When trying to figure Medicare out, you may come across many terms you are not familiar with. Once you learn about Medicare basics, the process can become less confusing. To help you understand Medicare even more, here are the top 3 Medicare terms you should know.
Premiums are the monthly amount Medicare beneficiaries pay for their Medicare coverage. Each part of Medicare has a monthly premium. However, it is possible to get some plans premium-free, such as Part A or a Medicare Advantage Plan. Also, do keep in mind that the premiums for each part of Medicare vary. This means the premium you would pay for your Part B plan will not be the same monthly premium you pay for your Part D plan.
A benefit period is a way Medicare deals with how a Medicare beneficiary makes use of inpatient hospital stays. A benefit period begins when you go into a hospital as an inpatient and ends if you do not receive healthcare for 60 days in a row. If you are admitted after one benefit period has finished, a new benefit period begins. The number of benefit periods you can receive has no limit.
The benefit periods also affect the amount a Medicare beneficiary will have to pay for their inpatient hospital or skilled nursing facility care. Note that at the beginning of each benefit period, you must meet your Medicare Part A deductible. After meeting your Medicare Part A deductible at the beginning of the benefit period, Medicare will cover your first 60 days of an inpatient hospital stay and the first 20 days of an SNF stay with no daily coinsurance required.
This is another name for an insurance company. The terms carrier, insurance company, and insurer are used interchangeably. Medicare Advantage (Medicare Part C) plans, Medicare Supplement (Medigap) plans, and Medicare Part D plans are the types of Medicare offered by insurance carriers, though Medicare must approve them.
While Medicare is a tremendously valuable healthcare resource, it doesn’t cover all of the healthcare benefits you are likely to face later in life. With Medicare Advantage, Medicare Part D, and Medigap plans offered by private carriers, you can get access to more healthcare and prescription drug benefits and get coverage for unexpected medical expenses associated with your care.
With a strong understanding of what various Medicare terms mean, you should be able to find the right plan that fits within your budget and meets your needs. For more information about Medicare terminology or if you need help choosing the right Medicare plan for you, contact Medicare Sharks today!