By Rick Law of Law Elder Law in Aurora, IL Serving seniors in Western Chicagoland with estate planning, asset protection, retirement income, and elder law.
Anyone who is eligible for free Medicare hospital insurance (Part A) can enroll in Medicare medical insurance (Part B) by paying a monthly premium. An individual who is not eligible for free hospital insurance can buy medical insurance, without having to buy hospital insurance, if that person is age 65 or older and is:
- a U.S. citizen or
- a lawfully admitted non-citizen who has lived in the United States for at least five years.
Part B helps pay for doctor services and many other medical services and supplies that are not covered by hospital insurance. Under Original Medicare, if the Part B deductible applies, a person must pay all costs until that person meets the yearly Part B deductible ($140 in 2012) before Medicare begins to pay its share. Then, after the deductible is met, the person typically pays 20 percent of the Medicare approved amount of the service, if the doctor or other health-care provider accepts assignment. There is no yearly limit for what a person pays out-of-pocket.
Individuals who have Medicare Parts A and B can join a Medicare Advantage plan. Medicare Advantage plans are offered by private companies and approved by Medicare.
Medicare Advantage plans generally cover many of the same benefits that a Medigap policy (discussed below) would cover, such as extra days in the hospital after having used the number of days that Medicare covers.
Part C plans are available in many areas. People with Medicare Parts A and B can choose to receive all of their health-care services through one of these provider organizations under Part C. Medicare Prescription Drug Plans (Part D) Anyone who has Medicare hospital insurance (Part A), medical insurance (Part B) or a Medicare Advantage plan (Part C) is eligible for prescription drug coverage (Part D).
Joining a Medicare prescription drug plan is voluntary and requires an additional monthly premium for the coverage. Some beneficiaries with higher incomes will pay a higher monthly Part D premium. Part D helps pay for medications that doctors prescribe for treatment.
Too many families needlessly lose everything they have. Don’t let that be you. If you need help paying the overwhelming cost of long term care, give our office a call at 800-310-3100. Your first consultation is absolutely free. We’ll let you know what steps you need to take, right now, to protect yourself and your family. Call now, because when you’re out of money, you’re out of options!
Rick L. Law, Attorney, Estate Planner for Retirees.
Rick was named the #1 Illinois elder law estate planning attorney by Leading Lawyer Magazine. He has been quoted in the Wall Street Journal, AARP Magazine, TheStreet.com, and numerous newspapers and articles. Rick is the lead attorney for Law Elder Law, LLP, focusing in Estate Planning, Guardianship, and Nursing Home Solutions. His goal is to give retirees an informed edge when it comes to dealing with an uncertain future. Get flexible retirement strategies that work during good times and bad, plus information on how you can save your home and assets from being used to pay for long term care. Call 800-310-3100 for your free consultation now!