There are a few health care options for senior or those who are Medicare eligible. Many end up with the three following item: 1) Original Medicare, 2) Medicare Supplemental, and a 3) Part D Prescription plan. Here’s more on how it works:
1) Medicare Part A and Part B
Medicare Part A covers hospitalization. Medicare Part B covers general medicine. This is what is called Original Medicare. It almost always makes the most sense to get both unless you have additional coverage through work or retirement. You need both A and B to be eligible for supplemental plan.
2) Medicare Supplemental AKA Medigap
Medigap is designed to cover the gaps not covered by Medicare Part A and B above. Choose the Medigap plan that fits your monthly budget, but make sure it will also offer you the most coverage in case of serious illness. Many clients select Medigap Plan G as the right mix of coverage vs cost.
Under Medigap plans you’re covered for:
•Up to the first three pints of blood of a transfusion
•Part A hospice care coinsurance
•Part B coinsurance
•Extended hospital stays.
Some Medigap plans, such as Medigap plan F, you are covered for foreign travel, deductibles, skilled nursing coinsurance, and Part B excess charges.
Medigap high-deductible plans.
High deductible plans can save you money each month on the premium. There is currently a high deductible plan F and plan G. They offer offers the same coverage non-high-deductible counterparts, however you will have to meet your separate high deductible before your benefits kick in. To learn more about Medigap read the article Health Insurance Supplements: Medigap Plans.
3) Prescription Plan AKA Medicare Part D
This adds prescription coverage to your original Medicare plan. You should know that Medicare and Medigap do not offer prescription coverage. Learn more about Part D RX coverage here.
Next Steps
If you have any further questions about Medicare or for a specific Medigap quote click here.