skip to main content

We’d love to help you. Contact Us Today! 636-946-0001

Medicare is a lifeline that puts health care within reach for millions of older Americans — but it does much more. By helping older Americans stay healthy and independent, it eases a potential responsibility for younger family members. Knowing Medicare protections will be available when needed brings peace of mind to people as they age.

Medicare is a federal social insurance program that was introduced in 1965. Its aim is to provide health insurance to seniors and people with disabilities. In 2018, 17.8% of all people in the U.S. were covered by Medicare. In 2019, more than 61 million people were enrolled in the Medicare program.

Medicare is divided into several parts: A, B, C and D.

Part A: Hospital Coverage

When you apply for Medicare, you will automatically be enrolled in Part A. This covers hospital stays, hospice care and some skilled nursing care that you may need after being hospitalized for a stroke, a broken hip or other health condition that requires rehabilitation to help you get back on your feet.

Most people do not have to pay a premium for Part A. You have already paid into the system in the form of the Medicare tax deductions on your paycheck.

Part B: Doctor and Outpatient Services

This part of Medicare covers doctor visits, lab tests, diagnostic screenings, medical equipment, ambulance transportation and other outpatient services.

Part B involves more out-of-pocket costs than Part A, and you may wish to defer signing up for Part B if you are still working and have insurance through your job, or if you are covered by your spouse’s health plan.

Part C: Medicare Advantage

Medicare Advantage is the private health insurance alternative to the original Medicare program run by the federal government. Think of Advantage as a kind of one-stop shopping choice which combines various parts of Medicare into one plan.

Part D: Prescription Drugs

This is the part of Medicare that pays for some of your prescription drugs. You can buy a Part D plan through a private insurer.

Part D plans generally have premiums and other out-of-pocket costs, including flat copays for each medication or a percentage of the prescription cost. This plan may also have an annual deductible.

Let St. Charles Financial Service Help

Contact us today to talk with a financial professional who can help you with the Medicare process.

We are here to help protect what matters most to you!

Contact SCFS today and let one of our financial professionals customize a financial plan that helps prepare you for an enjoyable retirement in the future.