Medicare Basics

If you are age 65 or older you are eligible for Medicare. Medicare is most commonly broken into the following "parts."

  • Part A | Hospital Insurance - $1,216 deductible/benefit period. No cost sharing. No premiums. Government provided and managed program. 
  • Part B | Medical/Doctor Insurance - $147 yearly deductible. 20% cost sharing. Standard premiums average $104.90. Government provided and managed program. 
  • Part C | Medicare Advantage - No deductible. Copays and co-insurance with set limits. Premiums average between $0-$200 depending on plan. Provided through private insurance companies. Provides Part A, B & D coverage.
  • Part D | Prescription Drug Plan - Deductibles can vary. Copays and co-insurance required. Premiums average between $0-$100 depending on plan. Provided through private insurance companies.

Many people find they need more coverage than what Medicare can offer by itself. They find gaps between what they need, what they want, and what is covered. If you find yourself in this situation, your Cornerstone agent can help you decide which Medicare Supplements best suit your needs or if you should move to a Medicare Advantage Plan.