Medicare is a popular federal health insurance program available in most states of the country. Different parts of Medicare cover specific services for health insurance. The following people are eligible to get benefits under the Medicare program-
- People who are 65 years or older.
- People who suffer from any end-stage renal disease that includes cases where organ transplant is necessary.
- Young people with disabilities.
Original Medicare and Medicare Advantage Plan are the two primary modes of availing health insurance under the Federal-aid program. Original Medicare includes Part A and B, while the Medicare Advantage Plan includes Part C.
Note that Medicare Part A will cover the hospital costs for an inpatient stay, skilled nursing care, hospice care, and basic health care. Medicare Part B will cover doctor services, outpatient care, preventive services, and the cost of medical supplies.
Coverage for prescription drugs is available only if one opts for Medicare Prescription drug coverage (Part D). The plan supplements the cost for Original Medicare, Medicare Cost Plans, Medicare Private-Fee-for-Service Plans, and even Medicare Saving account plans.
It is also necessary to take into account the costs that are not covered by Part A and Part B. Certain aspects of long-term custodial care, dental care, eye care, cost of dentures, cosmetic surgery, acupuncture, and the cost of hearing aids among other medical services are not included in Original Medicare. It is advisable to have some other insurance policy in place to cover these expenses or opt for a Medicare Health Plan to manage these costs.
Ensure the following points are taken into account while comparing plans to purchase Medicare available with popular insurance providers.
Original or Medicare Advantage
The Federal program offers Original Medicare (includes Part A and Part B), while third-party private insurance companies offer coverage for Medicare Advantage Plans (Part C). One must assess the extent of coverage required and the associated costs to be borne to avail the necessary health care. Factors like the monthly premium, social security benefits, copayment or coinsurance for services, and out-of-pocket expenses will affect the extent of coverage.
Part D Prescription Drug coverage
Check if there is a need for Part D additional coverage. Note that for availing prescription drug coverage benefits, the pharmacy must form a part of the network supported by one’s plan. The yearly premium, yearly deductibles, costs incurred for coverage gap, cost of additional assistance, and enrollment penalties will all form part of the costs for Prescription Drug Coverage.
It is also advisable to avail Medicare Supplemental Insurance to cover additional costs for copayments, coinsurance, and deductibles. Alternatively referred to as Medigap policy, supplemental insurance sold by private companies mainly covers those costs that do not form a part of one’s Original Medicare.
Among the available options, Medicare Part F is an all-encompassing plan that offers comprehensive coverage for healthcare. Factors that affect the cost and coverage for Plan F will vary depending on the county one lives in and the insurance companies that offer Plan F Medicare coverage. Plan F is a crowd favorite as it offers high deductibles, especially for people who are willing to pay the out-of-pocket costs.
(TAGS- Medicare, Medicare Part B, Medicare Part D, Medicare Part F, Medicare Plans, Medicare Supplement Plans)