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Medicare Supplemental Products
At Roger Hicks and Associates Group Insurance, Inc., our mission is to continually keep abreast of the changes in all facets of health insurance, including legislation relating to health insurance as this ensures our clients are receiving accurate and up-to-date information. Current legislation concerning Medicare changes has been in the forefront of not just senior citizens' minds, but also those of our Agency as we realize the impact it has on Medicare eligible individuals.
Medigap insurance -- also known as Medicare supplement insurance -- is specifically designed to supplement Medicare's benefits by paying some of the amounts that Medicare does not pay for covered services and may pay for certain services not covered by Medicare. We offer a range of Medigap policies and will work with our clients individually to offer solutions to fill the gap of the medical expenses not covered by Medicare. These plans include Medigap plans as well as the new Part “D” Prescription plans.
What is Medicare?
Medicare is a federal insurance program for individuals age 65 and older and certain disabled individuals. The Centers for Medicare & Medicaid Services (CMS) is the part of the United States Department of Health and Human Services that operates Medicare. Medicare covers over 38 million people in the United States .
The Medicare program consists of two parts, Medicare Part A (hospital insurance) and Medicare Part B (supplemental medical insurance). Part A covers hospital, skilled nursing facility, home health and hospice care. Part B covers doctors' services, outpatient hospital services, durable medical equipment and a number of other medical services and supplies. Medicare also provides limited coverage for preventive services.
Medicare is not provided free of charge. Medicare requires cost sharing in the form of premiums, deductibles and coinsurance.
Medicare Part A is "Hospital Insurance." It helps pay for inpatient hospital care, inpatient care in a skilled nursing facility, home health care and hospice.
Medicare Part A is financed primarily through federal payroll taxes (FICA taxes) paid into Social Security by employers and employees. The FICA tax is 7.65 percent. Of this, 1.45 percent goes to the Medicare Part A Trust Fund. The rest of Part A is paid for by people who must purchase it.
Medicare Part B is "Medical Insurance." It helps pay for medical services -- physician, ambulance, outpatient therapy and other professional services.
Medicare Part B is financed by general revenues & beneficiary premiums. Currently, general revenues pay for approximately 75 percent of the cost of Part B and the monthly premiums pay for the other 25 percent.
Part B also helps pay
for:
- X-rays
- Emergency care
- Speech language pathology services
- Limited chiropractic services
- Artificial limbs and eyes
- Medical supplies: items such as ostomy bags, surgical dressings, splints, and casts
- Arm, leg, back and neck braces
- Kidney dialysis and kidney transplants
- Breast prostheses following a mastectomy
- Under limited circumstances, heart, lung and liver transplants in a Medicare approved facility
- The services of practitioners such as clinical psychologists, clinical social workers, and nurse practitioners
- Preventive services
- Very limited outpatient drugs
- One pair of eyeglasses after cataract surgery with an intraocular lens
Medicare “Part D”
Medicare Prescription Drug Coverage, also called “Part D,” is the new coverage for prescription drugs through Medicare. Starting January 1, 2006 , for the first time, if you have Medicare, you will be able to get prescription drug coverage.
It is not automatic. You will have to decide if you want your prescription drugs covered by Medicare. Then you have to take action and join a plan. You must do this by May 15, 2006 . New Medicare prescription drug coverage will be available to everyone with Medicare, regardless of income, health status, or how you pay for prescription drugs today.
Roger Hicks and Associates Group Insurance, Inc. offers supplemental insurance through four major carriers including: Blue Cross Blue Shield of OK, Secure Horizons (PacifiCare), and Mutual Care (Mutual of Omaha).
For more information, please contact us at info@callhicks.com or call us at (405) 478-3836. Or feel free to visit these links to learn more:
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