Recent news that the Federal government may consider cuts to Medicare that could adversely affect Medicare-Eligible citizens can be quite worrisome, which may prompt many to explore medical insurance plans.
As it stands, Medicare can be confusing, but it helps to understand Medicare before you shop for supplemental plans. So let’s start by breaking Medicare down into it’s four parts, which are named, quite simply, Parts, A, B, C and D.
Medicare Part A
Covers hospital treatment as an inpatient, hospice care and nursing home care as well as some care in the person’s own home. There is no monthly premium for this aspect of Medicare, as it is covered by taxes.
Medicare Part B
Outpatient hospital care and general practitioner costs, including any equipment, as well as occupational and physical therapy. Similar to a regular, individual health insurance plan, you pay a monthly premium and an annual fee for these services.
Medicare Part C
This is where you can find what are called the “Medicare Advantage Plans,” which are Federally approved medical insurance plans that combine the benefits of parts A and B above, plus additional benefits, such as covering prescription drugs.
Medicare Part D
This is the newer Medicare prescription drug coverage.
Medicare Has Gaps
Medicare does not provide comprehensive health coverage. Medicare-Eligible insurance plans designed to fill in the gaps left by Medicare are often called “Medigap” plans. The best place to learn about Medigap is Senior65.com.
Medigap plans are sold by the insurance companies that many of us have heard of, such as Blue Cross, Blue Shield and Aetna But what’s different about these plans is that they have been approved and standardized by the Federal government.
There are different plans to choose from and they are named with the letters “A” through “L.” While you will find more than one “A” plan offered for sale by the various insurance companies, they’re all the same standardized plan. So when you compare “A” plans between two companies, be aware that they are the exact same coverage but not necessarily the same price. This means that each individual insurance company that offers a certain Medigap A plan must offer the exact same benefits as another company offering a competing Medigap A plan. The same is true for all of the “B” plans, the “C” plans, and so on.
But when you shop for medical insurance, remember that price may not be your only factor in deciding which company you want to provide your Medigap plan. Quality matters too, so pay attention to those online customer reviews as well. Also, learn if Medigap covers dental.
To get quotes on Medigap plans in as little as 10 seconds, visit our Medigap Quote page.