Points to consider while buying Medicare plans
The U.S. government offers a Federal-aid health insurance program known as Medicare to people who are above the age of 65 or suffer from a disability or any end-stage renal disease. Medicare offers comprehensive coverage for costs that range from hospital fees to prescription medications.
Original Medicare is a combination of Part A and Part B insurance. Medicare Part A takes care of the costs associated with one’s hospital expenses while Part B covers Medical insurance costs. Apart from Original Medicare, Medicare Part C includes Medicare Advantage Plans offered by private insurance companies to cover the expenses not covered in Medicare Part A and B. To cover the additional costs of prescription medications, Medicare Part D Prescription Drug Coverage is available.
Medicare also offers a wide range of insurance plans that include Part A, B, C, D, F, G, K, L, M, and N. It can become very confusing for a first time Medicare insurance applicant to compare and purchase from the popular options.
Note that most Medigap or Medicare Supplement Insurance plans and policies are standard irrespective of the state in which they are sold. There are a few pertinent factors that will affect the selection of Medicare insurance plans including the following-
Premiums, deductibles, the expenses for the hospital stay, doctor visits, and out-of-pocket expenses will collectively determine how much a Medicare plan will cost. The coverage rules will also vary depending on the type of plan and insurance provider. Mainly, a limit on the out-of-pocket expenses will affect the total cost of a plan.
Services covered under Original Medicare will vary significantly in comparison to services under Medicare Advantage Plans. More importantly, these services will not be included in Part A, B, or even C for that matter.
Quality of care
Plans and insurance providers must be compared keeping in mind one important factor, the quality of services. Quality will vary depending on the type of insurance provider.
Often, while comparing plans, people tend to overlook the fact that there can be medical expenses outside of the county or state. Most Medicare plans offer coverage outside the applicable county or state, but the same must be verified depending on the location.
What does Medicare Plan F offer?
- Medicare Plan F offers better benefits and comprehensive coverage in comparison to standardized plans.
- Plan F covers the cost of coinsurance and hospital expenses for an additional year, even if the Part A Medicare expires.
- There is an additional coverage for the costs of coinsurance and copayments.
- For out-of-pocket expenses, there is no limit on the amount in a particular year.
- Also, deductibles for both Part A and B are available along with coverage for Part B excess charges.
- Medigap Plan F also offers coverage for Part A hospice care, pays for skilled nursing services, and 80% of foreign travel emergency care.
- The foreign travel emergency care is subject to a particular limit for any standardized plan
Note that Medicare plans are different in the states of Massachusetts, Minnesota, and Wisconsin.
(TAGS- Medicare, Medicare Part B, Medicare Part D, Medicare Part F, Medicare Plans, Medicare Supplement Plans)