Medicare Insurance Options for Retirement
Federal health insurance program Medicare provides different plans of health coverage, which are not provided by basic benefits package. It is available for persons aged 65 years and older, but there are exceptions for people with physical disabilities.
Medicare was founded in 1965 and since that time it has helped millions of people. For more information on Medicare go here.
Of course, health care has never been cheap and Medicare is not a solution to this problem. But anyway it helps to get benefits and be sure in your future.
As it was mentioned before, there are several supplemental plans, which provide different options.
So, let’s consider them closer:
- Medicare Part A (Hospital Insurance)
The title speaks for itself. Hospital Insurance provides coverage of inpatient hospital stays and accompanying patient care procedures. The advantage of this part is coverage of medical equipment (wheelchairs) and services like some lab tests.
- Medicare Part B (Medical Insurance)
Medical Insurance it’s an additional plan to Part A. Mostly it covers health prevention procedures and rehabilitation procedures. Also, it includes doctor’s visit, laboratory services, diagnostic tests, surgery services.
Part A and Part B are the most commonly used among citizens. As you see, each of them has its advantages, so, people prefer to take them both in order to have full coverage.
- Medicare Part C (Medicare Advantage Plans)
It is a good alternative to Part A and Part B. It combines benefits and services of these two parts (except hospice care in Plan A). Medicare Advantage Plan includes hospital insurance and medical insurance. But the main benefits of this plan are the existence of hearing, eye and dental care. Also, it usually includes some drug coverage and some extra benefits for an additional fee.
The Advantage plan insurance you buy from private companies, which cooperate with Medicare.
- Medicare Part D (Prescription Drug Coverage)
It’s an additional part to Parts A & B and Part C. Drug Coverage helps the owner to pay for the prescription drugs. Sometimes it helps to lower the price of medicines. You must have one of the previous plans; in another case, you cannot enroll Part D.
Of course, Drug Coverage not cover all drugs. There is a list of medications, which are covered by the current plan.
And separately it should be mentioned Medigap. It’s also an additional insurance that covers additional costs that are not provided in Medicare plans. It could be coinsurance, deductibles, health care when you travel abroad. You can take it only in private insurance companies. Bluewaveinsurance.com has a good post about UHC Medicare Supplement plan G, which is a popular option among seniors.
The price of each Part depends on many reasons. Generally, Part A is free, but if you pay taxes for more than 10 years, you must pay a fee. For example, Part C is offered by private insurance companies, so the price can be different in different companies and states.
As you see all plans have advantages and disadvantages. They are different in price, terms of cost and coverage. So, choose the Plan that works best for you.