Medicare & Medicaid
Medicare is one of the best options for medical insurance for the elderly in the United States. If you’re over 65 (or have certain conditions) you are eligible to get Medicare.
Honestly, you can be quite foolish to not get Medicare if you qualify.
Medicare is broken up into several segments. Each of the parts of medicare is an option and you do need them in order to get some other types of insurance as well. Here are the types of Medicare that are available:
- Medicare Part A - This is the first portion of Medicare and it is essentially insurance for in hospital care. It’s for any emergency or extended stay. In addition to hospitals, it can also cover long term care facilities or some hospice care.
- Medicare Part B - This is the medical insurance for outpatient care. This takes care of your preventative services like flu shots, or any visits to your standard doctor.
- Medicare Part C - Part C is what’s known as Medicare Advantage Plus. We’ll go into it in more detail, but essentially, it’s an additional coverage that will cover some things not covered elsewhere in medicare including some prescription drugs.
- Medicare Part D - This final part of the Medicare plan is intended for prescription drugs. Not everyone choose to take part in Medicare Part D. Often plans chosen that fall under Part C will also cover prescription medication and made Part D irrelevant.
Medicare Supplement Insurance
This type of medical insurance is commonly referred to as “Medigap”. It’s a policy that is sold off by private companies and it’s for people who are enrolled in Medicare. Medicare doesn’t cover everything. Because of this, there can sometimes be very expensive additional things.
In order to qualify for Medicare Supplement Insurance you need to have both Part A and Part B of Medicare. Part B requires you to pay a monthly premium for Medicare. This supplemental insurance also requires a monthly payment, but it’s to the insurance company instead of Medicare.
There are a few important things to know about Medigap coverage. While many plans cover your family, these plans do not cover even your spouse. You will require multiple plans for each individual. Medigap plans are available from almost any insurance company. They have to be state licensed to be eligible. These policies are not allowed to cover prescription drugs. If you are going to require drug coverage, then you want to make sure you get Medicare Part D. Finally, you need to leave Medicare Part C if you choose to pick up a specific Medical supplement insurance.
Medicare Advantage Plus
When you know there are going to be additional expenses added onto your Medicare situation, then taking advantage of the Medicare Part C is often a good choice.
Medicare advantage plus is offered from private companies rather than the government itself. That being said, these companies have contracts with the Medicare system. This is because these advantage plus plans also feature all of Part A and Part B as well. This means you get your inpatient and outpatient treatments all handled by the same provider. There are many HMOs, PPOs and special needs plans that come into play with medicare advantage plus.
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