We all need insurance. For some, healthcare insurance is paid for by their employers. But those of us who are retired, on disability, self-employed, or who work for an employer who does not pay for insurance have healthcare needs, too.
If you are not covered by an employer’s plan, it can be difficult and confusing to determine the type of insurance coverage you need for your specific situation. There’s no need to worry.
Your JMA Agent will help you understand and select specific plan options associated with Medicare and Medicaid. They can also assist you in signing up for an insurance plan under the Affordable Care Act.
Medicare is a federal program and covers almost everyone 65 or older and certain people on Social Security disability. Medicare hospital insurance (Part A) provides basic coverage for hospital stays and post hospital nursing facility and home health care. Medicare medical insurance (Part B) pays most basic doctor and laboratory costs, and some outpatient medical services, including medical equipment and supplies, home health care, and physical therapy. Medicare prescription drug coverage (Part D) pays some of the costs of prescription medications.
Medicaid is a state-administered program and covers low-income and financially needy people, including those over 65 who are also on Medicare. Medicaid provides comprehensive inpatient and outpatient health care coverage, including many services and costs Medicare does not cover, most notably, prescription drugs, diagnostic and preventive care, and eyeglasses. The amount of coverage, however, varies from state to state. Medicaid can pay Medicare deductibles and 20% portion of charges not paid by Medicare. Medicaid can also pay the Medicare premium.
AFFORDABLE CARE ACT:
The Affordable Care Act enables you to find and enroll in a plan that fits your budget and meets your needs. If you don’t have qualifying health coverage, you must claim a health coverage exemption or pay a penalty fee with your federal tax return. To avoid the penalty for being uncovered you must have insurance that qualifies as minimum essential coverage.