Medicare is a federal health program for people 65 years of age and older. When choosing a Medicare plan, there are a lot of terms to understand and know. The most basic of terms are outlined here for your convenience: Premium: the monthly amount you pay to have the plan Deductible: the amount you must pay up to before your medicare plan incurs the costs Co-pay: the specific amount your insurance asks the insurer to pay for specific services Co-insurance: the percentage amount the insurer is responsible for after your deductible is met Max-out-of-pocket limit: in the worst-case scenario, this is the most the insurer would be responsible to pay for Outside of these core terms, there are other things

In the complex landscape of health insurance, individuals often find themselves confused by the array of options available. It’s crucial to understand the nuances of each plan to make an informed decision about your healthcare coverage. In this guide, we’ll delve into three prominent health insurance plans, shedding light on their distinctive features and helping you determine which one aligns best with your needs. Health Maintenance Organization (HMO) Plans: Health Maintenance Organization plans, or HMOs, are among the most popular choices for individuals seeking comprehensive coverage within a designated network. With an HMO, subscribers are required to select a Primary Care Provider (PCP) who oversees their healthcare journey. The PCP acts as a gateway, coordinating all medical services, including referrals

It is in the best interest of your health insurance to ensure that you are healthy. That’s why companies offer certain perks and benefits to help keep your health on track. Depending on your insurance carrier, taking advantage of these perks can even get you discounts on some of your favorite things. Here are some of the things health insurance companies are giving to their members: Money for meeting your walking steps goal – some insurance companies have apps that allow you to set goals and track progress. For reaching or surpassing your goals, you can get gift cards as a reward for taking care of your health. Gym fee reimbursement – even though gyms can be expensive, health insurance

On Tuesday, September 27, 2022, the Centers for Medicare & Medicaid Services (CMS) announced that the monthly premiums, deductibles, and coinsurance for Medicare Part A and Part B are expected to decrease by about $5 (or 3%) in the coming year. This is the first time a cost like this has been lowered in more than a decade. According to Health and Human Services Secretary Xavier Becerra, federal spending on the new Alzheimer’s drug, Aduhelm, will not be as high as initially projected, which has contributed to this pay decrease in premium. Medicare Part B covers things like doctor visits, certain home health services, durable medical equipment, and other medical and health services that are not covered by Medicare Part

Health insurance terminology can be hard to follow at times, but we’ve broken down the five most important ones to note: Premium – while you pay a monthly bill for your health insurance, the cost of said premium doesn’t necessarily equate to the cost of the health care services. Deductible – this is the out-of-pocket amount you must pay for health care services before your health insurance takes effect. Once you’ve paid your deductible, you still may be required to pay copays or coinsurance until you hit your limit for those payments. Copayment – also known as “copay” is a fixed amount you pay for a service or medication. This is often the way health insurance companies will split the

In a society where health and safety are rapidly changing, having Medicare coverage is of the utmost importance. However, Original Medicare does not account for office visits and prescriptions. That is where a Medicare Supplement Plan, also known as Medigap, comes to your aid. Since most Medigap plans are standardized and can be used with any medical provider who accepts Medicare, having a Medigap plan gives you all the added benefits while staying with the doctor you feel most comfortable with. There are three ways in which Medigap plan premiums are calculated: issue-age rated, attained-age rated, and community rated. Understanding your needs and options will help you determine which plan and insurance provider to choose. Still have questions and want