To select a Medicare Plan, first you have to know a little about Medicare. What kinds of plans exist? Part A, Part B, and Part D; what do each of them entail and how can they all work together? And what about Medicare Supplement Insurance, which is essentially a kind of Medicare plan, though not really? Medicare does come with a lot of different plans that you can select from, but you also have a choice when it comes to the Medicare Supplement Plans that is offered. All this means is that you have to be knowledgeable about Medicare before selecting any one plan for yourself.
Some of the basic Medicare plans provide coverage for doctor visits. Medicare Part A coverage includes the costs for inpatient hospital stays as well as certain outpatient care, and Medicare Part B covers some of the costs of doctor visits. Medicare Part C is the supplement to Medicare Part A and helps to pay some deductibles and out-of-pocket expenses for medical care. Medicare Part D is the prescription drug coverage that is available to Medicare seniors.
Medicare Supplement Plans is basically additional insurance benefits that you can get through a Medicare Advantage Plan, or as sometimes referred to as a Medicare Part D policy. When you start Medicare you can choose from a variety of options for your Medicare Supplement Plans like a visit to the dentist, a monthly Medigap payment, eye exams, a blood test, hearing aids or gym membership. You may also want to include mental health and wellness services, home health services or vision care as part of your Medicare Supplement Plan. The more services you select from a Medicare Supplement Plan, the higher the premium you’ll pay.
There are four different Medicare Advantage Plans currently available including FFS and Medigap. Medicare Part A and Part B also have a Medicare Advantage Plan called Medicare Part D. If you’re already insured by Medicare and have selected Part A or Part B then there is nothing you need to do because those plans cover everything. But if you’re Medicare eligible for Medicaid then you can get a Medicare Supplement Plan that will help you with additional coverage.
There are other differences between Medicare Advantage Plans and Medicare Part D. Medicare Advantage Plans are not required to cover the same services that Medicare does include: eye exams, dental care, prescriptions and mental health services. Medicare Supplement Plans is standardized so most of them will include the same services that Medicare does but usually does cost more money.
If you’re considering getting additional coverage then you should seriously consider a Medicare Advantage Plan. These types of supplemental plans were specifically designed to fill the gap left when Medicare didn’t cover all the services you needed. They’re very similar to traditional Medicare health plans, except they’re tax-qualified and don’t need to pass muster with the government.
Medicare Advantage Plans are not regulated by any government agency, so there’s no guarantee that they’re reliable, affordable or safe. There’s also quite a bit of fraud going on, so it’s always a good idea to check out the company you want to go with before investing a lot of money.
