What is Medicare?
First things first, let’s start out with a definition. What exactly is Medicare? It’s a federal program that provides health insurance for those age 65 and older, and those with certain disabilities.
Medicare is administered by the Centers for Medicare and Medicaid Services, or CMS for short.
There are four main parts of Medicare: Part A, Part B, Part D, and Part C, and there’s a reason for putting them in that order, I promise.
There is also an option for additional out-of-pocket coverage through something called a Medicare Supplement plan, or Medigap.
These different options represent the core decisions that a consumer is faced with when enrolling in Medicare.
That variety in options is by design. It presents Medicare beneficiaries with the ability to find the ideal coverage based on their individual needs.
But getting to that plan selection, well, they’ll rely on you as their advisor to get them there.
As I mentioned earlier, understanding all the different options and how they work together is the first key building block to becoming a knowledgeable resource for your Medicare clients.
In each of the following lessons, we’ll walk you through each part of Medicare and break down the coverage they provide.
We’ll also give some insight into how an agent is involved in advising clients on their Medicare options.