We’ve teamed up with Connexion Insurance Solutions to provide you answers to some of the frequently-asked-questions patients ask about Medicare. Each month we’ll publish an article or series of questions that are commonly asked about Medicare.
Planning for healthcare expenses can take a lot of time and energy. Knowing some frequently used terms from your plan can help make calculating costs easier. In this month's Medicare spotlight, we focus on five insurance terms that seniors often have questions about.
5 Insurance Terms to Know When it Comes to Medicare
- 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 out of your own pocket 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.
-- Connexion Insurance Solutions, 1-877-217-3279 or MAQuestions@ConnexionInsurance.com
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