Medicare

Medicare is a federal health insurance program intended primarily for older adults and specific individuals with disabilities. Established in 1965, it helps cover medical costs for those who qualify, making health care more accessible as people age.

Whether you’re approaching retirement or just curious about your options, understanding the basics of Medicare is essential. Contact Oak Knoll Insurance in Wilmington, Illinois, to learn more.

Qualifying for Medicare

Medicare is available to U.S. citizens or permanent legal residents who meet certain conditions. Most people qualify when they turn 65, but individuals under 65 with certain disabilities or specific conditions, such as end-stage renal disease (ESRD) or amyotrophic lateral sclerosis (ALS), may also qualify.

Types of Medicare Plans

Medicare is divided into the following four main parts, each covering different aspects of health care:

• Medicare Part A (hospital insurance) covers inpatient hospital stays, care in a skilled nursing facility, hospice care and some home health care services. Most people don’t pay a premium for Part A if they’ve paid Medicare taxes for a sufficient amount of time.
• Medicare Part B (medical insurance) covers outpatient care, doctor visits, preventive services and durable medical equipment. Most beneficiaries pay a monthly premium for Part B.
• Medicare Part C (Medicare Advantage) refers to private insurance plans that provide all the benefits of Parts A and B. It is often bundled with additional services like vision, dental and prescription drug coverage.
• Medicare Part D (prescription drug coverage) provides prescription drug coverage and is available to anyone with Medicare. It is offered through private insurers and can be added to Original Medicare (Parts A and B) or included in a Medicare Advantage Plan.

Annual Enrollment Period

Medicare’s annual enrollment period runs every year from Oct. 15 to Dec. 7. During this time, beneficiaries can enroll, drop or switch Medicare plans. It’s a crucial window for those seeking to adjust coverage for the upcoming year, helping ensure they choose a plan that fits their health care needs and budget.

There are additional enrollment periods as well. Contact us today to learn more about your options.

Learn More

Navigating Medicare may seem daunting, but understanding its basics can help you make informed decisions. Whether you’re nearing 65 or helping a loved one get coverage, contact Oak Knoll Insurance today.