MEDICARE INSURANCE
Do you have questions about medicare insurance plans? You can trust Stephen Schrempp Insurance to keep you informed on the best path for you.
Medicare Insurance
This type of insurance is a U.S. federal government health insurance program that subsidizes healthcare services. The plan covers people over age 65, younger people who meet specific eligibility criteria, and individuals with certain diseases. Medicare is divided into different plans that cover a variety of healthcare situations some of which come at a cost to the insured person. While this allows the program to offer consumers more choice in terms of cost and coverage, it also introduces complexity for those seeking to sign up.

4 parts of medicare
There are four different parts to Medicare, all of which provide different types of services for the insured:

Medicare Part A Hospital Insurance
helps pay for bills related to inpatient hospital stays, skilled nursing facility care, inpatient care in a skilled nursing facility, hospice care, and home health care. It covers expenses such as semi-private rooms at skilled nursing facilities, inpatient care, supplies, drugs during a hospital stay, as well as physical and occupational therapy in your home if you are home-bound. Doctor’s services, medication, and grief-and-loss counseling for terminally ill patients are also covered.

Medicare Part B Medical Insurance
is optional and pays a portion of non-hospital provided medical care, such as doctor visits and other outpatient services. It also covers preventive services, ambulance services, mental health costs, and durable medical equipment. There is a monthly fee for this program; the premium depends on your modified adjusted gross income as reported on your IRS tax return from two years ago.

Medicare Part C Medicare Advantage
is offered by private companies approved by Medicare. If you participate in a Medicare Advantage Plan, the plan provides all your Part A and Part B coverages, and it may provide extra coverage for things like vision, hearing, dental, and most also include Medicare Part D, prescription drug, coverage. It is crucial to carefully consider the professional helping you to acquire the best and most suitable Medicare Advantage plan possible.

Medicare Part D Prescription Drug Coverage
is an optional benefit offered to anyone who has Medicare. If you choose not to get Medicare Part D coverage when you're first eligible, you may owe a late enrollment penalty if you join later, unless you have had other creditable prescription drug coverage, such as from an employer or spouse's employer.
MediGap Insurance
Furthermore, according to Medicare.gov, “The best time to buy a Medigap policy is during your six-month Medigap open enrollment period. During that time you can buy any Medigap policy sold in your state, even if you have health problems. This period automatically starts the month you are 65 and are enrolled in Medicare Part B, Medical Insurance. After this enrollment period, you may not be able to buy a Medigap policy. If you are able to buy one, it may cost more.”
Shopping for Medigap coverage is straightforward because you merely compare prices and the suitability of the insurance company. Once you have a Medigap policy, it is guaranteed renewable, even if you have health problems. In other words, the insurance company cannot cancel the policy so long as premiums are paid.
Importantly, Medigap coverage does not work with a Medicare Advantage Plan (Part C). Indeed, if you have a Medicare Advantage Plan, it is illegal for someone to sell you Medigap coverage. However, if you have Medicare Advantage and are unhappy with the plan, you can switch to Original Medicare within the first 12 months, at which point you can buy Medigap coverage.