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Medicare is a federally funded program that provides health insurance to seniors aged 65 and over. Depending on the type of Medicare plan you have, it can cover everything from elderly care services from a podiatrist to rehabilitation, prescription drugs, and mental health support. Get the basic facts about Medicare from the guide below, and learn how to make the most of your benefits.

Types of Plans

There are two main types of Medicare, Original Medicare and Medicare Advantage. Original Medicare comprises three parts, Parts A, B, and D. Part A covers hospital costs, Part B covers doctor bills and other outpatient medical expenses, and Part D covers prescription drug costs.

Medicare Advantage, also called Part C, bundles together the benefits offered under Parts A, B, and D. A diversity of Advantage plans is available from private insurers, with various copayments, provider networks, and premiums. For example, signing up for a plan with a lower monthly premium may mean a higher copay, depending on how the plan is structured.

elderly careChanging Your Plan

When deciding on coverage, consider your elderly care needs. For example, if you want vision or dental coverage, choose an Advantage plan because Original Medicare doesn't cover these services. Out-of-pocket spending is another consideration. Although Advantage plans have an out-of-pocket maximum of $6,700 per year, Original Medicare has no ceiling.

Flexibility of choice of medical provider is also worth taking into account. Original Medicare is more widely accepted. Medicare Advantage plans tend to limit choice, perhaps to a set health maintenance organization (HMO) network, for example.

There’s a limited time each year when you can change Medicare coverage. Open enrollment usually runs from mid-October to early December. Each year, you should receive materials from your provider about any changes to your coverage. Review the figures in the Evidence of Coverage and Annual Notice of Change reports to determine if your needs will be met in the year to come.

 

Mt. Washington Care Center of Cincinnati, OH, provides compassionate services to seniors. This family-owned and -operated elderly care and rehabilitation center has an excellent reputation. On average, each member of their team has 20 years of experience. They accept Medicare and Medicaid and also work with many private-pay insurance plans and HMOs. Visit their website to learn more about their approach to senior living. To discuss your elderly care needs, call (513) 231-4561.

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