Medicare is a government-run health insurance program that provides coverage for Americans over the age of 65 or those who are disabled. Medicare offers people choices in their healthcare coverage, including traditional fee-for-service Medicare plans, Medicare Advantage plans, and Medicare Supplement Plans. Plans are broken down into four categories: Parts A, B, C, and D.
The following article explores the basics of Medicare plans to help you choose which one is best for you.
Medicare Coverage
The Medicare Part A program covers some types of inpatient hospitalization, skilled nursing facility care, hospice treatments, and certain home health services provided specific criteria are satisfied. Part B of Medicare provides assistance with medical expenditures that are not covered by Part A. Doctor visits, outpatient therapy, medical equipment, and other medically essential services are examples of what is covered.
Older Americans may pick from a choice of Medicare Advantage plans that cover all or most of the benefits provided by Parts A and B at a lower cost than traditional Medicare Parts A and B. Additional benefits including as vision and dental care, as well as a prescription medication plan, are available for a nominal monthly cost with these policies.
In the event that an individual does not qualify for Medicare but still need hospitalization or prescription pharmaceutical coverage, they may pick from a variety of Medicare supplement plans to address the resulting gaps. These plans assist you in paying for medical expenses that are not covered by typical Medicare insurance policies.
Medicare Advantage Plans
Medicare Advantage plans are HMO or PPO plans that offer hospitals, doctors, and other medical practitioners to Medicare beneficiaries. This coverage is cheaper than the traditional fee-for-service plan because it’s an all-inclusive healthcare plan. Medicare Advantage plans come with a variety of benefits including preventive care, hospitalization, home healthcare services, and more.
Medicare Supplement Plans
Medicare supplement plans are designed to fill in the gaps of original Medicare and provide additional coverage for services not covered by Medicare. There are many different types of supplemental health insurance, but the most popular type is a Medigap plan. Medigap plans cover services such as copayments, coinsurance, and out-of-pocket expenses.
Additionally, some plans also offer prescription drug coverage.One common misconception people have about Medicare supplement plans is that they will protect them from having to pay medical bills at all. In reality, these plans only cover certain costs associated with medical treatment. They do not provide full coverage, but it does help ease financial responsibility for those who require more care than what basic Medicare offers.
One other thing to note is that you can combine a Medigap plan with a Medicare Advantage Plan or a traditional fee-for-service plan if you want additional benefits. To make an informed decision about your healthcare coverage, it’s important to review all options available and choose which one best suit your needs and budget.
Conclusion
The Medicare program was created to provide financial protection for people who are over the age of 65. It allows beneficiaries to receive medical care and prescription drugs without the worry of high costs. But, it is important to note that Medicare does not cover everything, which is where Medicare Supplement Plans can help fill in the gaps.
