Medicare Insurance Plans
As a new enrollee in the Medicare system, it is important to consider your options for healthcare. Although there are many people who all fall under the coverage of Medicare, coverage can differ greatly from person to person. This is due to the fact that there are multiple options for coverage and benefits all under the umbrella of Medicare. It is very important to compare Medicare plans to make sure you are saving money where you can while getting the coverage you need.
Regardless of what plan you end up choosing, the important thing is to compare your Medicare plan options. By comparing your options you can assure you’ll get the best coverage and save the most money. Remember, you can always leave the research up to us at Medicare Solutions, powered by HealthPlanOne. Our licensed sales agents have access to the most up to date information and will present it to you in simple and precise terms. That way you’ll be able to make the best and most informed decision for your Medicare coverage.
Here are the Major Types of Medicare Insurance Plans:
Medicare Part A
The first option you have when you first enroll in Medicare is Original Part A coverage. Medicare Part A is sometimes referred to as “Hospital Insurance.” Generally, Part A covers inpatient hospital care, hospice, home health services, skilled nursing facility care and nursing home care (as long as the only care you need isn’t custodial care). Some people automatically get Medicare Part A and those who don’t sometimes choose this option when they are still working and receiving healthcare benefits from their employer. You most likely will not have to pay a monthly premium for Medicare Part A if you or your spouse paid Medicare taxes while working. For Part A you could pay up to $413 each month in 2017. However, many people receive premium-free Part A. In many cases, if you choose Part A, you must also have Medicare Part B and pay monthly premiums for both.
Medicare Part B
Part B is your medical coverage and covers medically necessary and preventive services. Things considered medically necessary to treat a disease or condition, like doctor visits, lab tests, and surgeries, fall under Part B coverage. It also covers supplies, such as walkers and wheelchairs. Some services might be covered only in certain situations. Part B does have a premium each month that you will have to pay. In some instances, your Part B premium may be deducted from your benefit payment. The standard Part B premium amount in 2017 is $134, or more depending on your income level. If you get Social Security benefits though, you’ll likely pay less than $109.
Medicare Part C
Part C plans are sometimes called “Medicare Advantage Plans.” If you select a Medicare Advantage Plan, you will get your Part A and Part B coverage from the Medicare Advantage Plan and not Original Medicare. All Medicare services are covered by Part C, and may even offer extra coverage. Each plan could have different rules and different out-of-pocket costs. Usually you can get prescription drug coverage through this plan.
Medicare Part D
Medicare Part D is prescription drug coverage. Medicare offers prescription drug coverage to everyone with Medicare. If you choose to not sign up when you’re first eligible you may have to pay a late penalty. In order to receive this coverage you must join a plan run by an insurance company or a private company approved by Medicare. Each plan varies in the cost and options of drugs covered. Two ways to get prescription drug coverage is through Part D or through Medicare Advantage Part C.
Medicare Supplement Plans
Medicare Supplement Plans eliminate copays in favor of a monthly premium. If the cost of your medical treatment is exceptionally high, a Supplement Plan could be very beneficial to you. Supplement plans do not add benefits to your Medicare coverage, but for many people they provide the necessary coverage to make medical treatment affordable.