We’ve teamed up with Connexion Insurance Solutions to provide you answers to some of the questions patients frequently ask about Medicare. Today we're focusing on five common insurance terms that you may come across when researching your Medicare options. Planning for healthcare expenses can take a lot of time and energy, and understanding insurance terms can help make calculating costs easier.
Five Important Insurance Terms
- Deductible: The amount of money you pay out of your own pocket for medical services or prescription drugs before your insurance begins paying benefits.
- Out-of-Pocket Maximum: The amount of money you pay on your own for medical services before your insurance begins paying 100% of all costs for the remainder of the plan year.
- Qualified Medical Expense: Pays for healthcare services, equipment, or medications as defined under Section 213(d) of the Internal Revenue Code. Funds used to pay for IRS-qualified medical expenses are always tax-free.
- Preferred Pharmacy: A pharmacy or group of pharmacies selected by a Medicare Advantage or prescription drug plan that provide a greater level of cost savings to the plan and/or the plan members.
- Guaranteed Issue: Circumstance when a medical insurance policy is offered to any eligible applicant without regard to health status.
Attend a Free Medicare Class
To learn more about Medicare, attend The Polyclinic, Medicare, and You, offered monthly at The Polyclinic Broadway and Northgate Plaza locations. The one hour class provides an educational overview of the Medicare basics. Free and open to all. View the schedule and sign up today.
Content contributed by Connexion Insurance Solutions. The Polyclinic has partnered with Connexion Insurance Solutions to provide Medicare expertise for our patients for more than 10 years. Licensed and certified Medicare insurance specialists at Connexion assist patients with the complexities of today’s Medicare market. They help patients review benefit preferences, analyze prescription drug needs, and find and enroll in plans accepted by providers. The team is dedicated to providing unbiased recommendations and can represent all plans at The Polyclinic. Contact Connexion at 1-877-217-3279 or MAQuestions@connexioninsurance.com.