When you’re under 65 years old, the cost of health insurance is fairly straightforward. You have your monthly cost, (your Premium) and the cost to use medical services (copays, deductibles, coinsurance…). After you turn 65 and have met some requirements you are eligible for Medicare. This article will discuss the basics of 2018 Medicare.
Find more 2018 Medicare Nevada information here
After you turn 65 these costs become much more confusing. In addition, the government gets involved for those eligible for Medicare. To simplify, the government labeled 4 separate parts of Medicare. Parts A, B, C, and D.
Part A is primarily for the hospital. Most people receive part A for free unless they’ve worked less than 10 years. It covers around 80% of the Medicare-covered expenses for hospital services, home healthcare, skilled nursing care as well as hospice. The deductible is $1,340 (2018 Medicare Nevada).
This covers primarily the doctor’s office. It has a premium, usually around $134 but it may be less if you’re taking social security. Is for the doctor’s office, hospital outpatient services, durable medical equipment, lab tests, x rays, mental health and some drugs administered in a hospital setting. This part usually has a deductible around 183 (2018 Medicare Nevada).
Medicare parts A and B are provided through the federal government. The rest is through private insurance companies.
Technically part C is not a separate benefit like A and B. Part C is called a Medicare Advantage Reno plan. Private insurance companies offer this. This part C would take over parts A and B. It’s important to understand that you would still need to pay your Part B premium to be eligible. Part C Medicare Advantage plans would need to offer AT LEAST the benefits you would be eligible for under parts A and B. Many plans in 2018 Medicare Nevada offer much more. In Nevada, there are HMO and PPO plans offered from several different companies. Please contact us for details.
Medicare Part D is for your prescription drugs. Although, for many of the plans Part D is a part of Medicare Advantage. This is also known as a Medicare Advantage Prescription Drug plan (MAPD). The Kaiser Family Foundation created an excellent resource to further explain Medicare Part D and its costs.
Another private options for Medicare is a Medicare Supplement plan. About 80% of our clients who are initially eligible for Medicare choose a Medicare Supplement Reno plan.