Medicare

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Glossary of Medicare Terms

Medicare can be complicated. SelectQuote compiled a glossary of Medicare terms to help you understand the terms and vocabulary. When it comes time to shop for Medicare insurance, use this as a reference and you’ll be all set.  Medicare Terms Advanced Determination of Medicare Coverage (ADMC)  Allows Suppliers and Beneficiaries to request prior approval of eligible items (such as customized wheelchairs). (Medicare) Advantage Prescription Drug Plan (MA-PD) (Part C) MA PD is an all in one plan that combines Medicare Parts A, B and D coverage into one plan. These plans are approved/contracted with Medicare and are required to offer at least the same basic benefits as Original Medicare.  Annual Enrollment Period  Medicare’s Annual Enrollment Period (AEP) is October 15 – December 7 annually. This is the time period when anyone who is enrolled in Medicare can select a new plan for the following year. Additionally, cost and coverage offered…

Know Medicare Extra Help Program for Prescription Drugs

If you have Medicare, you may already be getting Medicare prescription drug coverage. But if you have limited resources, you might be eligible for additional help. The Medicare Extra Help Program can help beneficiaries with limited income afford their medications.  Also known as Medicare Part D Low-Income Subsidy (LIS), the Extra Help Program may cover some to most of your out-of-pocket prescription drug costs. To make sure you aren’t missing out on the opportunity for additional savings, let’s see if you qualify for extra assistance. Who is Eligible for the Medicare Extra Help Program? Eligible applicants will meet all of the following requirements: You are enrolled in a Prescription Drug Plan (PDP) – Medicare Part D  – or a Medicare Advantage Plan that includes a prescription drug benefit (MA-PD). You are a resident of one of the 50 states or Washington, D.C. Your resources are limited to $14,390 for an…

Does Medicare Cover Hearing Aids? A Simple Guide for Seniors

As we get older, our hearing often starts to fade. You may notice everyone seems to mumble or your family members are always complaining about the tv volume. While this is a normal part of life, you may feel as if you’re missing out on important experiences. The simplest of activities can become tedious, and it can leave you feeling frustrated. Fortunately, thanks to advances in medical technology, you no longer have to suffer from your hearing loss. Today’s hearing aids work remarkably well, but they also come with a hefty price tag. Most Americans covered by Medicare might assume they can get hearing aids with minimal out-of-pocket costs — but does Medicare cover hearing aids?  Does Medicare Cover Hearing Aids? The Facts You Need to Know If you’ve noticed some problems with your hearing, you could take it upon yourself to have tests done and purchase hearing aids. However,…

How to Prepare When Shopping for Insurance with a Medicare Checklist

A Medicare checklist is a great resource when it’s time to get more information about Medicare. Shopping for Medicare insurance can be overwhelming. If you’re wondering about how to keep your doctor or if you’re prescriptions are covered, it’s smart to ask. The team at SelectQuote helps you find an affordable Medicare insurance option to meet your needs and budget.  We created this Medicare checklist so when you contact your SelectQuote licensed agent for Medicare information, all the information is available to make sure we can help you find the right plan. Some of the things you will need when you call includes general information, such as your name, phone number, email address and zip code. All things you will have readily available. Once we have the basics, your licensed sales agent will ask some additional questions about your current situation to help compare options for Medicare coverage. Medicare Checklist Information…

How to Get Dental Coverage on Medicare

If you’re wondering how to get dental coverage once you’re on Medicare, look no further. Dental coverage is important when dealing with tooth decay, gum disease, receding gums and oral cancer. These are just four of the top dental problems experienced by older adults. Regular visits to your dentist help with prevention and early detection. This can save you pain and money down the road. In fact, the American Dental Association recommends visiting the dentist once or twice a year, if not more often. Luckily for those age 65 and older, dental coverage on Medicare comes with several options to protect both your oral health and your wallet. No Dental Coverage on Original Medicare Original Medicare – Parts A and B, don’t cover most dental services. Cleanings, fillings, tooth extractions, dentures, dental plates and other dental devices are 100 percent the responsibility of the patient under Original Medicare. Medicare Part…

Understanding Medicare Enrollment Periods

Each year there are set times a person can enroll in Medicare or change existing Medicare plans. There are separate enrollment periods for Medicare Parts A and B (Original Medicare) and Medicare Part C (Medicare Advantage). Medicare Enrollment Periods Initial Enrollment Period (IEP) – the first time an eligible person can enroll in Medicare Parts A and B. This timeline begins three months before the month of a person’s 65th birthday and continues through the three months after a person’s 65th birthday. Initial Coverage Election Period (ICEP) – the first time a newly eligible person can enroll in a Medicare Advantage plan. This often coincides with the Initial Enrollment Period. General Enrollment Period (GEP) – runs January 1 – March 31 each year and provides an enrollment opportunity for individuals who didn’t sign up for Original Medicare (Part A and Part B) when they were first eligible. Individuals may have…

Busting the Top 10 Medicare Myths

Healthcare is one of the single most expensive and important parts of your retirement. Most Americans don’t fully understand how Medicare works. Misunderstandings surrounding Medicare can be costly, so here are 10 of the most common Medicare myths. It’s checkup for your health and your money. Myth 1 – Medicare and Medicaid are the Same Thing They sure sound alike, but Medicare and Medicaid are actually two totally different programs. Medicare is a federal program that provides insurance to people ages 65 and older. Some people with disabilities or people who are on dialysis may also qualify for coverage. Since it is an insurance program, it runs similar to other health insurance coverage. Patients are usually responsible for deductibles and premiums, depending on your coverage. Medicaid is an assistance program that offers healthcare coverage for certain people of all ages based on various factors. Coverage is available to some low-income…

Turning 65 Soon? How to Prepare for Medicare

Imagine (and maybe you don’t have to imagine) you are turning 65 years old later this year. A significant milestone, if for no other reason than becoming eligible to receive Medicare. What do you do? How should you prepare for it? What is next? Read Up On Medicare Eligibility And Coverage Individuals who turn 65 and have been paying into the Medicare system for at least 10 years (or have spouses who have paid) are among those automatically eligible for Medicare Part A. This part of Medicare covers inpatient hospital insurance, skilled nursing facility care, hospice care, and home health care. Inform yourself on what’s covered, what might require additional coverage and how you fit in. Enroll in Medicare Part B Getting covered in Medicare Part B — medical insurance — requires enrolling in the program three months before you turn 65. Delaying enrollment could mean having to pay a…

How to Prepare for the Cost of Aging with Long-Term Care Insurance

Insurance involves thinking about the possibility of misfortune—everything from a damaged car, to a damaged home, to damaged heath. And the older we get, the more we need to consider the possibility of long-term care (LTC) insurance to help in our twilight years. What is Long-Term Care Insurance? LTC is an insurance policy that pays for care when you can no longer manage yourself. Should you need to enter a nursing home, move to an assisted-living facility, use an adult daycare center or have a caretaker in your home, LTC can protect you, and family members, from financial disaster. How High Are Long-Term Care Costs? The costs of long-term care are staggering. According to the 2018 edition of Genworth’s Cost of Care Survey, nursing home care averages $8,365 per month for a private room ($7,441 for semi-private), $4,000 per month for an assisted living facility. Homemaker and Health Aide care…

Vision Coverage on Medicare: What You Need to Know

Millions of Americans experience vision problems. This number continues to rise as the population ages. In fact, a study by the National Institutes of Health indicates that by 2050 the number of Americans with a vision problem will hit more than 8 million people, double what it is today. If you’re on Medicare and experience vision problems, you may be wondering about your coverage for eye exams and vision care. The risk of vision loss increases with age but most routine eye exams are not covered by Basic Medicare (Parts A and B). So what is covered and what do you need to know about your vision coverage on Medicare? What Eye Exams are Covered on Basic Medicare? Medicare Part A, or hospital insurance, does not cover eye exams or vision unless the treatment takes place during hospitalization. For example, if you experience trauma to the eye and go to…

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