Medicare is the federal health insurance program for people who are 65 years or older and people younger than 65 who have a disability or qualifying medical condition.
Obamacare is another name for the Patient Protection and Affordable Care Act of 2010 (ACA). The primary goal of Obamacare is to give more Americans the ability to purchase affordable health insurance.
Under Obamacare, private insurers sell health insurance plans with varying levels of coverage on the Health Insurance Marketplace, a service that helps people shop for and enroll in affordable health insurance.
If you are enrolled in Medicare, you cannot enroll in a private health insurance plan from the Health Insurance Marketplace.
However, if you’re currently enrolled in a health insurance plan from the marketplace and are approaching Medicare eligibility, you can drop your private insurance plan and enroll in Medicare once you are eligible.
Although you have the option to keep your private health insurance plan when you turn 65, there are several reasons you may want to consider making the switch to Medicare when you’re eligible.
People who opt to keep their private insurance plan rather than enroll in Medicare when they’re first eligible may face late enrollment fees if they decide to enroll in Medicare later.
Plans purchased on the Health Insurance Marketplace can vary widely in benefits, coverage, and costs. However, under Obamacare, all insurance plans must provide services in the following categories:1
The services listed above are known as “The 10 essential benefits of Obamacare.”
Obamacare also provides protections to enrollees that were not required before the passing of the 2010 legislation. For example, Obamacare requires insurance plans to cover people with pre-existing conditions and makes it illegal for health insurance companies to cancel your health insurance because you get sick.2
Although the goal of Obamacare is to make health insurance coverage more affordable for all Americans, people who qualify for Medicare could determine that Medicare is still the more affordable option.
Since Original Medicare is administered by the federal government, the benefits and coverage are standardized, meaning they’ll be the same for everyone who’s enrolled.
Original Medicare is made up of two parts: Medicare Part A (hospital insurance) and Medicare Part B (medical insurance).
Some examples of the types of services covered by Medicare Part A include:
Examples of the types of services covered by Medicare Part B include:
Original Medicare does not typically cover prescription drugs or routine dental, vision or hearing care.
Medicare beneficiaries who want prescription drug coverage have the option to enroll in a Medicare Prescription Drug plan (Medicare Part D) or a Medicare Advantage plan that includes coverage for prescription drugs.
A licensed insurance agent can help you explore your Medicare options and provide you with detailed information about costs, coverage and benefits of plans that are available in your area.
Speak with a licensed agent today by calling TTY Users: 711 24 hours a day, 7 days a week.
1 HealthCare.gov. 10 health care benefits covered in the Health Insurance Marketplace. (Aug. 22, 2013). Retrieved from www.healthcare.gov/blog/10-health-care-benefits-covered-in-the-health-insurance-marketplace.
2 HealthCare.gov. Rights and protections. Retrieved from www.healthcare.gov/health-care-law-protections/rights-and-protections.
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