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What’s ACA?
The Affordable Care Act was designed to reduce the cost of healthcare insurance coverage. The ACA Includes premium tax credits and cost sharing reductions to help lower costs for low-income individuals and families.
What’s Medicare?
The Federal Health Insurance program for:
• People of any age with end stage renal disease (permanent kidney failure requiring dialysis)
• People who are 65 or older
• People under 65 who has been on disability for at least 24 months
Different Parts of Medicare:
• Part A (Hospital coverage)
• Part B (Physician coverage)
• Part C (Medicare Advantage plan)
• Part D (drug plan)
• Medigap – supplemental Medicare insurance
What’s Original Medicare?
Part A - in-patient hospital coverage, skilled nursing facility, hospice care, etc
Part B – services from doctors, outpatient hospital services, durable medical equipment, etc.
You are required to pay the standard government Part B premium. The Social Security Administration will let you know the exact amount.
What’s a Medicare Advantage Plan?
• Combines Part A/Part B
• Generally, no or lower premium & co pays
• HMO plans (Restricted to network)
• PPO plans
• Prescription drug plan
• Extra benefits such as dental, vision, hearing, etc.
What’s Part D?
A Medicare Drug plan that helps the cost of prescription drugs
What’s a Medigap plan?
• Medicare Supplemental Plan
• You will pay a monthly premium
• Freedom to choose doctors
• Covered anywhere in the USA
• Must purchase a separate prescription drug plan
What’s dual eligibility?
People that qualify for both Medicare and Medicaid. Majority of healthcare costs are likely covered.
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