Sioux Empire Federal Credit Union
901 North West Ave
Sioux Falls, SD 57104

 

For Medicare - Start Here

 

Sioux Falls - Call: Dan Altenburg 605-275-2011 Sioux Empire Federal Credit Union 901 North West Ave Sioux Falls, SD 57104	Aberdeen - Call: Cassie Monson 605-229-5200 Aberdeen Federal Credit Union 2324 NE 8th Ave, Suite 1 Aberdeen, SD 57401

 

Turning 65? Medicare is health insurance for people 65 and over, and for people under 65 with certain disabilites. People with Original Medicare are eligible for a Medigap insurance plan to pay some of what is not paid by Medicare. They can also add a stand alone Part D Prescription plan, Dental Vision & Hearing coverage and Cancer coverage.

Medicare supplement insurance is available to cover Medicare approved Part A & B out of pocket expense. Plans F**, G & N are the most popular plans, but there are other choices as well. This article discusses general information about Medicare supplement plans and Medicare Advantage Plans. You can get a quote and detailed information upon request.

** Not available for those not eligible for Medircare Benefits in 2019

 

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Part A
Part B
Part C
Part D
Medicare Supplements

Original Medicare

Part A Medicare

• Coverage for treatment received on an inpatient basis, Hospice and some Home Health Care services
• Is provided by the federal government to anyone who qualifies
• Is free if you or your spouse paid Medicare taxes while working

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Part B Medicare

• Insurance for medical care and preventative services received on an outpatient basis, emergency room care, and care while on observation status in a hospital
• Provided by the federal government to anyone who qualifies and pays the monthly premium

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Medicare Premiums for 2019

• Medicare Part A has no premium if you paid payroll taxes.
• The premium for Medicare Part B is $135.50 per month, although some who qualify for Medicaid may not have to pay it. High income individuals will have to pay more.

Part D

• Covers Prescription Drugs
• Requires Part A and/or Part B
• Offered by private insurers who are contracted with Medicare to provide this coverage
• May have late enrollment penalties if you don’t sign up when you’re first eligible and have no creditable coverage

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Medicare Supplement “Medigap”

• Also called Medigap Plans
• Offered by private insurers
• Helps pay for costs not covered by Original Medicare, such as deductibles and coinsurance
• Available in 11 different plans such as F, G & N for an additional premium

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Medicare Advantage Part C

• Requires Part A and Part B
• Requires payment of the Medicare Part B premium and in most cases an additional premium
• Offered by private insurers as an alternative to Original Medicare
• Combines many benefits of Part A, B and sometimes D
• Provides alternate benefit form in lieu of Original Medicare
• Generally lower premiums than a Medigap policy
• Requires payments of copays and some coinsurance up to the annual out of pocket limit

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*Medicare Advantage is not a Medicare supplement insurance policy, and those with Medicare Advantage plans do not qualify for a "Medigap" or Medicare Supplement insurance policy.
*Part D prescription coverage may be included as part of a Medicare Advantage plan, or it can combined with Original Medicare and a Medigap policy

Medicare Eligibility

You’re eligible for Medicare if:

• You’re age 65 or older
• You’re under 65 with certain disabilities
• You have ESRD (end-stage renal disease, permanent kidney failure treated with dialysis or a transplant) or ALS (Lou Gehrig’s disease), regardless of your age

Your Initial Enrollment Period (IEP) is seven months long and includes (IEP refers to the time when you can enroll in a Part C or Part D plan):

• The three months before your 65th birthday, the month of your birthday, and the three months following your birthday.

For example, if your birthday is in March, you may enroll in Medicare for the first time anytime from December through June

Enrollment and Medicare Card

You should automatically get your Medicare card in the mail three months prior to your eligibility. You will automatically be enrolled into Medicare Part A when you turn 65. Then you can choose to enroll in Medicare Part B if you need medical coverage

A Medicare card should be sent to you:

• Three months before your 65th birhtday or
• During the 25th month of receving disability benefits