer a wider selection of pharmacies (for a higher premium) than others. You can get information and help with comparing plans on the Medicare website, www.medicare.gov, or by calling a Medicare counselor at 1-800-Medicare.
To take the fits out of employee benefits contact Norb at AXA Advisors.
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