Medicare Plan Comparison
The Medicare program consists of several different components, each covering a different range of benefits. There is Part A hospital coverage, Part B medical insurance, Part C Advantage plans, and Part D prescription drug coverage. There is also Medigap, which is Supplemental Insurance that can be used to help pay for Medicare’s out-of-pocket costs.
Medicare Part A
Part A of Medicare is the hospital insurance component of the program. With Part A, you can get coverage for inpatient care in hospitals, skilled nursing facility care, and nursing home care. It also covers hospice care and in some cases, home health care services. To get Part A benefits, you must pay premiums or qualify for premium-free coverage. Before acquiring health services, make sure that the service you need is covered. You can get Part A premium-free if you have paid into Medicare taxes sufficiently. To determine whether you qualify for this perk, speak with an insurance professional.
Medicare Part B
Part B of Medicare is the medical insurance component of the program. It covers two main types of services; medically necessary services and preventive services. There are a few covered services in this section of the program, they include the following:
Durable medical equipment
Mental health treatment
Limited outpatient prescription drugs
To get Medicare Part B, you must sign up and pay monthly premiums. Unlike Part A, Part B cannot be obtained premium-free.
Medicare Part C
Part C of Medicare is Medicare Advantage. Through this part of the program, Medicare coverage is offered through private insurance companies. Under these plans, you will receive all of your Part A and B benefits through a single plan. You can enroll during the Open Enrollment Period, your Initial Enrollment Period, or a Special Enrollment Period. To find out which enrollment period is best for your situation, get in touch with an insurance agent.
Part C plans are popular because they offer additional benefits that are not traditionally available through Original Medicare’s Parts A and B. You can find plans with all types of benefits, including covered transportation to and from medical visits and free meal delivery. In some cases, your plan may also include hearing, dental, and vision coverage. There’s a prescription drug coverage component included in most plans as well.
Part D Prescription Drug Coverage
If you are a member of the Original Medicare program, you can also get your prescription drug coverage through Medicare. Although, prescription drug coverage is not included directly through Part A or Part B of the program. You will have to find prescription drug coverage plans through private insurance companies that have been approved to sell them. Part D plans cover a set list of drugs, listed within the formulary.
Medicare Supplement Insurance
There is another part of Medicare that is called Medicare Supplement Insurance. This form of coverage exists to help Medicare beneficiaries pay for their out-of-pocket health care costs. With it, you can have coinsurance, copayments, and deductibles paid through the plan. There are ten major plans, each offering a different set of benefits.
Get More Information About Medicare
If you need more information about the different parts and components of Medicare, get in touch with an insurance specialist. Bruce and Robyn of Weinstein Wealth Insurance Solutions can help you with all of your Medicare needs.