Commentary By Frank Gordon

During the election, there was a lot of talk about how Medicare will be affected by our next president. I started to hear the word MEDI-SCARE over and over again on the TV. Medicare is a program that was started in 1965 under the U.S. Social Security Administration. This program reimburses hospitals and physicians for medical care provided to qualifying people over 65 years old. It is estimated that there are more than 50 Million people in this country currently on Medicare, which would make it the largest health insurance service in the country.

There are 4 parts of Medicare.

■ Medicare Part A is hospital coverage. In is interesting to know that Medicare Part A is free! As long as you or your spouse has worked and paid taxes for at least 10 years, it is free to both of you. Part A covers inpatient care in skilled nursing facilities, critical access hospitals, and hospitals. Hospice and home health care are also covered by Part A.

■ Medicare Part B is for doctor coverage. Medicare Part B is not free. The cost is around $110 a month and is normally taken right out of your Social Security check. The cost of Medicare Part B can cost more to you if you make a higher income. For instance, if you are a married couple making over $170,000 a year, your cost for Medicare Part B can be as high as $140 a month. Part B covers outpatient care, doctor’s services, physical or occupational therapists, and additional home health care

■ Medicare Part C is kind of the new kid on the block. It is often called Medicare Advantage and offers a combination of both Part A and B. Part C is provided by private insurance companies. This type of Medicare usually has deductibles and co-pays and networks that a person must use. While these plans expose a person to more out of pocket costs, they are significantly less expensive. Because Part C is so new, it has been evolving from year to year requiring customers to keep very close tabs on their rates and coverage from year to year.

■ Medicare Part D is also very new to most of us because it offers prescription drug coverage insurance. Most people do have to pay a premium for this coverage. Plans vary and cover different drugs, but all medically necessary drugs are covered. You can choose what drug plan will be best suited to your needs. You do not have to buy this type of insurance but if you don’t you can end up with a penalty when and if you change your mind.

Frank Gordon is a life insurance agent specializing in Life, Health, Senior, and Annuity products. He lives in Noblesville with his wife and three children.”