Medicare Health Insurance Plans: 4 Things You Must Know

Medicare health insurance plans include both Original Medicare, Medicare Supplemental (AKA Medigap), Medicare Advantage (AKA Medicare Part C), and Prescription Plan (AKA Medicare Part D). We have broken down the key parts to these plans to make them easier to understand.

Original Medicare

Original Medicare is Medicare Part A (hospital coverage) and Part B (medical coverage). This combination covers the basics of what you need, and make you eligible for the below plans. The limits of these plans are they don’t offer extended hospital coverage, don’t cover your health care when you travel outside the US, and leave you open for significant deductible, coinsurance, copays, and excess charges.

Medicare Advantage

Medicare Advantage takes over for Original Medicare by exchanging Medicare’s nationwide network for a local one with a low to $0 monthly premium, a max out of pocket cost for you, and extras like Rx, dental, and vision. Because these plans are generally run as an HMO there are limitations to how you receive your coverage, as well as you are still responsible for copays, deductibles, and coinsurance.

Medigap

Medigap offers the greatest financial protection from serious illness expenses. All Medigap plans cover hospital coinsurance, blood transfusions (up to 3 pints), extend hospitalization an additional 365 days, and hospice care respite coinsurance coverage, while more comprehensive plans offer foreign healthcare exchange, cover deductibles, and Part B excess charges.

It is important to note that you cannot be enrolled in both Medicare Advantage and a Medigap plan. Medigap Plans do not offer prescription coverage. Click here to see basic Medigap Plan A compared side-by-side with comprehensive Medigap Plan F.

Prescription Plans

If you have Medicare Advantage you may not need to addMedicare Part D to your cart, but if you have only Original Medicare or both Medicare and Medigap you will need this. Remember to sign up as soon as you’re eligible because there are Part D late penalties.

Conclusion
To be best covered have the 1, 2, 3 combo of Medicare Parts A & B, Medigap, and Medicare Part D. Medicare Advantage is great if you are on a tight budget To learn more about Medicare Health Insurance Plans call the number above.