Medicare and their types

Description of Medicare

Medicare is the health insurance program for those people who are above 65 in age. It is also applicable for certain people who are young and have disabilities also opt for the Medicare. There are people with end stage renal disease which requires transplant and dialysis can also opt for the Medicare. There are various parts of Medicare which covers some specific areas. Medicare is used by people as there is uncertainty of pension and other private plans n future. So people are becoming conscious and planning for the Medicare so that they can have a good future.

Types of Medicare

Medicare part A is called the hospital insurance. It covers the areas such as the stay of patient in hospital, caring b the skilled nurses, home health care and hospice care. Medicare Part B is called the medical insurance. It covers the services provided by doctors, outpatient care, some preventive services and the medical supplies.

Medicare Part c is considered as the Medicare advantage plans. It is the type of Medicare plan that is offered by the private company. It contracts with Medicare to provide you all the services of Part A and Part B and get all the benefits. Medicare advantage plan includes preferred provider organization, health maintenance organization, special needs plans, private fee for service plans and the Medicare savings account plans. If you have already enrolled in the Medicare advantage plan then you will get cover for all the Medicare services and will not be paid for the original Medicare. Almost all of the Medicare advantage plans offer prescription drug coverage.

Medicare Part D is considered as the prescription drug coverage. Part D adds the coverage for prescription drug to the original Medicare, Medicare private fee for service, Medicare savings account plan and mediocre cost plans. The plans are offered by the insurance companies and private companies who are approved by the Medicare. Some of the Medicare advantage plan already includes the prescription drug coverage and you don’t need to take this plan separate. To learn more about these plans visit www.2016medicareadvantage.org.

There are times when you are not sure which kind of Medicare you have. We can help you in that case. First of all check the Medicare card. It can be red, white or blue. You can check all the insurance cards and call on the number provided for getting the details of the insurance coverage. You can also check the Medicare health and the drug plan enrollment.

 

Scope of Medicare of supplement plans

Coverage of Medicare supplement plan  

The Medicare supplement plan is also known as Medigap. It fills the gap in coverage which is not covered by the original Medicare. The original Medicare does not cover the gaps such as deductibles, copayments and coinsurance. The Medigap plans are noted by the letters A to N. The Medigap plans are offered by the private companies and when the plan is offered it is necessary to offer the Plan A and Plan C or F as the supplement coverage. The Medicare supplement plans cover different level of coverage but each of the plan cover some basic benefits regardless of the location and carrier. The plans are usually same in all states and the Medicare supplement plans does not cover the vision and dental care, long term care and hearing aids but they do cover the basic benefits.

The Medicare Part A coinsurance costs additional 365 days than the original Medicare benefits. Medicare part A includes coinsurance and copayments. Medicare part B includes coinsurance and copayments. The Medicare supplement plans also include additional benefits such as Medicare Plan A deductible, Part B excess charges, Medicare Part B deductibles, foreign travel emergency care and many more.

Cost of Medicare supplement plan

All the private insurance companies offer same benefits for all the different lettered plans and they do not charge anything extra for the coverage. You should find the Medicare supplement plan that serves both the medical and financial needs. The plans may include the premiums that are to be paid monthly and the yearly deductibles. There are different costs of the Medicare supplement plans. The community no age rated plans needs to pay the same premium regardless of the age. The issue age rated plans have the base of premiums which are on the basis of the age when you enroll for the first time. It is preferable to enroll in the plan when you are young so that the premium would be less. The attained age rated is the plans similar to issue age one but the premium increases with the increase in age.

Enrolment in Medicare supplement plan

For enrolling into the Medicare supplement plan you need to be enrolled in the Medicare part A and part B. The best time to enroll is Medigap open enrollment period. You have the choice to enter nay plan in this period. If you are denied in this enrollment period then you will be denied in future also on the basis of your medical history.

Understanding what is Medigap insurance is all about

Medigap or Medicare Supplement Insurance is considered to be a private health plan that has been designed for supplementing the original program (Part A & B). The supplement plan although run by private insurance companies, is run by Medicare. This plan helps the person to make payments to some healthcare expenses, which is otherwise not covered by the original program (gaps like deductibles, coinsurance and copayments), including specific services, which is not covered by the original program at all. In case, the person has already availed the original insurance program as well as a Medigap policy, then it is the original insurance that would pay share of approved amounts to cover expenses of health care, followed by payment by Medigap policy.

Medicare Advantage 2017

Things to understand

Each Medigap Insurance policy is to follow both state and federal laws. Such policies are stated to be standardized as well as identified by A-L letters. Every policy is to offer similar basic benefits, irrespective from whom the health insurance has been purchased. The only difference is likely to be the price that each carrier is said to offer to its customers. The alternative is to find one of the Medicare Advantage plans. For next year’s plans visit http://www. http://www.2017medicareadvantageplans.org to see what’s available.

About the policies

Policy A is known to offer core and basic benefits, while the remaining 11 policies tend to comprise of basic benefits along with few additional benefits. The following benefits are provided with Plan A:

  • 61-90 days Hospital Coinsurance by Part A
  • 91-150 days Hospital Life-time Reserve Co-insurance by Part A
  • Beyond Medicare coverage, Lifetime Hospital for 365 days
  • Part B Coinsurance of 20%
  • Three pint blood deductible in Part A & B

Rest of the policies (B-L) provides different combination of following benefits:

  • 21-100 days, Part A Coinsurance for SNF
  • Hospital deductible by Part A
  • Deductible by Part B
  • Emergency coverage on foreign travel
  • Recovery at home
  • Medical care of Preventive in nature

There is a need to have Part A & B, when purchasing Medigap policy. The person has to pay premium for both Part B and for the Medigap policy.

But the following benefits have not been covered under the Medigap insurance policy, which includes the following:

  • Hearing aids
  • Dental care
  • Prescription drug expenses exceeding $3,000 annually
  • Vision care
  • SNF after 100 days
  • Private nursing duty

It is to be noted that Plans J, I, H and E are no longer available in the market as of 2012. However, if the person already has one, he can continue to receive its benefits.