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You might be wondering how Medicare works, especially since many people are eligible for premium-free Part A coverage. It must be paid for by someone, right? The federal Medicare program is overseen by the Centers for Medicare and Medicaid Services (CMS). It is funded by two trust fund accounts held by the U.S. Treasury. These…
HHS stands for the United States Department of Health and Human Services. This department oversees the Centers for Medicare and Medicaid Services (CMS), and is a common term found in the Medicare industry. The HHS is comprised of eleven operating divisions, including eight agencies, such as the Food and Drug Administration (FDA), National Institutes of…
The law that led to Medicare and Medicaid was signed by President Lyndon B. Johnson on July 30, 1965. At that time, the program included Part A (Hospital Insurance) and Part B (Medical Insurance). This is now known as “Original Medicare” or “Traditional Medicare”, and approximately 44 million people are part of the program today.…
When you start Medicare research, you’ll likely come across many unfamiliar terms and acronyms that can make the process frustrating. We’ve created a helpful glossary of terms (located here) to help remove some of the confusion. One acronym you’ve likely already come across a lot is “CMS”. CMS stands for the Centers for Medicare and…
There is a big learning curve when it comes to Medicare. Even seasoned Medicare beneficiaries need refreshers on the details from time-to-time. This Medicare glossary includes 22 common Medicare terms that you may come across in your Medicare journey. 1. Annual Enrollment Period The time of year where all Medicare beneficiaries can enroll in or…
Most people become eligible to enroll in Medicare insurance at age 65. This includes eligability for Medicare Part A, Part B, Part D, and Medicare Supplement Insurance (Medigap). While many people enroll in Medicare at this time, it may not be necessary if you are covered by your spouse’s employer-provided health care plan. If you…
Does Medicare Cover Vision? Did you know that Medicare doesn’t include vision care? A common misconception is that Original Medicare covers all areas of health care, leading many people to overlook important coverage for their dental, vision, and hearing needs. To address this gap in Medicare coverage, private insurance carriers offer add-on plans that complement…
What is the best Medicare Supplement Insurance? When determining the best Medicare Supplement (or Medigap) plan for you, you’ll want to consider several factors like costs and coverage. Rather than looking solely at monthly costs, you should also look to protect yourself from unexpected, out-of-pocket costs that can eat into your monthly income. We cannot…
Determining the value of Medicare Supplement plans According to research published by the National Institites of Heakth about 25% of people who have traditional Medicare also have Medicare Supplement Insurance in addition. Medicare Supplement Insurance plans can offer financial stability and security because they decrease your unexpected out-of-pocket costs. By understanding what these plans cover…
Comparing the costs of Medicare Supplement plans Medicare Supplement Insurance, or Medigap, helps reduce some of the costs and expenses of healthcare that would other-wise be paid out-of-pocket (like coinsurance, copayments, and deductibles). Before you decide if a Medicare Supplement Insurance plan is right for you, you should understand what they cost and what they…
