Medicare is group health insurance for people who have reached the legal retirement age. It provides the benefits of group health insurance, such as low costs, but there is a lot to consider. If you would like to know more about Medicare plans, keep reading.
Medicare Part A
Medicare Part A covers long-term care and inpatient services like inpatient hospital care, skilled nursing facilities, home health care, and hospice care. Most people with Part A don't have to pay the premium, but some people may pay up to $499 if they purchase Part A.
There is typically a high deductible for Medicare Part A. Depending on how long you'll be in the hospital, you may not have to pay any coinsurance. Medicare Part A is part of Original Medicare and must be purchased by the government. You can only purchase Original Medicare if you are of legal retirement age or have a qualifying disability. You typically must have also paid into Medicare at a job.
Medicare Part B
Medicare Part B covers the bulk of your medical costs, such as visits to the doctor. Medicare Part B includes both preventative services and medically necessary services. In addition, Medicare Part B covers clinical research, ambulance services, DME, and mental health services.
Because of what it covers, the Part B premium is usually higher than Part A, and it can't typically be waived. In addition, you have a small deductible and a 20 percent coinsurance. Medicare Part B is also part of Original Medicare. Part B does not cover alternative medicine (acupuncture, etc.), cosmetic surgery, hearing aids, and dental.
You may hear people refer to Medicare Advantage as Medicare Part C, but it is not part of Original Medicare, and you must purchase it from third-party sellers instead of the government. To qualify, you need to qualify for Original Medicare. Medicare Advantage plans include HMOs, PPOs, private fee-for-service plans, and special needs plans. Because they are sold by private insurance carriers, the premiums, deductibles, and coinsurance can vary.
The benefit of Medicare Advantage is that it may include some services that aren't included in Original Medicare. This includes fitness programs, vision, hearing, dental, etc. The downside to Medicare Advantage is that you may have high fees if you have an underlying condition.
Medicare Part D
Medicare Part D is prescription coverage. It typically provides coverage for HIV/AIDS medications, antidepressants, antipsychotics, anticonvulsants, and anticancer drugs. Medicare Part D is the only way to get prescription medication coverage under Medicare, and you will need to pay extra to add this to your Original Medicare policy.
There are many Medigap policies, and like Medicare Advantage, they are not part of Original Medicare, and you must purchase them from private insurance carriers. Medigap policies offer different coverage, but overall, they are designed to fill in the gaps left behind by Original Medicare by covering a lot of the premiums, deductibles, and coinsurance fees. To qualify, you must qualify for Original Medicare.
Medicare is a great way to pay for your medical needs. However, there are many plans from which to choose. If you would like to know more, contact a Medicare Advantage or Medigap provider, such as Medicare For Cheap LLC, in your area today.