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How to Select Your Medicare Insurance Plan
Author David Schneider | Nov 19,2007
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Medicare is a federal program that provides health care assistance to those who qualify. You are eligible to receive Medicare benefits once reaching age 65. You have many options when it comes to choosing coverage. Read on and discover how to select your Medicare insurance plan.
The Original Medicare Plan
The original Medicare Plan has two components, parts A and B. Part A covers the cost for hospital services, inpatient and nursing care. Part B covers regular outpatient services.
Original Medicare insurance is set up as a fee-for-service plan. You make payments on the deductible, after which entering into a co-payment arrangement. Recipients of original Medicare insurance can receive benefits under any health care facility that accepts Medicare.
Patients are not adequately insured under original Medicare health insurance alone. Original Medicare was simply not designed to function as an all-encompassing insurance plan. For those with private insurance, the addition of original Medicare may provide sufficient coverage. Otherwise, there are a number of Medicare insurance options to choose from.
Medigap Supplemental Insurance
Medigap is supplemental coverage for patients who need to fill the gaps from original Medicare insurance. You still have the freedom to choose health care facilities, under the same provisions. With Medigap, you will still need to purchase prescription drug coverage.
Medigap can be purchased through a private insurance company. There are 12 different plans offered through Medigap, labeled A through L. Supplemental insurance plans vary significantly. Take time to review and select which Medigap policy will work for you.
Another thing to note about Medigap supplemental insurance is that the plans are regulated. For example, Medigap plan J offers the same level of insurance coverage no matter where you look. However, cost for plan J can vary, depending on which insurance company you purchase the policy through.
Medicare Advantage Insurance Plans
Medicare advantage plans are an alternative to Medigap supplemental insurance. All advantage plans incorporate original Medicare, along with additional advantages. Such plans can be purchased through private insurance companies.
Medicare advantage plans are available in three forms: HMO, PPO and PFFS, or private-fee-for-service. Each plan comes with its own set of benefits and limitations. Some insurance plans charge patients more for receiving health care outside the network. Yet many plans are available with prescription drug coverage.
Prescription Drug Coverage and Medicare Insurance
If you do not have prescription drug coverage through private insurance or a Medicare advantage plan, you can purchase a separate prescription drug plan. Prescription drug plans are secondary insurance added to Medicare. They are available through private insurance companies recognized by Medicare. Cost and coverage varies.
How to Select a Medicare Insurance Plan That’s Right for You
A little homework can pay off in the long run. Evaluate your current insurance benefits and determine where coverage is needed. Examine the cost-benefit ratio of the different Medicare supplemental insurance plans and Medicare advantage plans.
Select the Medicare insurance option that works best for you and shop around for the best price. Access multiple offers online at a quote comparison site. Before you purchase, verify that Medicare recognizes the insurance company. For more information about Medicare, refer to the U.S. Department of Health and Human Services, or the Medicare Web site.
Medicare is a federal program that provides health care assistance to those who qualify. You are eligible to receive Medicare benefits once reaching age 65. You have many options when it comes to choosing coverage. Read on and discover how to select your Medicare insurance plan.
The Original Medicare Plan
The original Medicare Plan has two components, parts A and B. Part A covers the cost for hospital services, inpatient and nursing care. Part B covers regular outpatient services.
Original Medicare insurance is set up as a fee-for-service plan. You make payments on the deductible, after which entering into a co-payment arrangement. Recipients of original Medicare insurance can receive benefits under any health care facility that accepts Medicare.
Patients are not adequately insured under original Medicare health insurance alone. Original Medicare was simply not designed to function as an all-encompassing insurance plan. For those with private insurance, the addition of original Medicare may provide sufficient coverage. Otherwise, there are a number of Medicare insurance options to choose from.
Medigap Supplemental Insurance
Medigap is supplemental coverage for patients who need to fill the gaps from original Medicare insurance. You still have the freedom to choose health care facilities, under the same provisions. With Medigap, you will still need to purchase prescription drug coverage.
Medigap can be purchased through a private insurance company. There are 12 different plans offered through Medigap, labeled A through L. Supplemental insurance plans vary significantly. Take time to review and select which Medigap policy will work for you.
Another thing to note about Medigap supplemental insurance is that the plans are regulated. For example, Medigap plan J offers the same level of insurance coverage no matter where you look. However, cost for plan J can vary, depending on which insurance company you purchase the policy through.
Medicare Advantage Insurance Plans
Medicare advantage plans are an alternative to Medigap supplemental insurance. All advantage plans incorporate original Medicare, along with additional advantages. Such plans can be purchased through private insurance companies.
Medicare advantage plans are available in three forms: HMO, PPO and PFFS, or private-fee-for-service. Each plan comes with its own set of benefits and limitations. Some insurance plans charge patients more for receiving health care outside the network. Yet many plans are available with prescription drug coverage.
Prescription Drug Coverage and Medicare Insurance
If you do not have prescription drug coverage through private insurance or a Medicare advantage plan, you can purchase a separate prescription drug plan. Prescription drug plans are secondary insurance added to Medicare. They are available through private insurance companies recognized by Medicare. Cost and coverage varies.
How to Select a Medicare Insurance Plan That’s Right for You
A little homework can pay off in the long run. Evaluate your current insurance benefits and determine where coverage is needed. Examine the cost-benefit ratio of the different Medicare supplemental insurance plans and Medicare advantage plans.
Select the Medicare insurance option that works best for you and shop around for the best price. Access multiple offers online at a quote comparison site. Before you purchase, verify that Medicare recognizes the insurance company. For more information about Medicare, refer to the U.S. Department of Health and Human Services, or the Medicare Web site. |
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